How Do I Add Value To My Rental Property?
There are many different ways to add value to your rental property, many of which won’t even break the bank.
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Not only can you potentially increase the amount of monthly rent; it’s also possible to add long-term value to your home’s market price.
But how do you increase the value of your rental property? That’s what we’re here to answer with top tips about how to get the most out of your home, from light touch-ups to adding smart items and more.
Make sure the property is kept to a high standard
A new coat of paint can do wonders in a rented property and even small changes, such as fixing dripping taps and replacing old cushions or lampshades in furnished properties can really make a difference.
The odd touch up here and there around the property will go a long way to keeping it feeling fresh and modern. Most importantly, these changes shouldn’t cost an arm and a leg, meaning you can make your money go a long way.
Furnish your rental property
Furnishing your property can add value to your rental home, simply because kitting how a whole place with furniture isn’t cheap. Expect to pay around £1,000 to £1,500 for furnished items like a bed and mattress, wardrobe, bedside tables, sofa, dining table and coffee table.
It might seem like a large outlay, but tenants are more likely to move into furnished properties – especially if they’re moving from overseas or aren’t sure how long they will stay in London. A furnished rental makes life easier for them and means you can ask for a little bit extra when it comes to determining the monthly rental price.
Make sure your rental property gives a good first impression
Gutter cleaning, moss removal, and window cleaning are all part of improving a property’s kerb appeal, which defines how attractive your property looks from the road. Front-facing facades, doors and steps free from dirt and clutter make for a more welcoming property and provide a good first impression.
It can also add to the value of your property and increase its chance of securing a quick let. First impressions are everything, and renters are bound to be more encouraged if they arrive out a nice-looking property exterior before the viewing.
Add new technology to your rental property
With smart homes becoming more fashionable, being able to show off some small but snazzy tech items in your rental property can dramatically improve its value.
Smart thermostats are devices that decrease energy bills through remote scheduling and management. Another great device is a smart water leak sensor, which creates alerts as soon as it detects even the smallest of leaks. This will save you on things like plumbing costs while saving your tenants and neighbours the hassle of dripping ceilings.
Being a landlord can be fruitful, but it also needs you to keep on top of your game with the latest rental trends. Keeping things fresh in your rental property will attract a higher caliber of tenants and can also increase the value of your investment.
There are many small adjustments you can make to your rental property to increase its value, most of which won’t cost exorbitant amounts, but have a positive impact on your property’s value.