Top Tips to Boost the Value of Your Rental Property
The rental market is highly competitive and you need to ensure your property is in great shape in order to maximise its value. Prospective tenants will be viewing a lot of properties which means it’s important to make your one stand out. To help you get the most out of your investment, here are 5 top tips to boost the value of your rental property.
Take care of the basics
When talking about the basics this covers things like repairs, maintenance and decorating. Ensure you have new locks on windows and doors that are working and fix any issues around the house such as broken shelving, flooring or roofing issues in the loft. Damp and mould in and around windows, kitchens and bathrooms will also need to be addressed.
Redecorating to neutral colours will also make the property more attractive, with whites and creams making the space look cleaner, brighter and larger. If letting the property as furnished, make sure furnishings are in good condition and not tired looking.
Add garden appeal
Kerb appeal is all about making a strong first impression and that also applies to properties with gardens. They are a great selling point and when presented in good condition, can help to sell the property and rental charges attached to it.
Aside from ensuring the garden is decluttered from unnecessary items, also tidy it up so the grass is maintained, hedges cut and features like ponds or decking are clean and visible.
Convert lofts or basements
If you own a property with a basement or loft you can boost the value of your rental property by converting the space. Turning these parts of the property into liveable space allows you to turn a 2 bedroom house or flat into a 3 bedroom property – instantly increasing the value.
Conversions do require a significant investment in order to carry out the initial alterations, but the long-term returns in terms of rent yields, or sale value if you plan to sell the property at a later date, make it more than worthwhile.
Consider your preferred tenant
You may have a particular type of tenant in mind, or own a property located in an area that has a higher demographic, such as students or people of a certain age group. Think about what type of features may be attractive to this audience, such as having a faster internet service installed, cable/satellite TV or maybe features that help with assisted living. If you are targeting a specific market, the more specialised you can make the property, the higher the rent charges could be.
Upgrade bathrooms and kitchens
Two key areas of any property are the bathroom and kitchen. Installing a new shower, taps or glass screens in the bathroom can go a long way to increasing the property’s value. Also consider fixing any broken tiles, update the flooring and repaint the walls in bright, neutral colours to impress prospective tenants.
The same applies to the kitchen in terms of flooring, tiles and painting. Update old appliances if needed to make the space feel modern and introduce blinds with light colours that encourage more light to come into the room so it feels bright and clean.
If you’re thinking of letting property in Willesden Green or the surrounding North West London areas and would like more information on the points mentioned above, get in touch with our friendly letting agent team on 0208 459 2530 or via email firstname.lastname@example.org.
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