Property Renovations Which Offer Landlords A Return
27th Jul 20

Property Renovations Which Offer Landlords A Return

27th Jul 20

Repair and maintenance are essential for landlords, offering short and long-term benefits in running a rental accommodation and pleasing tenants. However, landlords also need to consider making improvements to a rental property before they let it to tenants.

Whether you are new to the letting industry or you are between tenants, there are property renovations you can make which will provide you with a range of benefits.

Enjoy these benefits with property renovations

If you need to be convinced as to the merits of property refurbishments, consider the following outcomes:

·         A well-decorated property is more appealing to tenants, helping you to let faster, ensuring you receive rental income quicker

·         With a well-decorated rental accommodation, you appeal to a higher standard of a tenant, allowing you to charge a higher rental fee and bring in more income

·         Tenants will feel happy living in a stylish and well-maintained rental property, which means they are pleased to stay in the property for longer, which reduces the likelihood of void periods

These are all excellent outcomes that landlords should aim for, but of course, not all property renovations are the same. You want to choose a refurbishment project which is affordable and inside your budget, but also which provides you with a return.

If a refurbishment project isn’t going to generate more demand in your rental property or more income for you, should you carry out the project? There must be some form of return for your investment, and the following property renovations which offer landlords a return are well worth considering.

Painting and decorating can make a big impression

Of all the painting and decorating jobs you can carry out at your rental property, painting might be the simplest and the most affordable. Of course, you can spend a lot of money on painting a property, depending on the paint you use and who you hire to paint, but there is an option to save money.

Of course, you need to do a good job. If saving some money is going to negatively impact on the finished appearance of the property, it is best to spend a bit more money. However, you will find painting a property and creating a fresh and stylish appearance generates interest and the potential to charge a higher rental fee.

If you are looking for a quick and convenient way to transform a rental property, painting and decorating is a smart idea.

Improving flooring makes a difference

Installing new flooring is more expensive than painting, but with the right style of flooring, you can transform your home. Carpets are affordable, but they can become old and tired looking very quickly. Linoleum is convenient and cheap, but it can scuff, and it doesn’t always set the intended tone for a rental property.

Investing in wooden floors or more-up market tiling is more expensive, but it is durable, and it can attract a better standard of tenant. If you intend to generate as much rental income per month, investing in a better standard of flooring is a sensible idea.

Other refurbishment tips to consider include:

·         Investing in stainless steel appliances

·         Place new kitchen countertops in the home

·         Add stylish bathroom vanities

We offer a range of letting services to landlords in Tooting, including tailored options which ensure you receive the best support at all times. If you would like to arrange an appointment to help you negotiate the local buy-to-let market, please contact Bluestone Properties today by calling us on 0208 355 3405 or emailing us at info@bluestoneproperties.co.uk.