Investing in buy-to-let property can be a lucrative industry to dive into. However, with the cost-of-living crisis leaving many Brits strapped for cash, prospective tenants are seeking better value for money as a priority.
And when it comes to property, it’s the finer details that can often influence a final decision from a client. Nonetheless, by making certain improvements to your property, there are still several ways in which you can justify asking for a higher rent.
Increasing the value of your property: Things to consider
- Offering it furnished
Many new property owners are unsure whether it’s best to keep a property furnished or unfurnished. The good news is that with privately rented homes accounting for 19% of all households in the UK, it’s likely that you’ll find tenants whether you offer furnished or unfurnished accommodation.
However, there might still be a better choice, such as partnering with Redstones Estate Agents. You’ll need to think about what type of property you’re renting, where it’s located, and the type of tenants you’re looking for. With these things in mind, you can work out just how much work you’ll need to put in – and how much you’re willing to do.
- The finer details
Anyone who knows property understands the importance of attention to detail. Quality fixtures, fittings, and décor will not only be noticed by prospective tenants as they view the property, but should also improve the functionality of the home.
For example, ensuring that all doors are fitted with quality hinges from reputable suppliers like RS will provide longevity and resistance to wear and tear. Additionally, checks and repairs on windows, skirting, windows, and frames will be a valuable investment of your time.
- Hire Professional Property Management Services
As a landlord, managing all aspects of your property can be time-consuming and overwhelming. However, hiring professional property management services can help alleviate the burden and improve the value of your property.
These services handle everything from finding tenants to handling maintenance and repairs, ensuring that your property is well-maintained and attractive to potential renters. They can provide necessary insights and strategies on how to manage rental property effectively, making it a worthwhile investment for landlords seeking to maintain high occupancy rates and achieve the best possible returns on their investment properties. Even with the added cost of management services, landlords can still justify asking for higher rents due to the improved quality and convenience they bring.
- Outdoor space
Not all properties have an accessible outdoor space. However, a garden can significantly raise your chances of attaining a higher rental yield. This is particularly applicable for landlords investing in areas where space is already at a premium, including densely populated cities like London.
Outdoor space is so important to potential tenants that a garden could give your property more value than an extension, especially in sought-after family areas.
- Location
Thoughtfully locating your properties should help you to reach your target audience. For example, if you’ve bought a property in a university city, your first target could be students. Or, if you’re not keen on the idea of being an HMO landlord, aiming at young professionals or recent graduates could be your best move.
- Kitchens and bathrooms
Lastly, many property owners still opt to rent properties with original bathrooms, even if they date back to when they were first built. However, with contemporary and minimalist interiors becoming more and more popular, replacing the appliances in your rental property could be a worthwhile investment.
Not only will modern appliances be less likely to need maintenance, but they should also make your property look much more appealing. When it comes to finding new tenants, families and couples can be easily put off by a dated or impractical setup. With a modern suite, your property will be more valuable – and attractive.
