Optimising a property to rent out
Where to start?
It can be difficult to know where to begin when it comes to optimising a rental property. Maybe you just don’t have the feel for what makes a property attractive and desirable. Is it worthwhile knocking that wall down? Should I upgrade the windows? Will I see a worthwhile financial return if I make these changes? In these situations, seeking the expertise from local rental specialists and agents such as Harry Dhaliwal is advisable. Ultimately, they can help you evaluate the prospects of your property through their wealth of knowledge and expertise.
Beige is best
Keeping things neutral when it comes to decor will ensure your rental accommodation is more attractive for prospective tenants. Not only will it look better in agency photographs but also it will open up the space in smaller properties. Moreover, being savvy and choosing to paint all walls the same colour means future touch-ups will be straightforward and save money.
Focus on flooring and fixtures
You’ll need to carefully consider which flooring is most suitable for installation. Although carpets might be cosy in your own home, they aren’t advisable in rented properties for practical reasons. They stain and wear easily and will be much more difficult to clean in the long-term. Therefore, it might be best to choose laminate flooring for the majority of the property; it’s durable, relatively inexpensive and easy to maintain and keep clean. Additionally, a good quality tiled floor for kitchens and bathrooms is advisable for combatting any damp related issues that may arise in the future. In terms of fixtures, always go for high quality, this is especially true of kitchens and bathrooms that are always a focal point in properties. If you’re renovating, these are the rooms where you should invest! In addition, if you’re planning to sell your property 10 years down the line, then such facilities will make it easier.
For your own piece of mind and for the well-being of your tenants, communicate with them regularly. It’s worth noting that an approachable and helpful landlord will encourage tenants to be respectful of the property. Organise regular inspections to keep on top of maintenance work, it’s also good as a way of nipping things in the bud before they get worse and, subsequently, more expensive to fix.
The big jobs
You can save money by painting and decorating yourself but when it comes to substantial jobs such as knocking down walls, plumbing or complex electrical work then it’s always sensible to call in the experts. A shoddy DIY job could cost you money in the long run and could potentially be dangerous if wrongly carried out. On from this, build relationships with your tradesmen because, they’ll be the ones you’ll need to rely on when your tenant phones you in a panic about a problem. Shop around and take your time, choose reliable and efficient contractors who are easy to contact and don’t charge extortionate prices.
Therefore, whether you’re planning to renovate an entire property for the rental market or if you already manage an existing property but want to maximise your earning potential, it’s vital to consider these key points.