Top Tips for Adding Value to Your Property
What are the best ways to add value to your property?
If you’ve invested in property, you’re going to want to increase its value and it’s rental desirability to maximise your profits. But what are the best ways to improve your property and see a bigger return on your investment in the future?
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If you’re looking for budget friendly ways to make your property more appealing to renters, you could consider these ideas:
- Invest in furniture. By furnishing your property before you rent it out, you can charge a little more per month. Don’t buy cheap furniture, as you are likely to have to replace it more regularly, but invest in functional pieces that will stand the test of time
- Brighten up. When you’re between tenants, take a look at the property and see if you need to make any little fixes. This could be as simple as filling in small holes or giving the place a new lick of paint. If you are painting, go for creamy neutrals or cool greys, rather than stark white or bright colours. Check for scuff marks or damage to skirting boards, as these are the areas most likely to suffer when boxes and furniture are being moved in and out. If you had a professional inventory taken, be sure to check the property against it when your tenants leave, in case you need to claim back on the deposit
- Deep clean. While this won’t add any value to your property and you certainly won’t be able to charge more for a cleaner carpet, if your property is carpeted it is a good idea to invest in a thorough deep clean between tenants. Not only will this impress new tenants who come to view, it will prevent your carpets looking tired, so you won’t have to replace them as often!
- Kerb appeal. First impressions are so important, so make sure that you’re leaving a good one! Take some time to tidy up the front of your property – this could mean pulling up weeds, trimming any grass or hedges, removing any rubbish or even giving the front door a fresh lick of paint!
While these are some quick ways to give your property a boost on the rental market, significantly increasing the value of your property will take some time and investment on your part. If you’ve bought an older property that is looking a little tired, you are going to have to dig deep to bring it up to the standards most tenants are looking for.
On the bright side, renovation can also significantly increase the value of your property when you come to sell it.
So where are the best places in your property to spend money to make money?
Best value updates for your kitchen
The surest way to age your property is with an outdated kitchen. From a rental perspective, tenants are likely to choose a more modern option over an older kitchen. From a selling point-of-view, an older kitchen is the first thing your potential seller is going to want to update – and is likely to want to take that cost off your asking price.
We’ll look at renovation in more detail, but often you can update your kitchen with some little cosmetic fixes that make the world of difference:
- Check out the storage. Is the storage in good condition? Replacing the cupboard doors can really upgrade your kitchen, quickly and easily. Make sure that drawers run smoothly and cupboards open safely. If you have any awkwardly placed cupboards, install some smart solutions to make them more useable
- Look at the hardware. Updating the hardware can also make the whole kitchen look more modern, so consider replacing the taps, drawer and cupboard handles and tea towel rails
- Update your countertops. Counters are where all the food prep happens, so can start to look tired after a few years, especially if your tenants have been careless in their use. You don’t have to stretch to granite or stone, but a simple update can transform the room
- Update the white goods. How old is your cooker? What about the fridge, freezer, washing machine and tumble dryer? If you’re renting your property out, you want to make sure that all the white goods are in good working condition and are clean. If they’re on their last legs, you’re likely to need to replace them during the tenancy anyway. If you’re looking to sell, buyers could be tempted by a quality suite of goods included with the property, as they won’t have to buy it all themselves
Best value updates for your bathroom
Like a kitchen, a bathroom is a room that can undergo a lot of hard use and can easily be one of the oldest looking rooms in your property.
So what are some quick updates you can make to your bathroom to catch a renter’s – or even a buyer’s – eye?:
- Fix cracks and leaks. If any of your tiles are cracked or causing a leak, get them replaced! Cracked tiles can look shabby and if they’re letting in leaks, fix them now before it becomes a bigger problem. Make sure the grout is clean too!
- Use the right tools. Make sure the wallpaper or paint you use is suitable for use in a bathroom, or you’ll have problems later!
- Update storage. Bathrooms are usually one of the smaller rooms in the house, but most in need of storage! Have a think about clever useable storage that will make the room so much more functional
- Look to the lighting. Can you update the lighting in your bathroom? We don’t recommend going with something trendy as you’ll only have to update it when it’s outdated, but if you can update the lighting so that it simulates natural light, this can make your bathroom look great and will be much more useable
What if I need renovation?
If your kitchen and bathroom needs more than a freshen up, it’s time to think about putting in a new one. You will need to consider your budget to do this, our Expense Tracker is a great way to do this. Once you’ve got the money in place, make sure to plan your updates carefully.
- Go neutral. Stick to a monochrome colour scheme, which will age a lot more gracefully than this season’s latest trendy colour. Black, white and grey, with monochromatic tiling and accessories will always look fresh and modern. No one wants to go back to the days of the avocado suite!
- Invest in quality. Don’t overspend, but be sure to buy the best you can. You can save money on cupboard doors and their hardware, so you can spend more on counters and white goods that will stand the test of time
- Update the lighting. LED lights are more eco-friendly (and could positively impact your EPC rating!) and updating the lighting is another great way to modernise the room
- Avoid trends. As with the colours, avoid trends! Go with tried and true styles that won’t age as quickly and leave you needing to fork out for another update
- Look down. Flooring can very quickly look tired, so here is another good place to spend a little more as a solidly tiled floor will last a lot longer than cheaper alternatives
If you are serious about making a good return on your investment over time, you’ll need to take care of the property and keep it up-to-date. If you keep on top of cosmetic updates, your property will always look great and if you save over time towards regular larger updates, when the time comes to sell, you’re sure to make a good profit!