Are you planning to rent out your property? Before doing so, you should consider updating your property to ensure it appears attractive to tenants. This not only increases tenant demand, but it also enhances your property’s prospects, allowing you to up the rent and helping you receive excellent returns on your investment. Its so important to do your own research from the outset and sites such as A+ Construction & Remodeling can prove to be an invaluable resource.
There are several ways to add value to your property. Here are a few ideas which will help you enhance your property and achieve success as a property investor.
Enhance room decor
Is your living room or bedroom looking a bit worse for wear? This will be off-putting to a lot of tenants; therefore, you should make sure every room in your house looks presentable before advertising it. This may just mean applying a new layer of paint, which will cost you next to nothing but will give your property a well-needed revival. On the other hand, it may be that you need to undertake a complete renovation, including new flooring, wallpaper, and furnishing. While this may cost more, the changes will be worthwhile in the long run, as your property will be much more appealing.
Perform necessary repairs
There is nothing more off-putting to tenants than a damaged property, as the reason people to choose to rent is so that they avoid the responsibilities associated with owning a home. To avoid scaring away tenants, you should make sure that everything in the property is functioning and well put together. For example, it is vital that any structural problems are fixed by a professional to make the property as safe as possible, while also preventing it from looking like an eyesore.
You should also check every inch of the house to ensure that nothing is broken, especially if you’re renting out a furnished property. This could include white goods, furnishings, and any electrical fixtures which may need to be restored or replaced.
Sustainability is a real buzz word at the moment, particularly re energy sustainability. Which according to wikipedia is using energy in a way that “meets the needs of the present without compromising the ability of future generations to meet their own needs.” Therefore if you are renovating a house it is highly advisable to consider the most sustainable way of heating your home or utilising energy. There really is a raft of literature out there on this topic and it can be a little overwhelming where to start. I have read a number of articles by leading utilities attorney Douglas Healy who remarks that the issue of sustainable energy is very much on the minds and agenda of the big utilities.
There are some simple steps you should take to ensure your home is efficiently heated thus more sustainable in terms of energy consumption, such as sealing or replacing any doors or windows to prevent cold entering the property. You should also consider updating your insulation, as this will not only keep the cold out but will also retain heat, meaning the heating will be used less which will result in reduced energy bills.
More costly sustainable options include, solar panels, wood burning stoves, low energy light fittings. Its important to remember every change no matter how small is a positive step towards (1) sustainable energy (2) make your property more attractive to potential purchasers thus adding value.
Update your exterior
Boosting your property’s kerb appeal is one of the most effective ways to add value. This is because it is the first thing that your potential tenants will see, and if this looks aesthetically-pleasing, their interest will increase. To start, you should sort out your garden, whether that is in the front, back, or both. To improve your green space, you should rip out any weeds, fix fences, and add colourful florals to make your garden more appealing.
Another way to update your exterior is by updating your front door, which may be the first point of focus for any tenants coming to visit your property. Therefore, you should make it stand out by using a bright colour like red or blue, which will highlight the entrance and make it look much more attractive. You could also consider implementing a porch, as this will frame the entrance making it look more homely and inviting.