With mortgages being up to 62% higher in 2022 than in the previous years, more and more people are opting away from becoming landowners; continuously increasing the demand for rental properties.
The current state of the market makes it more crucial than ever to raise the value of your rental property to obtain a high rental return.
From quick lighting renovation to optimising your home’s security these are some of the easiest ways in which you can increase your property’s value.
Essential renovations
As a landlord, it is important to understand what tenants look for in a property and what factors would encourage them to pay more for the spaces.
Open-plan areas have grown to be one of the most valuable real estate assets and internal work does not require any planning permissions.
You may give tenants more flexibility in how they use the space by opening the kitchen or living room in your home. This will not only let more natural light into the room and make smaller spaces feel much larger.
Energy Efficiency
Given the recent spike in energy prices, many tenants now place high importance on a property’s energy efficiency. Energy performance certifications (EPCs) rate your property’s energy efficiency on a scale of A (most efficient) to G (least efficient).
A simple solution to this is to switch to LED light bulbs, which consume far less energy while producing the same amount of light as other types of lighting.
For those willing to invest more money, enhancing wall insulation and purchasing double- or triple-glazed windows are essential. This will ensure that the house stays warm during the winter, cutting down on the need for heaters.
Storage
Especially true for smaller living areas, implementing efficient storage can increase the practicality and appeal of your home while also helping you maintain it clean and clutter-free.
Use versatile furniture that can serve two purposes to maximise every square inch of available space. This will free up floor space and improve the living area’s usefulness without adding visual bulk.
Additionally, awkward spaces are great opportunities to implement storage space using practical and customised storage solutions.
Improve your kerb appearance
When looking to get a higher asking price, the exterior appearance of your property plays a significant role in the first impression it makes.
You can give your outside an immediate facelift by making sure your door has a new coat of paint and that none of its metal components are rusted. Additionally, all you need to clean your patio and decking to make them look brand new is a bucket of warm water and soap!
Safety and security
Every tenant wants to feel comfortable in their home, and location and crime rates are some of the most important deciding factors when looking for a property to rent.
It is crucial to reassure your tenants with a functional security system and reliable locks. Additionally, an alarm system may boost a home’s value by a whopping £10,900 on average. It’s also a terrific way to ensure the security of your home and give you peace of mind.
Conclusion
With a third fewer properties available for rent than usual, demand has fully overtaken supply in the previous two years, causing a significant shift in the rental market.
Therefore, now is the ideal moment to make improvements to your property to ensure that you earn the largest potential rental yield!