Posted on October 19, 2016
Inexpensive changes or major renovations, anyone can maximise the rental value of their property. Appliances must be either new or sporting a gleaming shine, while painting the front door is an effortless improvement for excellent first impressions. At viewings, dress professionally but not formally to convey a committed but friendly demeanour, and organise simultaneous viewings to create competition and raise the price. Optimise your advert for bigger returns, and list the property early at a higher rate – a small gamble for potentially big rewards.
Small scale DIY projects add rental value, especially if you source reclamation materials or factory seconds. New appliances add panache to your property and pounds to your rent, but targeted spending maximises returns. Modern appliances and bathrooms add instant appeal, and appliances with guarantees quickly pay for themselves. Modernising light fittings is also an inexpensive way to transform a room, while replacing old lino is cheap and easy and switching carpets for laminate looks good and saves hundreds in cleaning costs.
If you can’t afford a new kitchen, as long as yours is structurally sound you can replace the cabinet doors and drawers for a fraction of the cost. Our team of advisers can help you customise your property to target the local market. Furnishing adds thousands to your income in inner city areas, for example.
Solar panels are cheap to install and rapidly reap returns, because tenants have fewer bills so you to levy higher rents. Services can be updated with installation of under floor heating or air conditioning to attract higher prices, with wood burners adding charm and cosiness.
Re-purpose dead spaces like formal dining rooms into valuable extra bedrooms. An outdoor dining area with annual flowers like cosmos conveys homeliness even in the tiniest city garden.
Finally, make your existing tenants happy before a rent increase. A better Wi-Fi connection or parking space makes them more likely to stay, saving you the costs associated with finding a new tenant.