When renovating your rental property, it is important to keep a clear outlook on what you want to achieve and the kind of tenant you want to attract. Once you have this in your head, it will be much easier to budget for what you need and maximise the income potential.
Here are some great tips to get you started:
1. Try not to over renovate a property, the main goal is to make sure that the property is inviting to a tenant so they can see themselves living there, this doesn’t mean you need to spend excessive amounts on your property, so you need to remember that sticking to the budget is key!
2. Make sure that the property is cleaned and tidy before any tenant comes to view it and that the space is bright and airy, not only will it make each room look bigger but it shows tenants that you aren’t trying to hide anything from them. If you still feel the room needs brightening up, add a free-standing lamp or change the colour scheme to make it lighter.
3. Make sure your kitchen and bathroom are of a high standard – this doesn’t mean they need to cost a high amount but they need to be presented well as they are usually the make or break to a tenant. Treat the property as if it were you moving in – would you want to cook in an outdated kitchen? Make sure you offer the ‘wow’ factor to each person that walks through the door!
4. Replacing minor fixtures in a property can make a huge difference, for example a door handle that doesn’t work properly or a tap that drips – they are inexpensive to renew and you are then more likely to have a better level of interest from potential tenants.
5. The exterior of the property can have just as much influence on potential tenants as the interior, you don’t want people to make up their mind before they’ve even stepped foot indoors! Even if it’s just adding a few plant pots and de-weeding the area leading up to the front of the house.
If you need any further assistance with renovating your property or getting it ready for tenants, we’d be more than happy to help out! Get in touch and our experienced team will offer you as much support as you need.