How to Add value to your rental property
When it comes to rental out a property it’s not just a case of buying a property and putting on the market. You need to establish your target market and adhere to their preferences and needs to entice them into choosing you and not one of the many other options to them. This can be achieved by spending some time, and initially money, on your property to make it more appealing. This will also let you charge a higher monthly fee to your tenants, which will eventually recoup the cost of making renovations to the property but don’t worry there are other factors, which can add value to your property.
The “Money Rooms” are the rooms that hold the most value for potential tenants and in the majority of cases this is the bathroom and kitchen. The quality of these rooms will usually be the deciding factor for viewers of your property. Therefore you should focus the majority of your energy and budget into ensuring that they are perfectly presented. Any damage to tiles, grime on fixtures or below standard materials should be replaced to give your kitchen and bathroom the best chance of impressing your would-be tenants.
One of the best ways to add value and appeal to you’re your rental is to furnish it. There will always be a proportion of potential clients who are looking for an unfurnished property to rent but the vast majority will want it to be fully furnished. This will obviously cost you some money initially but there are ways to decorate your property in a stylish way without breaking the bank. The best thing about furnishing the property yourself is that it can be deducted from your tax and it will only add value to the property and better still the tenants will be liable for any damage caused to it.
Most rental properties will use traditional oil heating systems but if you were to install a gas boiler in your property with a modern room separating heating system then it could save you and the tenant a lot more in the long run. This will allow them to heat one specific room without having to heat the whole property. This will save them money on their heating bill which is a big bonus for house hunters and that will make your property even more appealing.
When your property is being shown to the public it needs to be spotless, any dirt, grime or general untidiness will be an instant no-no for many renters. You don’t have to hire professional cleaners to make the property spotless but if you don’t want to fork out for a cleaner then you should be willing to put the time and effort for some serious cleaning yourself. When you are charging a higher amount of rent then your tenants will be expecting it to be clean and well maintained.
A common struggle of any rental tenant is where to store of their life’s possessions when they have to share a flat or house with one or more people who also have all of their possessions to store as well. All of this means that storage within rental properties is at a premium. Invest in storage in the form of wardrobes, cupboards, shelves, storage containers, an accessible attic etc. to make it as easy as possible for tenants to keep their belongings safe.