How to add value to your rental property? As a landlord, there are numerous approaches to enhance the value of your rental property. Utilizing landlord software can assist in tracking tenants, their rental rates, and the duration of their stay.
To maximize value, consider actions that transform your rental property’s appearance and ambiance, distancing it from the typical rental property image. Often, rental properties are characterized by inexpensive features like aluminum garage doors, peeling paint, neglected landscaping, and an overall lack of quality. But you have the power to change this perception.
1. Replace Floorings
To enhance the value of your rental property, start by regularly updating the flooring. If your property has carpets, it’s more effective to replace them than to simply inform prospective tenants about pre-existing stains.
New or well-maintained flooring increases the attractiveness of your property, encouraging long-term tenant stays. When potential tenants see new flooring, or at the very least clean flooring, they are much more likely to stay in your property and stay long-term.
2. Fresh coat of paint
To enhance the value of your rental property, both its interior and exterior should look appealing. A fresh coat of exterior paint can increase property value by around 5%.
Many property owners make the mistake of inspecting their property only during turnovers, typically every few years. To truly boost your rental property’s value, seize the moments in between renters.
Treat your rental property with the same care as your own home. If you notice worn-down corners in the hallways or doorways, take the time to touch up the paint. These minor improvements can have a significant impact on the overall value and your ability to increase rent regularly.
Similarly, don’t overlook exterior maintenance. Address any issues like peeling paint caused by the weather promptly. Engage with your tenants, if you have them, to schedule necessary painting. Your tenants will appreciate your efforts, making it easier to justify increasing the property’s value and subsequently raising the rent during the next appropriate interval.
3. Update hardware in the bathroom
As you update the flooring and paint, consider upgrading the hardware in bathrooms and kitchens. Replacing dated cabinet knobs or handles with modern alternatives can significantly enhance the room’s appearance, especially when coupled with fresh paint and new flooring.
These upgrades are straightforward and can be installed at a minimal cost. You can find suitable hardware sets on websites like Amazon, Walmart, or at stores like Home Depot. These small changes can bring a fresh and attractive look to your rental property’s kitchen and bathroom spaces.
4. Social spaces
Concentrate on enhancing the exterior with minor adjustments. For instance, installing retractable awnings can transform a plain backyard into an appealing outdoor space for potential renters.
When you create areas for socializing or provide shade, families looking for rental properties are more inclined to consider your place and may be willing to pay a premium for the added benefit of a comfortable yard.
Furthermore, retractable awnings can contribute to reducing energy expenses by shading large sliding glass doors, preventing excessive sunlight from entering during the hottest hours of the day. This can serve as a compelling selling point for prospective or current renters, particularly when they witness the cost savings over several months or a year.
5. Add heat pump
Heat pumps are gaining popularity among landlords, and for good reason. They offer safe and efficient heating solutions, which tenants highly appreciate. The ability to control their indoor environment is a significant advantage. Besides keeping the house warm, heat pumps also play a role in maintaining dry indoor air, which can help prevent potential moisture-related damage to the property over the long term.
How to maximise your rental income:
The UK has over four million privately rented properties, making the landlord market highly competitive. To make your property more appealing and valuable to potential tenants, you should consider taking certain steps.
To increase your rental income and attract top-notch tenants, it’s crucial to distinguish your property from others in your area. There are several steps you can take to add value to your rental property, keep your tenants satisfied, and optimize your returns.
1. Be a sustainable and eco-friendly landlord
In an era of increased concern about climate change and sustainability, tenants often seek landlords and properties with eco-friendly features. This can include options like sustainable heating through ground or air source heat pumps, energy efficiency upgrades such as insulation and new windows, and the use of energy-efficient light bulbs.
Additionally, it’s advisable to guide and motivate tenants to actively engage in recycling and responsible waste management. This not only contributes to the property’s eco-friendly credentials but also encourages a collective effort in addressing environmental concerns.
2. Enhance your outdoor space
The post-pandemic trend of seeking more spacious outdoor areas is still on the rise, with an increasing number of tenants looking for properties that offer great outdoor spaces. Research conducted by Zoopla highlighted that ‘garden’ became the most popular search term for rental properties following the Covid-19 outbreak.
If your rental property boasts a garden, one effective method to enhance its value is to transform it into a versatile and functional outdoor area. This transformation may encompass actions such as creating a sizable deck or patio for outdoor gatherings, furnishing the space with outdoor furniture, introducing storage solutions like a shed, and enhancing the greenery and landscaping for added privacy and appeal.
3. Add additional security features
Whether you’re in the renting or buying market, security is a fundamental aspect of any home. Enhancing security, especially through technology-driven means, not only increases the value of your property but also communicates your commitment to the safety and welfare of potential tenants.
Some security features to contemplate include:
- Video Doorbell: A video doorbell system.
- CCTV Cameras: Surveillance cameras connected to tenants’ mobile devices.
- Alarm System: An integrated alarm system for added protection.
- Improved Locks: Upgrading locks on doors and garden gates.
- Light Timers: Installing timers on lights to create the illusion of occupancy, even when tenants are away.
4. Invest in areas that are important to tenants
The pandemic has prompted everyone to reevaluate their housing needs. For renters, the availability of space has become a key factor when seeking rental properties.
To make your rental property more appealing to potential tenants, consider the following:
- Open-Plan Kitchen: Creating a new open-plan kitchen space.
- Home Office: Setting up a home office, either within the property or in the garden.
- Bedroom Enhancements: Adding more bedrooms or expanding existing bedroom spaces with en-suite bathrooms.
- Improved Bathrooms: Upgrading and enhancing bathroom facilities.
- Multi-Functional Garden: Developing a versatile garden space for various uses, including entertaining.
If you have a budget for property improvements, direct your investments toward areas that align with the preferences of your potential tenants.