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How can landlords and investors add value to a property?

In recent times, there has been a shift away from people getting onto the property ladder. This means an increasing number of people plan on renting for life and, as a result, are looking for properties that feel more like home. 

Therefore, making simple alterations to your property could drastically increase the appeal to potential tenants and could even encourage your tenants to stay longer. 

First impressions count. This is why it is best to start with the superficial defects in your property, since they can create the impression of a home that isn’t looked after. 

They are also probably the easiest and quickest way of adding value to your rental property. Look out for peeling paint, mould and damp, as well as any dripping taps or limescale on bathroom fittings. 

If your property has a garden, ensure pathways are cleared and overgrown bushes are cut back. It is important that prospective tenants are able to visualise themselves living in your property. 

Investing in certain parts of the home can add substantial value to a property. The best areas to invest in are the property’s kitchen and bathroom, since these are the rooms which have the greatest value to tenants. 

Spending £10,000 on a new kitchen could add up to £30,000 onto a property’s value, and therefore translate into increased rent. If you have the budget, you could even extend into the loft. 

If another bedroom is added, you will be able to charge substantially more rent each month (depending on the market rate). If you eventually decide to sell up, a loft conversion will put you in a very good position, with the potential to add up to £50,000+ to your property’s sale value.

An eco-friendly property is a great selling point for tenants. People are becoming more aware of their carbon footprint and are increasingly opting for the greener alternative.

In addition to this, environmentally friendly appliances use a lot less energy, and therefore help tenants save money on bills. Small things like good insulation, energy-saving lightbulbs and energy efficient appliances could make a difference to how much your property is worth. 

Out of all home improvements, having a parking space close to your property is undoubtedly one of the most profitable. Depending on where your property is situated, having access to off-street parking comes at a premium. 

Particularly in inner city areas there are lots of limitations to where you can park your car and often, even if you have a resident’s permit, a parking space is not guaranteed. To be able to offer a parking space for the sole use of your tenants would definitely make your property stand out from the rest and add more money onto the rent.  

If you are wanting to target your property to a certain demographic of tenants, you should consider fittings and décor that might appeal to them. For instance, if you are looking to market your property to students, you should consider installing a fast Wi-Fi connection and individual locks on doors. 

It would also be a good idea to pay special attention to communal areas such as the kitchen and living room, since students tend to spend a lot of their free time socialising. 

There are many ways to add value to your rental property without paying huge sums. While adding a loft conversion, extension or kitchen definitely add the most value, even simple things like updating appliances or giving rooms a makeover could substantially increase your property’s market value. 

*Marc Trup is the Founder and CEO of Arthur Online

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