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Renovate to Accumulate: 6 Ways to Increase Your Rental Value

Renovate to Accumulate: 6 Ways to Increase Your Rental Value

As a landlord you may find there is a lot of competition for the best tenants. On top of this you want your property to be as attractive as possible, so you can ensure the best possible return on your investment. There are lots of upgrades you can carry out on your property to make it more attractive to tenants. Take inspiration from these popular tips from a range of different landlords.

1. Parking perks

Adding value and making your property attractive to tenants often comes down to knowing what people need and want from their living space. If you have a front garden, converting this to off-street parking could be a lucrative asset – particularly in urban, congested areas where a lack of adequate parking can be off-putting to potential tenants. Many families have multiple cars and require a safe place to park. Something as simple as the addition of a driveway can be a deciding factor for potential tenants on whether a home is suitable for them or not.

You will need to contact your Local Authority to get the kerb dropped to allow safe access to your new driveway.

Creating a single parking space can add 5% to your property value, so a property worth £200,000 could see a potential £10,000 increase by creating a parking space (1).

2. Get converting

If your property is looking a little cramped, converting a garage into an extra living space could provide the extra room a potential tenant needs. If you later decide to sell your property, the extra room has endless possibilities for future buyers. This can really make a difference to attracting buyers and could increase the selling price of your property.

Converting a garage into an extra room will take more time than simply adding a driveway, and of course there’s costs involved along with checking building regulations and ensuring the new room meets all safety requirements.

Having said this, an extra room can add so much value to your property, it might be worth the time and cost in the long run by making your property attractive to a wider audience such as those with growing families.

3. Garden appeal

The garden of a property can often feel like an extension of the home, a place for socialising and relaxing in the warmer months.

Giving your property’s garden a refresh can make all the difference and it’s something you could do on your own. A low-maintenance design and a regular routine are important to keep things neat and tidy. Even little things can help, like repainting the fence if it’s starting to look a bit tired, getting rid of unsightly weeds and cutting the lawn and bushes.

If you want to go that extra mile, and you have extra cash put aside for the garden, you can add a decking area providing a place to entertain with BBQs and garden parties.

4. Lighter and brighter

Probably the most affordable and quickest way to give your property an instant makeover is a new coat of paint. Opting for lighter, brighter colours for your property can instantly make the place look bigger, fresh and more modern. Although this may not add a huge deal of financial value to the property, it will ensure the property is attractive to potential tenants as soon as they walk through the front door.

5. Make it open plan

Open plan living has been a trend in residential living since the 1990s and shows no signs of slowing, with many new-build properties boasting open plan kitchen diners as standard (2). An open plan property creates the illusion of a much bigger space. However, similar to converting your garage, it’s important to obtain consent and check building regulations before making structural changes to your property.

6. Kitchen upgrade

The kitchen is now far more than just a place to cook food. It’s a place for socialising, entertaining and even relaxing. Today, many kitchens are open plan with seating areas providing a place for people to spend prolonged periods of time. If the kitchen in your property has seen better days, now may be the time to invest in a kitchen upgrade. Although it’s one of the more expensive renovations according to Royal Institute of Charted Surveyors (RICS) it can add as much as 4% to the property value (3).

  1. https://blog.policyexpert.co.uk/house-home/how-important-is-a-parking-space-to-the-value-of-your-home/
  2. https://www.thespruce.com/what-is-an-open-floor-plan-1821962
  3. https://www.idealhome.co.uk/project-planning/how-to-add-value-to-your-home-73696

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