Giving a property a makeover can be a winner for landlords to achieve higher rents. Any property in need of improvement holds out the promise of making more money. However, it’s essential to have a plan for those improvements from the beginning, in order to minimise any loss of rental income.
Looks for easy wins first
Often, major works aren’t required to increase property appeal to tenants. There are two potential ‘levels’ of property makeover to consider; the first being a ‘spring clean’, this could involve very little work but can often have a good impact on the attraction of the property and improve kerb appeal. Work to consider could be having carpets cleaned professionally, a fresh coat of paint, tidying the garden or cleaning the windows. The next level up is a light refurbishment; this could be the replacement or upgrade of a kitchen and/or bathroom. This may sound expensive but it shouldn’t be! If you keep things simple and don’t get carried away with the specification then you should be able to keep the costs down.
Think of the target tenant
Different types of tenants can value different things in a property and you should need to bear your target tenants in mind when it comes to getting the balance right. For example having a downstairs bathroom has more appeal to families than it does for young professionals.
Keep energy efficiency in mind
From 2018 onwards, legislation will require that all Buy to Let properties have an Energy Performance Certificate (EPC) rated E or higher. A new condensing boiler or a well-insulated loft may not allow you to increase rents, but they can make the overall appeal of the property greater as it helps address tenants concerns on bills and the cost of living, and make a property easier to let.
Employ credible tradesmen
Time is money when it comes to refurbishing rental properties, and the cost of lost rent whilst your property is empty can add up quickly if work falls behind schedule. Employing a credible, professional tradesman will help reduce costs in the long run. At Edison Ford, we have our own reliable property maintenance division which specialises in all aspects of refurbishments. Get it contact with Steve Clowes today on 01454 316718 or visit our website to find out more.