Owning property to let out is an excellent way to invest your money. Many people aspire to purchase a home to let so they can build a nest egg and diversify their investment portfolio. If you have bought or are planning to buy a house to let, it is crucial that you improve its appearance to help it appeal to quality tenants.
Renovations can be an excellent option for anyone wanting to get the most out of their investment. It is vital to work out your budget carefully and ensure that the returns you’ll get will be worthwhile. You should also always have your tenants in mind, as your primary responsibility as a landlord is to provide them with a safe and comfortable living space.
Think About What You’d Want
It can often be tough to know exactly what renovations to do that will help increase your rental profits and provide the best living space to your tenants. It can help to look at the property as though you were planning to live there yourself. Think about the things you would want, or if you were previously a tenant yourself, the things you wish your landlord had thought of. Being a good landlord is vital to help you retain the best tenants, so it is worth pulling out all the stops to give your tenants the best possible home.
Give The Garden Something Extra
If your rental property has a garden, you are already at an advantage when attracting tenants. However, it can still be a good idea to spruce up the garden to make it even more attractive to your tenants. This can be particularly beneficial for young families who would enjoy having a space for their kids to play. You could consider adding some garden furniture like a picnic bench. You could also consider planting some border plants or installing potted plants to give the garden better kerb appeal.
Provide High-Quality Bathrooms And Kitchen
The bathrooms and kitchen are often the most important rooms in the home for tenants. Unlike bedrooms and living rooms, it is hard to improve the functionality of the bathroom and kitchen when you are living as a tenant. You will need to ensure that these rooms have the features that will attract tenants.
For the kitchen, good quality appliances like ovens and dishwashers can be an attractive draw. You might also consider including white goods as an added enticement. All cupboards and counters should be updated and tidy and should be assessed after a tenant moves out in case they require replacement. The bathroom should have a quality bath and shower, sink and toilet. Ideally, a home should have more than one bathroom, which can be a major advantage in the eyes of tenants. Grouting should be properly applied, and the correct grouting should be used to avoid flaking or mould growth.
Check For The Presence Of Bats
Before beginning any major construction, like an extension, it is crucial that you check for the presence of bats. There are 18 species of bats in the UK, and all are protected under UK law. It is illegal to disturb protected species without the proper licence. Even if this is done unintentionally or without knowing bats are present, you could still get in trouble with the law. It is a good best to have an experienced surveying company to check for the presence of bats before you begin any work. Choose a reputable and expert company like BatSurveys.co.uk to get the peace of mind you need.
Be Proactive Against Mould
Mould is one of the worst things that could happen to tenants and landlords alike. No one wants to live in a home with damp and mould, and the cost of repairs can mount up for landlords. It is crucial to be proactive and take steps to reduce the risks of mould occurring. You should ensure that any gaps or holes in the property are repaired immediately and that there is ventilation in all rooms where steam can gather. It is also best to use mould-resistant paint in rooms with a lot of moisture.
Invest In The Flooring
Flooring is the part of the home that experiences the most wear and tear. Whether you have hardwood flooring or carpeting, it is vital to ensure that it is of sufficient quality to ensure that it will last. While using cheaper flooring can be cost-effective in the short term, it may need replacing far more frequently, resulting in more money spent over time. If you are concerned about making your flooring last, you could consider leaving flooring runners for your tenants, which will protect the most trafficked parts of the flooring.
Upgrade The Boiler
Thanks to the rising cost of living, tenants are keener than ever before to ensure they’re getting a good deal on their utility bills. The boiler in your rental property could make a massive difference to your tenant’s cost of living. You could consider upgrading the existing boiler to one with an energy efficiency rating of A+ or better. This could be invaluable to help you attract tenants to your listing and retain them once they have signed the lease.
Hire Experienced And Professional Builders
Regardless of the extent of the work to be done, it is best to hire professionals to carry it out. This will ensure the work is done right the first time and will ultimately save you time and money. You may be tempted to do some work at the property yourself to cut down on costs. If you have experience with the work you’re considering, this could be an effective way to save money, but if not, it is best to hire a professional. In particular, work relating to plumbing, gas or electricity should never be done by someone without the proper training and certification.
Final Thoughts
Being a landlord is a big commitment, and you should always aim to be the best possible landlord. You are providing vital housing to individuals, couples or families who need and deserve a quality place to call home. If you plan to renovate the property, you should focus on things that are desirable among tenants as well as ways to improve how safe and comfortable the property is. Always choose reputable professionals to carry out work on your property, ensuring that work is done safely and effectively.