As a landlord, you are competing in the marketplace for tenants, and to do this successfully you must add value to your property.
The UK rental market is large, but it is competitive, and this competitiveness can vary in intensity, depending on the type of tenant you are looking for and the area where your property is located.
Also, taking steps to add value to your property can encourage reliable tenants to stay longer, bringing consistency to your business.
How, then, can you add value to your rental property?
Kitchen and Bathroom
Two of the most important rooms in rental property are the kitchen and bathroom. While it might not be financially practical to install brand new versions of both, it is important that they are attractive and in good working order.
The kitchen should be clean and with facilities that are properly functional. Where necessary, redecorate.
Similarly, even if you cannot afford to invest in a new bathroom, consider upgrading the current one. Give it a fresh look with new tiling or a glass shower screen. If you can afford to install a power shower, do so.
General Decoration and Repair
Your property as a whole should be properly cleaned and given a spruce up. Repainting key areas can make a world of difference, especially because it helps rooms feel new to a prospective tenant.
Do not necessarily decorate to your own taste. Consider what will best appeal to a tenant and opt for neutrality over individual quirkiness.
This does not have to mean the property appears bland, but it should give the prospective tenant an idea of how they will make it feel like their own.
Furnished or Unfurnished?
This is another fundamental decision for a landlord. If you rent out your property as furnished, you can appeal to specific markets, such as overseas tenants, students or others who are looking for a home ready to move into.
If your property is not a holiday home, you can then claim tax relief on any costs to you for replacing or disposing of furnishings, appliances and kitchenware. You can also claim expenses for general maintenance and property repairs.
Garden and Outdoor Spaces
If your property has some outdoor space or a garden, make sure this does not feel in any way neglected. Outdoor space can give your property extra appeal, especially if it has a decking area where people can entertain outside.
Extras that Count
What extra things can you include in your property let that will add value for prospective tenants?
Consider offering internet access, for example, or a security system. New kitchen appliances add value too, along with energy-efficient heating.
Long-term Added Value
For landlords willing to invest further in a property, they might consider adding an en suite, or a loft conversion to increase the number of bedrooms. These kinds of improvements can bring long-term added value.
A new kitchen or bedroom can between five and 10 per cent to a property’s value. This then increases its potential rental yield.
Expert Property Advice
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