It doesn’t matter if you own one flat to rent out or an entire portfolio of properties, you need to get a good return on your investment. The question of how to increase the rental value of your property is, therefore, an important one, and the answer is pretty simple – provide your tenants with a beautiful, comfortable and functional place to live or work.
If you’ve got rising damp, cracks on the walls and rusting radiators, you’re going to have to put things right if you want to charge more rent and attract the right kind of tenant. At the very least, everything needs to be in order and working properly. So fix anything that is broken, make sure there’s no paint peeling off the woodwork, there are no gaps in the windows for the cold wind to blast through, and the shower works properly.
However, a property in a good state of repair may not be enough. In order to be able to increase the rental value, it also has to look good.
Good tenants – the ones you need to attract – want to live in nice homes, which is why they’re prepared to pay slightly more for the privilege. And if they’re happy, they’re more likely to stay for a longer period of time, which means you’ll have peace of mind at the same time as fewer issues to deal with. Plus more money too! Win-win!
You can raise the basic rental value of your property by making it look more attractive. For example, even if the bath is sturdy and serviceable, any discolouration will devalue it. Similarly, bathroom tiles that are old and dated will make your property feel shabby and unloved, even if it isn’t.
In the kitchen, if you provide tenants with good quality white goods, as well as more than is considered the basics, such as a dishwasher and a tumble dryer, you’ll be able to charge more rent because you’re offering them more. And in the same way that a nice bathroom will help you charge more, a lovely, modern kitchen will do the trick as well. Kitchen tiles come in all shapes and sizes and you can create stunning looks for a lot less than you think.
The best thing about replacing the tiles is that it’s something you can do yourself, so if you’ve only got one or two properties to rent out, retiling is an easy win. There are hundreds of ‘how-to’ videos on YouTube which will give you all the advice you need to help you do a great job. You can also visit one of our stores and ask any member of staff for advice – they’re all trained tiled enthusiasts and will be more than happy to help. And if you’re looking for variety and value in your tiles, you’ll be in the right place!
The more effort you put into repairs and renovations now, the more likely it is that you can increase the rental value!
15 Nov 2020
1 Nov 2020