If you’ve made the investment in rental property, then you’ll want to ensure the maximum possible return on that investment. By spending a little bit on the right renovations, you can make your properties more desirable to would-be tenants.
Enhancing tenant appeal and retention
Tenants won’t want to live in a poor-quality home if they can possibly help it. By renovating, therefore, you’ll help yourself to remain competitive in what can be a competitive market.
Of course, the quality of your homes will not just help you to attract new tenants, but to safeguard your reputation, and decrease your tenant turnover. If tenants are frequently leaving, then you’ll have to spend time and energy tracking down replacements. Moreover, while the property sits empty, it won’t be generating income.
A proactive strategy of renovation will help you to limit this problem, and to keep your tenants happy.
Enhance property value
If you’re thinking about moving a property on, whether in the near or far future, then you’ll want to think about how its value can be preserved or enhanced. This is another benefit of renovation – you’ll tend to recoup a portion of your investment, or even make a substantial profit, when you come to sell.
How to plan a successful renovation
You’ll want to plan your renovation well in advance, and establish your budget. Break every expense down so that you can more easily keep them under control. Ideally, your renovation should help you to make the most of the available space, and to keep your property affordable to run. Swapping out light fixtures for efficient LED replacements, for example, might be helpful.
Key areas to focus on
Certain rooms in the home tend to benefit more from renovation than others. For example, a bathroom refit can help to provide a space that feels clean, modern and inviting. New shower enclosures tend to produce just the right amount of ‘wow’ factor.
When it comes to limiting costs, windows and doors play an important role. Older windows might be replaced with double-glazing, but only in properties where planning restrictions allow for this.
In some cases, you might to add an entirely new room to the property. This might come in the form of a conservatory, a loft conversion, or something even more significant. In the right property, these kinds of renovation might yield a major return on the investment. As such, they’re worth considering.
Cost-effective renovation tips
You don’t have to spend a massive amount for your renovation to produce impressive results. Small-scale changes probably won’t require the involvement of an architect, for one thing. You might take on the role of project manager yourself, dealing with suppliers and creating a schedule of work yourself. Get three quotes for all work, and be sure to consider some of the cheaper options when it comes to fitting and furniture. Often, you won’t be able to tell the difference.