All property owners want to protect their financial assets by keeping them in great health. But if you are a landlord, you also need to consider the route to maximize rental revenue. Finding that balance can be particularly daunting when handling renovations. Not least because ongoing maintenance will eat into your annual returns.
Given the fierce competition for tenants, ensuring that the property is attractive for potential tenants is key. At the same time, every decision you make needs to be financially suitable from your perspective too. Here are 10 of the best upgrades to maximize the property’s appeal, earning potential, and long-term health.
- Make a big first impression: Potential tenants are judging the property from the second they see it. Quite frankly, if it looks unattractive from the outside, it will damage their perceptions before they’ve even stepped inside. Simple jobs like fixing the doorbell and regular garden maintenance can immediately make the place feel more like home.
- Utilize the hallway: Once inside, the first thing that future tenants see in the hallway. As with the exterior aspects, this space can set the tone for their perceptions of the entire property. Cleanliness is vital if this is to be viewed as the gateway to their new home. Meanwhile, embracing light and warm colour schemes can make the home feel more inviting also.
- Create the illusion of space: Tenants need to believe that the home has enough space for their living needs. In addition to encouraging more light, strategically placed mirrors can work wonders. Storage facilities that blend in with the room rather than stand out should generate positive reactions also. The last thing you need is to create a claustrophobic vibe.
- Add practical features: Let’s face it; society is more reliant on home technology than ever before. Therefore, adding extra plug sockets can encourage increased interest and increased rental costs. Any practical additions that will aid the tenants throughout the day will only bring positive reactions too. The simple gestures often leave the biggest impact, do not forget it.
- Don’t overdo it: From your outlook, it’s a property rather than a home. So rather than gutting an entire room, why not simply replace the fixtures? Whether it’s the bathroom taps or the kitchen cupboard doors doesn’t matter. Taking this approach will reduce your maintenance costs, without reducing the appeal.
- Embrace the garden: Many tenants are renting smaller properties due to financial restrictions. As such, many people are living in places that do not boast a garden. If yours boasts outdoor space, make the most of it. Simple landscaping and decorating it with simple furniture adds a whole new dimension to the property. In turn, that will boost the monthly rental price while adding appeal.
- Don’t ignore smells: Tenants don’t simply need a place that looks great, and the smells elicited from the home can have a huge influence. You probably don’t need to go as far as following the old cliché of baking bread. However, improving the ventilation can be a beneficial renovation. Aside from anything else, it can go a long way to preventing dampness. A few strategically placed air fresheners won’t do any harm either.
- Paper over the cracks: Of course, if your property encounters structural damage, you should respond. However, if hairline cracks and uneven plastering are cosmetic issues, wallpaper is a simple solution. It’s cheap, easily maintained, and can give the property a homely vibe. Just be warned that personal preferences will come into play. Avoiding niche tastes is advised.
- Ensure it’s secure: Nobody will ever rent the property if it doesn’t feel safe. Therefore, fixing faulty window and door openings is essential. Replacing those elements will be costly. However, there are circumstances where you can get financial support for window upgrades. If they aren’t available, repairing those elements should be the very least you do.
- Keep the property clean: It sounds simple, but cleaning the property will genuinely have a huge influence on what you need to replace or spruce up. Why replace an excellent carpet when cleaning is a fraction of the cost? Likewise, ensuring that kitchens and bathrooms look clean is vital. After all, nobody wants to live in a dirty home.
Keep those ideas at the top of your plan, and nothing will stop you from achieving the full financial rewards of your rental property. Meanwhile, it will have a positive influence on your long-term needs as those jobs should aid the resale property also.