Top Tips to Add Value to Your Buy-To-Let Property
Increasing the rental value of your buy-to-let property is one of the most effective ways to get the most out of your investment. Even the smallest of changes and additions can result in big financial reward, and by knowing how to enhance your property you can not only boost its rental and market value, but in turn, enhance the profitability of your property portfolio.
Read our guide below for our top tips to boost the value of your buy-to-let property and maximise the return on your investment.
Never underestimate the power a fresh coat of paint can have on a property as a whole. This can help freshen up your property and make it more appealing. The same can be said for looking after the basics, as one of the cheapest ways to raise rental income is for landlords to make sure their properties are well maintained. Whether that’s spending a little more on durable furniture, a modern and efficient heating system and maximising all and any outdoor spaces, these additions will pay dividends in terms of attracting tenancies. To maintain tenancies, ensure you conduct regular inspections to check that any issues are rectified promptly and respond rapidly if your tenants point out any problems. Being a good landlord is all part of maximising rental value.
It’s tempting to decorate your property as you would your own home. Remember, it won’t be you living in it and so it needs to appeal to the broadest range of people possible. The secret is to stick to neutral colour schemes, keep internal decorations light and maximise any original or unusual features of the property that make it stand out. People appreciate the feeling of space, especially in smaller houses or apartments, so by keeping the internal decorations light this can enhance this feeling. Feel free to add small decorative elements in any places where the rooms look bare but be careful not to go overboard, as people like to feel as if they can put their own stamp on the place.
These two rooms are widely considered the most important rooms in a property. By upgrading one or both of these rooms, should they need it, you can encourage a tenant to remain in the property for longer, reducing re-letting costs and potential void periods in between tenancies. Kitchens and bathrooms in rental properties can easily become worn and tired quicker than the other rooms, which can easily turn off prospective tenants. If you can’t afford to put in a new kitchen or bathroom, spending a bit of time and elbow grease to ensure they are sparkling clean, applying a fresh coat of paint and investing in new appliances such as a power shower, could be all that’s needed to cinch the deal.
If your property is located in a particularly competitive rental market, adding a few special extras can give you the edge you need above your competitors. High quality time-saving facilities such as a dishwasher or a drier, aren’t expensive to purchase but can attract more prospective tenants. State of the art appliances or an advanced security system may attract tenants wishing to pay a little more. At the moment, working from home is commonplace, so installing fibre optic broadband could significantly increase your rental value. We recommend thinking about what your ideal tenant would want out of a property and consider this against the market demand in your area, to calculate whether these added extras will increase your return on investment.
In a crowded rental market, it’s imperative to know who you can rely on to maximise your return on property rental. If you choose ZFA Group, we will handle the management of your property with expertise and experience to offer you the highest quality service.
If you’re interested in upgrading your buy-to-let property, chat to one of our friendly knowledgeable employees – we can help you with a range of services, from rent guarantee Scheme and property management, estate agency and property investment, and commercial letting. Contact us today if you have any questions and we’ll take care of the rest.
Tags: Property Value
I have been working with ZFA for 4 years and they manage my full portfolio. I don't need to worry about a thing, they manage every aspect of my properties - highly recommended.
Mr Stephen Jones