How to Increase the Value of your Rental Property?
Most property owners and landlords have a goal when it comes to the property they own: increase its value. Making more valuable than it was the day you bought it and having positive equity means it will have been a sound investment.
Renovations and redecoration will cost money for property owners and this will have to be taken into the finances of any equity evaluation. Adding value can be done cheaply. Low-cost tweaks to property including painting, decorating and adding some curb appeal.
A home with a pleasant front garden and a well-trimmed lawn can add a lot more value for only a small layout in cost. Redecoration and a new coat of paint in every room need not cost for house owner much more than £800 to £1,000 but the home could increase in value by as much as £2,500.
Curb appeal means adding a nice new letterbox, a new front door and some renovation to the pathways leading up to the home. Painting should always consider neutral colours as these have universal appeal.
What should know the property owners
New fixtures and fittings are an important consideration for adding value to a house. When a potential buyer, estate agent or online letting agent visits to value, you will be staggered by how vital a small thing, like an inside door handle not working properly, can devalue a house.
Even little things like a light switch cover, kitchen cabinet handles or poorly functioning drawers holding the knives and forks will give potential buyers or tenants wishing to rent, cause for concern.
If you wish to breathe new life into your property at a very low cost, consider changing the furniture around a little bit. Repose sofas, chairs and coffee tables and polish and clean behind all those corners that have been hidden for months on end. A clean home brought bigger benefit for house owner than a dusty or dirty one.
Small fixtures and details are important as well
Repairing or simply replacing these small fixtures can add value to the property for a very small cost. However, there are a few larger projects you can do to add a lot more value to the home. To add significant value to your home you could consider installing all new windows which will look better for you renters.
The doors could do with being replaced too, should they be looking old and brittle. French doors leading out into the back yard areas allow more light into the home and this adds aesthetic value, as well as monetary.