How to maximise the potential of your rental property
The UK lettings market is growing with PwC predicting 7.2m households will be in rented accommodation by 2025. So, if you’re a landlord, or thinking about renting your property, it’s important to make sure your property is at its best to secure good quality tenants in what is becoming an increasingly competitive marketplace.
There are many ways to maximise the return on investment from your rental property, here are our top tips…
Do your research
It’s important to carry out thorough research when it comes to renting your property. Is the area popular with tenants? Are they typically families or young professionals? What’s the rental price of similar properties in the area?
For example, if your rental property is city centre based, it’s likely to attract working professionals who are looking for a fully furnished apartment that they can move into straight away without any hassle. Properties in more suburban or rural neighbourhoods are likely to appeal to families, or young couples, who require space and at least two bathrooms. Properties like these can often be let unfurnished so tenants can add a personal touch with their own furniture and styling.
Doing this groundwork will help you to recognise your property’s unique selling points and how they fit with the tenants you are looking to attract.
Kerb appeal is key
If the property looks tired and dated on the outside, chances are people will disregard it almost instantly, regardless of the interior. Any paint work should be in good order, so if it’s chipped and marked it could be worth buying weatherproof paint to freshen it up.
Potted plants and shrubs are a great way of improving kerb appeal if your property has an outside space, however, make sure they’re low maintenance otherwise they could quickly appear neglected.
Security will of course be a top priority for tenants, so ensuring the doors and windows are in good condition with secure locks is important.
Check all electricals are working, for example, outside lights, doorbell, intercom etc. You don’t want viewers making a list of electrical maintenance issues whilst waiting to be let in by the faulty intercom!
Freshen up interiors
Never underestimate the power of a fresh lick of paint! Transform rooms with a neutral colour like cream or grey which appeal to the many rather than the few. Investing in timeless styles also saves money in the long run as you are not having to constantly update outdated interior designs.
Don’t forget skirting boards as these can easily collect dirt and get marked making your newly painted room look drab.
To make your property more appealing to tenants, you could consider offering the option for them to decorate the property to suit their own tastes, with the condition that they redecorate at the end of the tenancy.
Top tip – opt for a satin or semi-gloss paint as they can be easily cleaned of scuffs, grease, and crayons instead of ‘flat paint’ which would need several layers of paint to erase the damage!
Make sure the kitchen is up to scratch
Kitchens are often regarded as ‘the heart of the home’, so it’s important to ensure it is in a good condition with adequate fixtures, fittings and appliances.
Appliances that are included with the property should have been recently PAT tested and safe for use. Although the law doesn’t specifically state how often electricals should be tested (although it is set to change in 2021), it is good practice to carry out electrical safety checks on a yearly basis.
Ensuring the kitchen has had a deep clean and appears spotless when marketing and showing prospective tenants around can make a real difference to the appeal of your property.
Better your bathroom
Again, bathrooms can make a big difference to the desirability of a rental property. Whilst they don’t necessarily need to be top of the range, they do need to be in good working order and well maintained. Consider the needs of the tenants you are wanting to attract – families with young children will prefer to have a bath, whereas young professionals are likely to prefer a spacious power shower.
Making sure tiling and bath seals are in good condition and free from mould and mildew is an obvious but simple way of making sure your bathroom doesn’t turn tenants away.
If you want to chat about maximising the potential of your rental property in more detail, or would like to arrange a free rent review for your property, please give our dedicated lettings team a call on 01904 629629.