As a landlord, it’s natural that you would want to make the most of your investment and reap the highest possible financial rewards from letting a property at its highest value. Any attempt to charge over the odds could leave you struggling to find tenants at all, but there are a number of improvements that you can make to increase your curb appeal and maximize your rental value. It is typically best to go with a professional home improvement company like Precision Roofing Inc for most of your big projects.
Clean it up!
The best place to start is to carry out a full and thorough clean of the whole place. Cleaning can work miracles when it comes to improving the appearance of your property, and in the process you will get a better idea of any items that may be past their best and really do need to be replaced. Before you rush out to buy a range of cleaning products, do some research to make sure there isn’t a cheaper alternative. For example, a simple bottle of white vinegar can be used to remove limescale from a tap, to deodorise a drain or to bring a worktop back to its best.
Pay attention to the kitchen and bathroom
These two rooms can make or break the appeal of your property, so they are worth of a little focused attention. Depending on your rental market you may not wish to spend a lot of money on new fittings, but simple touches such as refreshing the grouting or changing the handles on your units could have enough of an impact to make all the difference.
Clear out the garden
First impressions really do count, so it won’t matter how beautiful you make the inside of you property if prospective tenants have already been put off by an untidy front lawn. Make sure you keep the grass trim and neat, cut back any unruly bushes or hedges and keep any bins neatly tucked out of sight to ensure that your property looks great as soon as your new tenants lay eyes on it.
Lease each room separately
Depending on the size and type of your property you might consider letting it as a shared house where each tenant rents a single room on an individual tenancy agreement. This arrangement allows you to identify suitable rental rates based on the individual rooms, and can often result in a higher total income from the property. Living in a shared house is often seen as quite a temporary arrangement, so expect your tenant turnover to be higher if you go down this route.
Digital connectivity is highly prized by modern tenants, so ready access to wi-fi, phone and cable networks can prove to be a great selling point. In gadget heavy times, your average tenant will expect to see no shortage of plug sockets in every room, so something as simple as switching from single to double plates can be a low-cost way of future-proofing your investment.
Provide white goods
Although this does require an initial investment, providing items such as a fridge freezer and washing machine are immediately noticeable to tenants and are more than enough justification for an increase in rent. Over time, these items can pay for themselves and lead to a tidy profit while saving your tenants a lot of hassle. So everyone’s a winner!
This post was written by the team at CIA Insurance, who specialise in offering landlord insurance that is tailored to meet the individual requirements that come as a result of letting out a property.