When it comes down to your rental property, sometimes you need to spend money to make money. Keeping your property well maintained is a good investment because of the increase in rental value it can deliver.
But where should landlords focus when upgrading their property to boost its rental return?
Why Upgrade your Rental property?
Any upgrade to a rental property should consider the cost of the upgrade in terms of ROI. Landlords need to look for simple and cost-effective ways to upgrade their property in a way that has a meaningful impact on the minds of potential tenants.
There are many changes a landlord can make to their property. Still, unless it protects the long-term condition of the property or works to attract tenants to pay the best rates possible, landlords should question whether it really is necessary.
As a landlord, consider the maximum rental fee you can achieve for the location and make investments that give you the best chance of achieving that, remembering not to price your property out of the market.
How to Upgrade your Property and Increase your Rental Return
Some simple yet effective ways that you can boost your property include:
- Give it curb appeal: Make a good first impression to give a viewer the sense that the property is worth looking at and is being looked after. A painted front door, some tended plant pots, security lights and cut lawn and hedges can make all the difference.
- A fresh lick of paint: A new coat of paint in neutral colours will make a property look fresh and clean. Keeping colours neutral appeals to a broader spectrum of people.
- Install practical flooring: Carpets may be cosy, but they get dirty quickly and are harder to maintain to keep looking tidy. Wood or laminate floors are easier to keep clean and are hard-wearing.
- Remove tired furniture: Broken or worn furniture should be replaced to keep the property’s overall look well-maintained.
- Upgrade the kitchen: It may seem like a major investment, but an attractive kitchen is a big attraction. Choose a style that won’t age and is practical. If a whole new kitchen is too expensive, you could replace the cupboard doors or worktops.
- Upgrade the bathroom: A tired and unkempt bathroom can be a turnoff for tenants, so it’s worth ensuring that it’s kept fresh looking and well-maintained.
- Maintain the garden: Outdoor spaces are treasured, and tenants pay a premium to have one. Keep the space low maintenance and well-kept, and you will benefit from the investment.
Taking Simple Steps
A few simple changes can significantly impact the rental value you can achieve. They also ensure that your property is rental-ready and minimises inter-tenancy downtime.
It’s also important to consider the demographic of the people you are most likely to rent to and make changes that appeal to them most.
No Letting Go
Ensuring that your property is always rental-ready and staying on top of maintenance at all times can be a continuous time commitment.
If you would like to discuss how No Letting Go’s local support or national network could become your rental property inspection and inventory partner, streamlining costs and reducing your workload, then contact No Letting Go today.
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