Top 10 tips for adding value to your investment
We know the importance of effectively maintaining a property to ensure the best possible rental returns and ensuring long term capital gains for our investors. There are some areas where your money may be better spent to prevent overcapitalising on your investment and these include the following:
New cupboard doors and handles can transform a kitchen and it’s a relatively inexpensive way to give the whole room a fresh modern makeover. Colour can also date a kitchen so consider repainting or re-lacquering cupboards to freshen the look.
Fitting new and matching tapware throughout will benefit the look of a property and is a simple way to modernise a dated home.
Consider re-grouting tiled areas or use a grout pen to fix any discoloured areas. Also, think about ventilation such as a fan, window stays to allow secure openings or a shower done to prevent buildup of moisture.
4. Paint & carpet
Giving your property a lick of paint and replacing old carpet can instantly lift its mood and look. A contemporary colour palette brings a sense of modernism and can increase the potential tenant pool, as well as the asking price. Even just thoroughly cleaning walls, skirting boards and doors and getting old carpets steam cleaned can brighten the look of a tired home.
5. Gardens & outdoor areas
Invest the time to ensure all the gardens are in a tidy state and are low-maintenance, where possible, for future tenants. Use a high pressure hose to give all pathways and paintwork a good clean and improve their overall appearance.
6. Light switches
Replacing old light switches is a cost effective and easy way to refresh the look of your property and can also help prevent further maintenance issues in the future.
7. Window treatments
Curtains or blinds are another area which reflect the era of a property and can easily date a home. If replacing the window treatments think about the long term functionality and look at using options that are hard wearing and easy to replace in the future if necessary e.g. Venetian blinds and associated cords can often break, leading to costly repairs as well as being a health hazard for children.
First impressions can heavily influence a tenant’s decision to rent a home as well as what they are willing to pay. Look at the entrance to your investment property and whether or not this could be improved with minor expenditure e.g. security lighting, painting the door, flower pots, letterbox etc.
Great lighting will improve the way a property looks and feels for a tenant. Modern lighting can dramatically change the look of an older property as well as helping prevent any maintenance needed on older lighting systems during the future of the tenancy.
Consider installing a burglar alarm or similar security devices. Window locks are essential in ensuring that the property is secure. Your tenants will have contents insurance and their insurance company will want to know that the property can be secured. Occupants want to feel safe in any property that they’re renting and this adds huge appeal for family tenants as well as increasing the chances of you getting the best possible rental return.