If you want to attract good tenants from a competitive property rental market, your house must stand out from the rest of the properties in the real estate market. If you have houses to rent in Surrey or any other area, one thing you may do is upgrade and improve your rental property to make it more marketable.
6 Tips To Add The Value To Your Rental Property
Small investments made today might sometimes payout with interest in the future for your rental property.
Here are six easy tips to add value to your rental property.
1. Make use of the natural environment
According to experts, including letting agents in Surrey, for many tenants, having adequate garden space will be a big selling feature, as they will be spending more time outside in the warmer months than the majority. Of course, having a garden or green space isn’t enough; it also needs to look the part.
Ensure that your rental property space is well-kept, clean, and appealing – you may want to hire a gardener to assist you with this between tenancies – and that any unique features you have, such as a BBQ area, a large shed, a pond, or decking, are prominently displayed.
It’s also crucial to make it obvious to tenants from the beginning who is responsible for the garden’s upkeep and maintenance during the tenancy; this should be spelled out in the tenancy agreements signed by both parties.
2. Maintain a neutral tone
You want your rental property to appeal to as many people as possible, and the best way to do so is to choose neutral, universally appealing colors like whites, creams, pale blues, and light greens. In general, a contemporary, minimalist, less-is-more style will appeal to most people, allowing tenants to put their own imprint on a home.
Decorating a home in your own personal style may not be the best option, especially if your style is narrow, odd, or unusual. While it may appeal to some, it is unlikely to appeal to a large number of people. A neutral approach is preferable if you don’t want to turn off a large portion of your pool of possible tenants.
If you’re selling a furnished property, make sure all of the furnishings are in keeping with the ethos. In other words, a blank canvas approach is required – something that will entice people rather than actively repel them.
3. Make a list of your star rooms
Which rooms are most likely to be the most crucial in a rental property? Apart from the bedroom, it will most likely be the kitchen and the bathroom. For many, the kitchen has become the most important room in the house, a place to cook, bake, socialize, and host dinner parties, thanks to the foodie boom that has swept Britain in recent years.
Many tenants will be paying special attention to this place in particular, and you can upgrade it for a little fee. New worktops, knobs, tiling, and cupboards can assist in revitalizing a tired-looking kitchen without requiring a complete remodel. If your white goods are starting to show their age, you may want to consider replacing them. This will cost you money in the short term, but it may pay off in the long run.
Your bathroom should be clean, pleasant, and appealing, much like your kitchen. A modern, pared-back, minimalist area – such as a bathroom in a decent hotel, for example – is likely to appeal to the broadest range of people. Small changes, such as the chrome towel diamond heated rail, can assist in improving the gesture of your restroom and are less expensive than you might imagine.
4. Consider further improvements
To really make your rental property stand out in a crowded field, consider offering tenants some additional additions to entice them in.
You might consider investing in a security system, a few statements features, gleaming new kitchen appliances, or a particularly well-furnished lounge – all of which are inexpensive but could attract more visitors.
5. En-suite installation
This won’t always be possible, and it could be quite costly, but if you want to attract tenants with a larger budget, it’s something you should think about. It’s a compelling selling factor for many, particularly in shared housing, where individuals prefer private facilities to public ones.
You should be able to charge higher rents if this is possible or if your rental property already has en-suite bathrooms.
6. Make sure your house is in good shape
Yes, it’s a simple step, but it’s one that’s sometimes forgotten. Tenants will naturally prefer a clean, well-maintained, energy-efficient home that is free of dampness, condensation, poor paint jobs, scuffed skirting boards, and worn furnishings.
Carrying out the simple, easy, obvious steps, which also happen to be the ones that will please your bank account the most, is one of the most cost-effective ways of increasing the value of your rental property.
Of course, the value of your rental property is determined by a variety of factors, including location, property type, market circumstances, and competition, but following the measures outlined above should increase your chances of maximizing your real estate rental revenue.
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