Buy-to-let properties can be a very stable means of investment if done properly, but it is also important to remember that you want to provide a decent service to any potential tenants. Creating a good relationship between landlords and tenants means that you are more likely to have long term tenants, leading to more money and a more stable investment on your end.
There is no use in simply buying out an old, rusty, dusty property and letting it out for a staggering price. People aren’t going to bite. You want to improve the condition of the property beforehand, in order to maximise its renting potential and attract the best type of tenants. With reliable, professional tenants you are also able to rely on a regular source of income; a result that is far more beneficial than simply swapping tenants every few months once they realise that the property doesn’t have a very good Energy Performance Certificate.
Take a look at five ways we have found you can improve your property, that help it to appeal to potential tenants.
- Convert the Loft Space
Your property loft space may be eligible for conversion. It is important to check with an expert before you start construction, as some lofts are not able for conversion and there is no use wasting money. However for convertible loft spaces, you can create an extra bedroom, office or even extra lounge, all of which attracts potential tenants to your property.
- Fitting Double Glazing Where Possible
By reducing the cost of your central heating and electricity bills, you make a property look more attractive to potential tenants. It is also a good way to reduce the amount that property uses on gas and electricity to heat the property during winter, reducing its overall Carbon Footprint. Many people are also rather environmentally conscious nowadays, so a good Energy Performance Certificate goes a long way.
If you’re not the type to have a large sprawling garden, or if you are currently surrounded by already-extended monstrosities for neighbours, an extension is a good thing to consider for increasing the value of your property. Student properties benefit well from extensions as you can fit more bedrooms in, and so long as you have sorted all the planning permission and electricity etc. out, there should be no issues in the construction and finishing off of any extensions.
- Building a Conservatory
A conservatory is a sure-fire way to increase the value of any home. A popular addition to a property, it provides an open space for the tenants to enjoy the sun, and can be used as a dining room, lounge area or even play area for families with small children. Young families and professional couples will find a conservatory an attractive addition to any property.
Conservatories are also one of the most widely accepted forms of extension, as they can be tucked away in the garden and do not obscure neighbouring views. They are a great way of extending the property without causing a dispute between neighbours. You will still need planning permission from your local government, however, so make sure that everything is in order before starting construction works.
- Work on the Exterior of the Property
While it may not seem like it makes a whole lot of difference, people do make first impressions of a property, and if the exterior doesn’t seem ‘all that’ then they may have already made their mind up about the house. By working on your exterior, you give potential viewers a pleasant view even before they step in the door, you entice more viewers and you improve the look of the neighbourhood in general.
It may sound a little strange, but if potential buyers look at the exterior of a property and it appears in good shape, they are more likely to think the same about the whole house. Even doing something as minor as cutting down the weeds and adding a few hanging flower baskets, or power washing the mould off of the roof can have a beneficial effect to the way your property is presented.
While there are a wide variety of different renovations and refurbishments you can conduct on any property to make it more attractive to tenants, these are a few of the more obvious choices. It is also important to make sure that you do not spend too much time ‘doing up’ a property, otherwise you may never end up renting it out to anybody! Conduct only the necessary repairs and any refurbishments that you think would benefit a sale or rental, and put it out on the market.
Article provided by Mike James, an independent writer in the property sector –working together with a selection of property companies including investment experts Prime Centrum, who were consulted over the information contained in this piece.