Top tips on rental renovations
When buying a property with the intention of letting it out, it’s unlikely you’ll want to spend a fortune on doing it up. But simple renovations can make a house or apartment more attractive to tenants, without putting you out of pocket. Here are a few simple rental renovations you can make to ensure people want to sign on the dotted line.
If you’re asking yourself, “Should I renovate my rental property?” there are a few things that can help you make the decision. Thinking of the long-term gains of renovation will give you a clear measure of how profitable it might be.
For example, popping up a stud wall to make an extra bedroom might be wise if you’re looking to attract young families or make the property an HMO. Or you may want to make the kitchen and living space open plan – this is popular with families and younger tenants. Alternatively, you may want to make further storage provisions. Plenty of storage is attractive to families as it means they can enjoy a less cluttered home.
All of these suggestions can not only attract the kind of tenants you’re hoping to appeal to, they can also help to ensure they stay longer.
What to renovate
As the above suggestions indicate, there are certain things that will bring value to your property and cause the rental rate to increase. Fitting a new kitchen and bathroom can make a big difference to a property, even if, for example, the carpets are getting on a bit. Not only can these improvements help to attract tenants, they will also give you a return on investment of up to 80%, depending on when you choose to sell.
If you’re buying a larger property to let, consider adding en-suite bathrooms. These are very attractive to growing families or for those looking to live in an HMO. Of course, it’s worth discussing with a letting agent whether the cost of such a renovation will be worthwhile, but it is certainly one of the more sensible modifications to think about.
A loft conversion to create an extra bedroom can also prove worthwhile. These can be reasonably cheap to execute and significantly raise the rental value, as they enable larger families or more occupants to be accommodated. They’re particularly good if you’re looking to let to students, for example, or make a two-bedroom home into a three-bed. Having extra space for children or guests is a big selling point for many tenants.
Where to start
Of course, any plans for renovation should start with a discussion with your local architect. As an established architect near Bickley, Bluelime Home Design can help with the designs and planning applications for a range of renovations on buy-to-let properties. We’ll help you to decide which improvements to make based on their cost and the ease of execution, as well as provide further tips for renovating an investment property should you need them. Contact us today for details, with offices in Bexley, Bromley, Dartford, Erith