As a landlord you want to get the most out of your property. A rental is a significant investment, but done right it can yield huge financial rewards now, and for years to come.
Making the right renovations to your property will add value and allow you to increase your monthly earnings. These changes don’t need to be difficult; if you think you can’t afford the time and money it would take to fix up your rental, think again.
There are a number of simple, fast and relatively cost-effective things landlords can do to boost the value of their rental property and attract great tenants. These improvements focus on fundamental rather than cosmetic fixes that will help you get the results you want.
In this blog we explain five easy ways to enhance any property and improve returns.
Need some advice? Get in touch with our property management team.
How to increase the value of a rental property:
1. Update the kitchen
Smart kitchens add value to homes. A fresh bench top or new cabinetry can modernise a kitchen and make all the difference to potential renters. In fact, many people will overlook other flaws if the property has a modern, well appointed kitchen so it’s worth the effort. Remember, a lot of people spend more time in the kitchen than any other room of the house, so it’s understandably important to them that this is a comfortable, modern space.
2. A fresh paint job
This has a huge impact on the look and feel of a house. Consider a different colour other than white to add personality and warmth. A new paint job can make the house feel new again and will also cover up any trace of past tenants.
3. New carpet
Faded, stained and worn carpet will be noticed and could put off potential tenants. Putting in new carpet can make all the difference. Look for carpet that is durable, covers stains, is easy to clean and in a practical colour as it is likely to be there for several years. If you make smart choices, this change will add significant value to your property.
4. Add a heat pump
These are becoming increasingly popular with landlords and with good reason due the safe, efficient heating they provide. Tenants value having control over their indoor environment. As well as keeping the house warm, heat pumps also keep the air dry, reducing potential moisture damage to the property over time.
5. Improve the bathroom
It’s important the bathroom feels clean and fresh. Like the kitchen, the bathroom is a room potential tenants will pay close attention to and value highly. While an old bathroom may be clean, they often don’t look this way due to stains, flaking paint and tired fixtures. If your bathroom looks like this, consider a makeover to make it feel modern and new again.
Spending money in the right places will help you get more for your rental property and increase its value long term return. Start by taking care of the basics and then you can focus on other cosmetic changes later on. You’ll avoid costly repair bills, attract top tenants, and get the financial benefits of your hard work.