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Does your rental need to be renovated?
You might think rental renovations are an unnecessary landlord expense. But have you considered how much an unrenovated rental might be costing in lost revenue? If your property is not let for a month, or even longer, consider how much that would cost.
For example, if your property is advertised on the market for £1,245 pcm, every week it stays on the market you are losing £287.30(!!) in potential income.
We all know that every rental need to wash its face financially, of course. However, rentals are also destined to be someone’s home. So, they deserve the best they can afford. Therefore, consideration of your customer is a key part of the rental renovations equation. Here is a list of potential actions for landlords that are considering a rental renovation. This might be the perfect opportunity to bring a fresh property to the rental market in 2021.
1. First look critically at your property when a renter moves out.
How will it look to the next prospective renter? Attractive and inviting or tired and unappealing?
2. Create a list of everything that needs attention.
This might include faulty locks to ill-fitting windows. Then prioritise the repairs. Ideally, a property should be fully functioning, in every sense, for any new tenancy.
3. Understand your target renter.
What are they looking for? Do other properties in the same price bracket within the local area charge similar rent? What amenities do these properties have? Does your property currently fit the bill? What’s missing?
4. If your property lies within a school’s catchment area
And it is a suitable size, then you’re likely to attract families. Is there a bath? Is there sufficient storage? If appropriate, can you make the property more flexible? Will it accommodate the changing needs of families? The aim is to keep good renters from moving on. Happy renters tend to stay longer in a property they like.
5. Next, when you have listed priorities then it’s time to research your property thoroughly.
Therefore, what you are offering should fit the kind of renter that might view. There is little point in offering something inappropriate that will not yield any return. If your rental renovations become too costly they will impact your bottom line
6. Having listed your priorities then prioritise that list further.
Furthermore, undertake work that will make the biggest difference. Can you drop a kerb and provide parking? Will excellent storage be an attractive feature? Will a breakfast bar offer flexible dining? Would building an additional partition wall or even removing one make an exciting transformation for your property?
7. Do remember, during the pandemic, outside space was often seen as a priority.
If you have any outside space making that look low maintenance but super attractive. It can be the difference between renting and not renting.
8. Certainly, be hyper-critical of the main areas of your property.
Certainly, kitchens and bathrooms can make or break a property’s desirability. You can add money to your rental by ensuring kitchens are clean and appliances are modern. Neutral colours in bathrooms, a new shower curtain and storage can really add value to the rental rate and ensure your rental renovations repay your efforts.
9. Flooring that looks stylish and cleans up well can transform hallways and rooms in general.
Of course, neutral tones will allow renters to add their own belongings to create a cosy home. Appealing to the masses will hit the mark rather than appealing to your own personal taste.
10. Above all, set your budget and what the best way is to achieve the most change.
Undertaking DIY projects on a rental can be a way to save money. However, the finish must be first class. A poor job will cost more money in the long term. Do not attempt changes to boilers, gas fires, electrics or plumbing if you are not qualified. A rental property needs to be compliant. As a landlord you have a responsibility for your renters’ safety. More details on your requirements regarding gas safety are available here.
11. Do your best to renovate the rental property so it is fuel efficient.
Ensure pipes are lagged and loft spaces are insulated. Check windows and doors for draughts. But do ensure there is suitable ventilation. If you upgrade your property’s green credentials it will pay off in the long term. Homes that are expensive to heat will retain less value moving forward. Updating your EPC is also a positive consideration for new renters. Details of how to do this and its importance are available here.
12. Don’t over complicate the renovation of your property.
Remember the more complex the lighting or heating system the more capacity you are building in for repair.
13. Also, aim for quality where practical in your rental renovation.
A slightly more expensive click flooring or vinyl covering will last longer than a bargain basement finish. This will save you time, effort and hassle
14. Most importantly, work out the project management time required for your rental renovations.
It might cost less for you to undertake the work in terms of money. Yet a contractor might be far quicker enabling you to re-list your property much quicker.
15. Clean a flat or house thoroughly.
You need to set the standard, so a renter knows you take care of your property. It may well nudge any resident to reciprocate.
16. Finally, when your property is renovated to your liking then ensure that the quality of your photographs reflects its new style.
In addition, marketing your property is extremely important. The more effort you put into making the rental welcoming and practical the quicker a new renter will want to move in. Then they start paying rent.
Howsy, understands the importance of finding the ideal match for your property. Schedule a call with one of our team today. We can discuss how we can help match your perfectly renovated property, with a renter who will love it as much as you do!