As a landlord, you aim to maximize your property investment while offering quality accommodation to tenants. With 35% of households living in rental properties, there's strong demand, but attracting the right tenants and ensuring a good return requires thoughtful investment and strategy.
In this blog, we explore 10 effective ways to enhance your rental property, appeal to your ideal tenants, and manage your budget and returns effectively.
IDENTIFY YOUR IDEAL TENANT
Understanding who your ideal tenant is will guide your renovation choices, budget allocation, and impact on rental income and yield. For instance, student rentals should be near transport links and furnished with basic items, while family homes might benefit more from improvements in kitchens and living areas.
1. REDECORATE
A fresh coat of paint is a cost-effective way to refresh a property. It can cover wear and tear and give a room a clean, modern appearance, making it more appealing to potential tenants.
2. REPLACE FLOORING & CLEAN CARPETS
Updating old or worn flooring with durable options like laminate or Luxury Vinyl Tile (LVT) can be a smart investment. If carpets are still in good shape but need refreshing, professional cleaning can extend their life and enhance the property’s appeal.
3. MODERNIZE THE KITCHEN
The kitchen is central to the home. Investing in a modern kitchen, even with minor updates like new countertops or tiles, can significantly impact rental value and appeal.
4. REFRESH THE BATHROOM
Updating a bathroom with a new suite or fresh sealant can transform its look, making it more attractive to potential renters. Repainting and addressing any mould issues can further enhance the space.
5. IMPROVE KERB APPEAL
Enhance the property's exterior by maintaining the front door, lawn, driveway, and garden. Small investments in curb appeal can make a significant difference in attracting tenants.
6. PROVIDE EVERYDAY APPLIANCES
Offering essential appliances, particularly high-quality ones, can be a decisive factor for tenants, especially young professionals and families, potentially allowing for higher rent.
7. CONSIDER FURNISHING
Furnishing your property can attract tenants who prefer move-in-ready homes. Although there’s an initial cost, furnished properties often command higher rent.
8. BUILD IN STORAGE
Adding built-in storage, such as wardrobes or bike storage, can increase your property's appeal, particularly for tenants with specific storage needs.
9. MAXIMIZE OUTDOOR SPACE
Even a small garden or patio can be improved to create an appealing outdoor area. For larger gardens, consider adding seating or decking to enhance tenant enjoyment.
10. INCREASE ENERGY EFFICIENCY
Upgrading insulation can make your property more attractive in the face of rising energy costs. Good insulation helps reduce energy bills and can be a strong selling point.
ADVANCE PLANNING IS ESSENTIAL
Plan and schedule renovations carefully to minimize vacancies. Organize and book contractors in advance to ensure timely completion.
RENOVATING AND HIRING CONTRACTORS
Renovations often require skilled contractors. Hire accredited professionals to ensure quality work and adherence to regulations, which helps minimize downtime and maintain property value.
HOW MUCH RENT SHOULD YOU CHARGE?
Discuss with your letting agent to set a realistic rental rate based on your property’s condition, location, and market trends. This ensures your investment yields the best return.
GET THE MAXIMUM RENTAL VALUE WITH NORTHMODE.
At Northmode, our team is here to support landlords as they refurbish their properties and make changes.
We want to help you get the highest rent achievable. Whether you are interested in a bit advice or want to take advantage of our refurbishment service, we’re here to help you make the best investment, get the maximum return and secure the best tenants for you.
To discuss any of the above for one of your properties, or are looking for a management agency, feel free to contact us on 0161 676 0084 or fill out our contact form
and we’ll get back to you.