7 Ways To Add Value To Your Rental Property

October 22, 2022

The most recent English Housing Survey found that between 2016 and 2017, the private renting sector was responsible for 4.7 million of the country’s households. This report is a helpful measurement of the kinds of individuals who are most likely to be searching for rental homes. It provides landlords with a clear picture of the types of renters they will need to target to fill their vacancies. For instance, throughout the previous 10 years, the percentage of people aged 25 to 34 who live in privately leased housing has climbed from 34% to 46%, representing a 19% increase. Over the same time, the percentage of properties that were owned and inhabited by their owners fell from 57% to 37% for the same age group.

Keeping this in mind, here are seven suggestions that will assist you in marketing your homes to renters who are the best fit for them.

1. Give your customers a little bit more than they expect.

If you provide your renters a little something more, they will be willing to pay that little bit more, regardless of whether your home is appropriate for families, single couples, or students. If you offer your tenants a little extra, they will be happy to pay that little bit more. It may be something as simple as giving access to the internet. The first step is to determine who your ideal renter is, and then you must determine what aspects of your property are going to appeal to that tenant the most.

2. Will it is equipped or will it be unfurnished?

There are some people for whom renting out a property fully furnished is not the best option; however, tenants from other countries, people going through a divorce, students, or a couple looking for their first home may find that a property that is ready to move into is exactly what they are looking for. You may be eligible for tax relief on any costs you incur for the disposal and replacement of any furnishings, appliances, and kitchenware as long as your property is not used as a vacation rental. This is an additional benefit that is available to you as long as your property is not used for holiday rentals. You can claim the expenditures associated with the regular upkeep and repair of the property, as well as the costs associated with services such as gardeners and cleaners. On the official website of the government, you will find a wealth of information on your tax responsibilities as a landlord as well as the types of costs you may deduct.

3. Consider the site

Students are an easy demographic to target if your property is located near a school of higher education. If there is already a large number of student housing options in your neighborhood, you could find that targeting recent grads or faculty members results in a higher monthly rent.

4. Ensure that the property is in a satisfactory condition of repair.

Regardless of the kind of tenant you are hoping to entice, taking the time to ensure that your home has been meticulously cleaned after each rental and that it has been given a fresh coat of paint may make all the difference. A renter who is searching for someplace they can call home is going to select the second option if given the choice between a residence that is dirty, smells musty, and is dimly lit, rather than one that is clean, smells fresh and is bright.

It is important to keep in mind that painting the rooms of your rental home according to your style may not be the ideal choice when you are freshening up the place. Maintaining a color scheme that is neutral so that it may cater to a broad variety of preferences will result in increased attention. When seeing your rental home, potential renters will need to have their furnishings in mind if it is not supplied, since they will need them to bring their items. If you are renting out a house that is already furnished, the presence of statement items may narrow the pool of possible renters. As well as providing the space with a neutral basis, installing laminate flooring in areas where there is heavy foot traffic may prove to be more practical than installing carpet, which is likely to need replacement after a tenancy of two years.

5. Look after the garden

A beautiful garden that has been cared for might be the determining factor in whether or not families or professionals choose to rent from you. Your home could have an advantage over similar properties if it has an outside place for entertainment, such as a decking area. It is essential that the rental agreement clearly define who is accountable for maintaining the garden. You may conclude that hiring a gardener is the best option. You may deduct this cost from your revenue from renting out the property, and doing so will guarantee that you are not confronted with the task of cleaning up a jungle when the lease is over.

6. Pay special attention to kitchens and bathrooms

The kitchen and also the bathroom are two of the most vital rooms in any home or apartment, whether it be a house or apartment. These are the kinds of things that may quickly attract or repel prospective renters. Investing some time and effort into these two areas will allow you to bring in more money from your rentals. If you do not have the money to put in a brand-new bathroom, renovating the one you already have might be a profitable alternative option. In addition to a coat of paint and a thorough cleaning, installing new faucets, a power shower, or a glass screen in your bathroom may make all the difference in its appearance. Keeping your bathroom appearing clean and updated is important.

The kitchen serves as the primary gathering place in every single household. Again, making sure that this space is immaculately clean can go a long way toward luring those individuals who may be interested in renting your property. If you are unable to afford a whole new kitchen, investing in some high-end equipment may be the thing that seals the deal.

7. Make sure you’re covered

After devoting both time and resources to getting your rental property in shape for new occupants, it is important to investigate the many advantages that landlord insurance may provide to safeguard your financial investment. A landlord insurance policy will give coverage to protect your buildings, belongings, or both, against a variety of risks, such as theft, vandalism, and damage caused by fire and water, as well as other potential dangers. In addition, you have the option of purchasing accidental damage insurance to further safeguard your properties and/or their contents against unintentional damage that may have been caused by either you or your renters.

There is a wide variety of rental properties available, which is why it is essential to locate landlord insurance that is tailored to your specific needs. If you are a landlord with a big commercial property portfolio and are trying to ensure a buy-to-let property for residential renters, your needs will be different from those of a landlord who only owns commercial properties. Your mortgage or loan provider may demand that you have landlord buildings insurance in place even if having landlord insurance is not required by law in the state in which you reside.

If you’re looking to sell or let your home with a Lee On The Solent Estate Agent, Stubbington Estate Agent, Gosport Estate Agent, Fareham Estate Agent, Portsmouth Estate Agent then please do not hesitate to email: info@gshomes.co.uk or call on 023 93 960 169.

Free Landlord Guide: 9 things landlords you need to know in 2022

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