Tips for adding value to your investment
We understand the importance of effectively maintaining a property to ensure the best possible rental returns but also the long term capital gains for our landlords. There are certainly areas where your money is better spent to prevent over capitalising on your investment and these include:
- Kitchen; New cupboard doors and handles can transform a kitchen and it’s a relatively inexpensive way to give the whole room a fresh modern makeover. Colour can also date a kitchen so consider repainting or re-lacquering cupboards to freshen the look.
- Tapware; Fitting new and matching tapware throughout will benefit the look of a property and is a simple way to modernise a dated home.
- Bathrooms; Consider re-grouting tiled areas or at the very least the use of grout pens to fix any areas of discolouration. Also, think about ventilation such as a fan and window stays to allow secure openings, or a shower dome to prevent the buildup of moisture.
- Paint; Painting the property can instantly lift its mood and look. A contemporary colour pallet on walls brings a sense of modernism and can increase the potential tenant pool, as well as the asking price. At the very least, a thorough clean of walls, skirting boards and doors can brighten the look of a tired home.
- Gardens & Outdoor Areas; Invest the time to ensure all the gardens are in a tidy state and are low-maintenance, where possible, for future tenants. Use of a high pressure hose can give all pathways and paintwork a good clean and improve overall appearance. Consider available outdoor spaces and the possibility of creating new ones if these do not exist. When done well with effective links to the interior of the property, your home will appear larger and more functional to prospective tenants.
- Light Switches; Replacing old light switches is a cost effective and easy way to refresh the look of your property and can also assist in preventing further maintenance issues down the line.
- Window Treatments; Curtains or blinds are another area which reflect the era of a property and can easily date a home. If replacing the window treatments think about the long term functionality and look at using options that are hard wearing and easy to replace in the future if needed e.g. venetian blinds and associated cords can often break leading to costly repairs as well as being a health hazard for children.
- Entrance; First impressions can heavily influence a tenant’s decision to rent a home as well as what they are willing to pay. Look at the entrance to your investment property and whether or not this could be improved with minor expenditure e.g. security lighting, painting the door, flower pots, letterbox etc
- Lighting; Great lighting will improve the way a property looks and feels for a tenant. Modern lighting can dramatically change the look of an older property as well as go some way to preventing any maintenance needed on older lighting systems during the future of the tenancy.
- Burglar Alarm; Consider the installation of a burglar alarm or similar security devices (such as window locks). Occupants want to feel safe in any property that they’re renting and this adds huge appeal to family tenants as well as increasing the chances of you getting the best possible rental figure.