With the property ladder out of reach for so many people across the country, renting is becoming the new normal. With a record number of people renting well into their thirties, the rental market is showing no sign of slowing.
If you have a buy-to-let, it’s important to keep up with the competition. Why not make your property the best it can be by unlocking some extra value and making it the kind of home prospective tenants just can’t say no to?
Choose your target renter
Think about where your property is located. Is there a certain rental market that you could really focus on making your house attractive for? Before doing this, it’s a good idea to speak to a local property expert to see what kind of properties are most in demand in your area so that you don’t end up making the property too niche or specialist, and then struggling to find tenants.
If you have a flat in a city, built up area or in a commuter town, make it perfect for working professionals with mod-cons to make busy life a little easier. Perhaps install Hive so that they can control their heating and lighting remotely whilst on their way home from a hectic day at work. They also might appreciate the inclusion of a fancy coffee machine in the kitchen area to kick-start their day with.
If the property is a house with a garden area, could you turn a garden shed into a social area such as a make-shift bar, or install a decking area perfect for a hot tub to attract younger renters and couples? Little things like this that won’t break the bank will make a big difference and will set your property apart from others.
Keep decor light and airy
It might be tempting to decorate your rental exactly how you would like it if you were living there. The key with rentals though is to keep decor minimal and neutral to please the masses. There are plenty of other ways tenants can bring their own style into a property, and a blank canvas is the best place to start.
Keep walls white and focus on creating space and light within the property. Could you install a skylight in the most social part of the house such as the kitchen or living area? Try and get as much natural light into the property as possible. Not only will it make the property feel fresh, it will do wonders for your tenants health.
Convert the loft
If your budget allows for it, could you look at converting the loft area of your property? If there’s space up there for a whole extra bedroom, you could be unlocking a huge amount of value with the potential of being able to make more rent money in the long-run.
If not a bedroom, perhaps the loft could become a playroom to appeal more to families, or a home office. Generally speaking, people will pay more per month for a bigger house with more space, so if you are serious about increasing the value of your buy-to-let, a loft conversion project could be a great option.
Be savvy with flooring
Bad flooring can really let a property down. And when I say bad flooring, I mean threadbare, stained and old carpet. Carpets are amongst the cheapest flooring choices and although they can make a room feel warm and cosy, they don’t tend to last all that well. Plus, they trap odours. When you’re trusting other people to look after your property, you’re best playing it safe and sticking to hard flooring. It looks great and it’s easy to maintain and keep clean.
Laminate flooring is a great choice for rentals. It’s more affordable than many other hard floorings and it is pretty easy to install, so no need to pay out for professional fitters. You can get your hands on a huge range of styles and colours. White or grey wooden effect laminate is perfect for giving a neutral, premium feel and will look great with those white walls and airy rooms! You can’t go too wrong if you keep it simple but if the flooring you choose isn’t to your tenants taste, it’s nothing they can’t fix with a few choice rugs.
Modernise the kitchen
In any property, the kitchen is the money-maker. Most rooms in a property will be empty for a tenant to fill with their own belongings. The kitchen is one of the only rooms a tenant won’t be able to change much, due to all the fixtures and fittings. If there’s one room you’ll want to look great, it’s this one.
If you have the budget for a kitchen refit, it’s worth the pennies. Go for something neutral again, but modern and fairly timeless. Think good quality fixtures, durable worktops in white or black, and perhaps wooden units.
If you don’t have the budget for a whole new kitchen, there are a few easy wins when updating what’s already there. Could you paint the cupboards to update the feel? Navy blue, sage green and greys are really on trend right now and will give a room a really stylish feel. You could also look at swapping out any standard handles and drawer knobs to something a little more luxe too, such as gold or brushed brass.
You could also invest in updating any kitchen appliances that are included within your rental. Could you have an induction hob installed, or perhaps an american-style fridge freezer? Going back to the coffee machine idea – this is a lovely extra that you could think about giving your tenants. It can be a worry trusting tenants that you don’t really know too well to look after potentially quite expensive appliances within your rental. Make sure you compare landlord insurance policies to make sure you have the right amount of cover and peace of mind.
