Sometimes you need to spend money to make money. Here are 10 worthwhile investments to help boost the rental value of your property.
- Buy new furniture
Many tenants, especially in our geographically mobile world, will want a property that’s already furnished – but if you fill your property with worn, mismatched pieces, you’ll immediately downgrade its perceived value. Consider buying keenly priced but hardwearing modern furniture, or – if you enjoy upcycling – get out a tin of paint and do a makeover job on second-hand items.
- Add extras
Modern pluses that go down very well with prospective tenants include high-speed broadband, door entry systems, security systems, and dishwashers. These relatively simple additions make it much easier for tenants to settle in without having to spend time and money arranging them for themselves. On the less technical side, adding curtains and blinds saves tenants a world of hassle and makes it easier for them to imagine the property as their home.
Nobody wants to see wear and tear left by previous tenants: they want the property to feel like new – and a simple repaint will work wonders. Bear in mind that tastes vary, and the safest choice is predominantly neutral – although you can add character with touches of gentle colour here and there. Present the property as a blank canvas on which the tenant can impose their own personality.
Check the property thoroughly for anything in need of repair. This is not just about aesthetics – it’s about making it safe and fit for human habitation. Above all, don’t leave areas of rot or damp go untreated, or you’ll be creating a more costly problem for yourself in the long run.
- Update the kitchen and bathroom
These two rooms will do more than anything else to sell your property to prospective tenants. Give both a makeover, ensuring they look up to date. Focus on neutral tones and choose hardwearing fixtures and fittings to ensure they stay in a good state of repair.
- Add an ensuite
Ensuites are now enormously desirable and can help increase the rental value of your property. It’s often possible to fit a small ensuite shower room into an existing bedroom with surprising ease.
- Add storage
Today’s tenants bring a lot of stuff with them, so they’ll appreciate adequate storage space. Consider adding built-in cupboards, storage trunks and easy access to a floored loft space.
- Add a bedroom
Extending the property to add an extra bedroom is a good way to fetch a higher rent. You may be able to convert a garage, extend into the loft space or build into the garden. You could also look at how to repurpose existing space to create an extra room.
- Enhance the curb appeal
First impressions count, so make sure your property looks great from the outside. Repaint faded walls, buy a new front door if necessary, and add a bit of greenery such as a potted tree by the door.
- Enhance the garden
Adding a patio is a great investment that will help your tenants imagine time spent outdoors. More generally, make sure the garden is well-tended and easy to maintain. A few items of outdoor furniture will also add appeal.
Need help? At Morgan Jones we’ll rent your property for a great price to carefully vetted tenants – and if it needs repairs and freshening up between tenancies, we’ve got it covered. Get in touch today to find out how we can help boost the rental value of your property.