5 Best Ways to Increase Your Buy to Let Property’s Value
In the UK, over 2.4 million households are privately rented. With more and more private landlords entering the buy to let market and rental prices on the rise, how can you make sure you are getting the best rental income for your investment and making sure you are providing a well maintained and habitable property for renters?
Opt For Premium Fittings and Fixtures
The essential elements of an attractive property are the fittings and fixtures. Whether a new kitchen or bathroom, premium fittings will instantly add value to any property. The trick is to go for quality and style over quantity. Consider opting for bespoke fitted kitchens with designer units and appliances, which will make your property stand out from the rest.
Renters will be able to see if you have cut corners, which will affect the price they are willing to pay. Investing in a better quality finish might be expensive upfront, but you can recoup the costs by increasing the rent to accommodate the level of quality.
Pay Attention to Kitchens and Bathrooms
Kitchens and bathrooms are usually the most valuable rooms in a property. For this reason, it’s essential to make sure these two rooms are well designed and up to date.
Extend kitchens where possible and add extras such as aluminium bifold doors or kitchen islands to help give the space that wow factor. In bathrooms, make sure you have a separate bath and shower if possible and have tiling installed for a more waterproof and secure room with a modern white suite.
Add Extra Rooms Where Possible
The easiest way to increase the rental value of your property is by adding extra rooms. Whether you split one larger room into two, convert a garage, basement or loft, or look to add a two-storey extension, more space will always guarantee you a higher yield.
For example, on average, it can cost over £200 per week to rent a room on a flat or house share basis in London. When you are looking at family homes, the average for two-bedroom homes is £1,800 a month, and three-bedroom houses are upwards of £2,000 per month, depending on the borough.
Move Bathrooms Upstairs
It may seem like a small thing, but the bathroom location can significantly impact how desirable your property is to renters. Consider moving the bathroom upstairs and converting the ground floor into a bedroom.
Many bathrooms in older properties are located downstairs, leading to damp, cold and dark conditions. With more people looking for homes with at least one bedroom and bath on each level, an upstairs bathroom will be more attractive to renters.
Pay Attention to Landscaping
Still, it’s still wise to not forget about its maintenance and consider factors like how long does artificial grass last.
Post lockdown, more and more people are willing to pay more for rental properties that have been landscaped well. Landlords who make the garden areas safe for use and well kept can look to increase the rental value by allowing renters to enjoy outdoor space safely. Features such as decking, artificial grass or fully paved areas will be attractive to potential renters and worth the initial investment. Undertaken correctly, a well-landscaped garden can increase rental value by up to 10%.
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