How to add value to your rental property

Owning a rental property is a massive investment, and with new rules in place such as paying more stamp duty on a second property it is important that you get as much money as you can from your rental property. Here are some ideas for adding value to your rental property. 

 

Frills are great, but one important aspect of adding value to a rental property is maintaining the basics. This includes regular checks and maintenance, between tenancy cleaning, maybe even having a deep clean of the carpet (after all it can still get dirty even when no-one is there), everything works correctly, lights and appliances and basic cosmetic fixes such as a new coat of paint for walls that need it, poly-filling any holes or cracks. You might even want to invest in some luxury carpet.

 

Taking care of these basics will not only allow you to charge a premium, but they might make your tenants take more care of your property. 

 

It can be tempting to decorate your rental property as you would your own home. However it won't be you that will be living in it.

Each person will have their own tastes and sense of appeal and as such your rental property will need to appeal to as many people as possible. As such you will need to use neutral colours such as different shades of white, cream and ivory with a potential of using some of the lightest shades of grey – grey is very on trend lately.

A garden, even if it is small, is an incredible asset to have which can boost the value of a property. It is however a difficult one to maintain but it is essential it is properly looked after.

Like inside the property it will be tempting to do the garden to what you prefer, however it is best to leave it as blank a canvas as possible and trying to make it low maintenance for any renters. This means that any plants that are planted are ones that can essentially look after themselves, maybe will need a small cut every now and then. Although you will need to clearly state that management of the garden will be the tenants responsibility. 

It can be tempting to create a rock garden or to fully cover over a garden since these are extremely low maintenance. However this will actually decrease the amount of potential renters interested in the property. 

Focus on the Bathroom and Kitchen

These two rooms can be considered the two most important rooms in a rental property as they are both rooms that can break a potential renter.

These rooms will have to be both very well maintained in not only keeping up appearance but also being in a good working order. So from having a well cleaned cooker in good working order to a shower that has good pressure, even a toilet that moves slightly or that doesn't look good can put off a potential renter. Installing a good quality macerating toilet is a plus factor for any renter because they are durable and lasts for a very long time. This in effect spares the renter from encountering any frequent problems of the bathroom fixture. After all would you want to live somewhere that had a poorly maintained bathroom or kitchen, especially if you are unable to change it yourself? And it would also draw questions or concerns over the rest of the property being well maintained.

You will also need to be aware of how a dated bathroom or kitchen can impact the look and feel of a property. This can show up very early for example in your properties listed photographs which can put people off even viewing the property. When viewing a property with a dated bathroom or kitchen it can taint the feel of the rest of the property, making potential renters feel that the rest of the property is also dated.

You don't need to go overboard but maintaining these areas well can boost value and interested renters.

Having the correct landlord insurance can be an all important part of adding value to your property. Insurance can cover you from many of the accidents and other events that can occur in any home let alone a rental property. Being properly insured means you can minimize the time that your rental property isn't earning you an income. There are many specialist companies such as CIA Landlord Insurance that deal in landlord insurance.