3 top tips for adding value to your rental property

1. Take care of the simple things

People viewing your property to rent will be looking for how you pay attention to detail. If there’s peeling paint in corners, cracks in the ceiling or stray nails sticking out in places, they will all be noticed. What’s more, it will give a clear indication to the viewer that as landlord you don’t take care of the upkeep and basic maintenance of a property.

Adding a fresh coat of paint, re-tiling any areas where the adhesive is falling away, and replacing any windows that are old and let in drafts, not only show that you care about your tenants, but it will give you a better overall product that you can charge more for. You can also take this a step further by ensuring that you opt for high quality furniture and appliances throughout a property, as you can charge a higher monthly rent for furnished homes.

2. Create an outside space

A lot of landlords underestimate the value that landscaping can bring to a property, but it can add a lot of money to your monthly yield, as well as making sure that you are never short of tenants. These days, tenants look at renting as far more of a long-term option than ever before, so they want to have friends and family around for entertaining on a regular basis, as if it was their permanent home.

Having an outdoor space ready to go with furniture can be a huge draw, but also adds to the space you can offer people, so it means you can charge a premium. Consider paving areas that are gravelled and laying fresh lawn over patchy, dead grass for an instant uplift.

3. Get a trusted valuation

At this point, it’s a good idea to get a valuation and some sound advice from an estate agent who knows the area.  There’s no point in putting in a brand new kitchen and dining area if what matters most to renters are bedroom spaces. 

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