As a landlord, you’ll know it’s worth taking the time to make a rental property homely. After all, you’ll want to create a space that tenants are likely to want to stay in for a while.
Whether you’re about to put a property on the lettings market and want to make it as attractive as possible or you’ve decided it’s time that your current properties need a revamp, you might be looking for inspired ideas to refresh the space. To help, here are some tips and tricks.
Why renovate the property?
There are a few reasons why you might consider renovating your buy-to-let property. From a business perspective, the money you put into updating the space will balance out with the rent that you can charge. You can charge more for a modernised home or flat and tenants will pay for a contemporary living space.
Another reason is that it will keep you compliant. A series of changes have been introduced through the Renters’ Reform Bill and this means that landlords are responsible for ensuring their properties are well maintained.
Also, you’re more likely to attract loyalty for your tenants. Having to rent out the same property whenever a tenancy comes to an end can be time-consuming for you and expensive in terms of having to advertise. If you’ve created a space that’s enjoyable for your tenants, they’re more likely to stick around.
How to renovate
So, how do you renovate a property? Here are the steps to take:
Assess the condition
You will need to assess the condition of the property. If you’ve recently had tenants move out, you will need to take the time to work out where there’s been any damage or wear and tear while they were living there.
If the property was left in very poor condition and has been badly damaged, you could dispute this legally to find a resolution to the problem. Calling on the services of legal experts can be beneficial, especially if you have rental properties abroad. This way, you can dispute the condition of your real estate assets and be awarded compensation from the tenants.
Plan and budget
Once you’ve established how much work needs to go into the renovation, you can map out what renovations you will complete and what needs to be done to the property, as well as how much this will roughly cost. Costs will cover contractors, materials and other essentials that are needed.
You might decide, for example, that this is a good opportunity to update the outdoor areas – especially as gardens are attractive to both home buyers and tenants alike. You’ll need to work out how much to set aside for this type of change and whether it’s adding value to your rental.
Is there anything you can do yourself? Maybe you can keep costs down by painting the property or perhaps you’re handy with a drill? Work out what you can do and make those changes yourself.
Once you’ve established where you can make changes, you may need to use contractors for bigger jobs. Shop around for the best deals and get three different quotes from contractors so you can make some comparisons. Also, ask around to see if friends can recommend anyone.
Finally, consider what makes a property homely to you. This could help you work out what’s needed to make it stand out when you advertise it to potential tenants.