Whether you have an extensive property portfolio or whether you simply let out one small house that you inherited, you’ll always be looking for ways to increase the value of your rental property so you can increase your rental returns.
Of course, you can sit tight and take advantage of natural upswings in values and yields, but there are improvements that you can make any time that will be well worth the effort. Making the right improvements can bring some great returns, so here are a few of the best fixes for increasing your rental value.
Installing new stone countertops
While it’s tempting to save money and use countertops made from plastic-covered MDF, the trouble is that they don’t last for long and can start to look tatty quite soon. Using a material like granite or marble, while it costs more initially, means your counters and worktops will last for years and stand up to whatever your tenants might throw at them.
Change your floors
Changing some or all of the floors in your rental property is another good idea. Carpets need expensive deep-cleaning treatments in between tenancies and they can also date rapidly. In addition to this, if one area of the carpet is damaged, the whole thing needs to be ripped out and replaced.
Tiles or wooden flooring, on the other hand, are much easier to keep clean. It’s also easier to repair or replace smaller areas if one or two tiles or planks are damaged. Using plain or neutral tiles or wood also means you’re adding less personalisation to the property, which makes it easier to let.
Install a tankless water system
Many older properties still have hot water tanks and immersion heaters. Upgrading to a boiler and unlimited hot water is a smart move, especially if you’re renting to a young family or to a group of sharers.
Take care of the roof
This investment isn’t as visible or exciting as a new granite worktop, but it’s essential. You should replace your roof every 15 to 20 years to make sure it’s safe and doing its job of protecting everything underneath it. Showing that you care about your tenants and their belongings will also help you to let out your property, as well as improving the rental and – if your long-term plans involve selling – asking price.
