Are you planning to rent out your property? If so, you will need to make sure it is appealing to potential tenants, while also boosting its value to ensure you receive the highest amount of rent possible. The best way to do this is by updating your property, which will also benefit you later on if you ever plan to sell it on, as your asking price will be much higher.
To help you enhance your profits, take a look at these renovation ideas which will give the inspiration you need to makeover your property.
Spruce up the walls
A simple way to update your property is by brushing up the paint, as there may be visible scuffs or stains that you should cover up before you start property viewings. You could apply a coat of paint in the same colour or change it up. If you’re changing the colour, you should try to stick to neutral palettes, as this will cater to a wide range of tenants.
You may also consider papering your walls, however keep in mind that your tastes may not be the same as your tenants, so you should try to avoid choosing a wallpaper you love and instead try to stick something plain. You could always include a feature wall to add character to the property, although make sure that it fits with the rest of the décor and is not too out there.
Install eco-friendly features
With talks of climate change covering the daily news, it is no wonder that eco-friendly features are prevalent in both traditional and modern real-estate. Contemporary properties tend to come fitted with energy-efficient windows, which prevent cold or hot getting inside. You should implement these features in your property, as it will enable you to reduce your own carbon footprint and lower energy bills, which will also be beneficial to tenants.
Another popular feature is smart lighting, which is a popular amenity in modern real estate, such as the RW Invest luxury apartments based in Liverpool and Manchester. The lighting in these properties is automated and is programmed to switch on when someone enters and leaves the room. This helps tenants to reduce their energy usage as well as their bills, which is a huge selling point for the majority of renters.
Add another room
Some of the most popular properties are those with additional perks such as another bathroom, as the majority of people prefer a bathroom on each level, so you may want to consider installing a bathroom elsewhere. You could also try changing a room’s function, for example turning a spare room into an office could be beneficial, as it will attract young professionals in flexible careers. With a remodelling job like this, you do not have to worry too much about the expenses, as you will be able to up the rent and get back around 80 to 130% of the renovation cost.
You could also consider a loft conversion, which will massively increase the price of your property. Many people choose to turn their loft into an extra bedroom, which can be expensive if you have to raise the roof and add windows. However, it will be worthwhile when renting it out. You could also consider changing the garage in your property into a living or dining area, although only do this if you have additional parking spaces. The latter is a more affordable option, so if you haven’t got the budget to convert the loft, this is definitely the next best thing to enhance your property value.
Open up space
The best-selling properties are those that have plenty of space. A popular trend at the moment is open-plan apartments, which can make even the smallest space look larger. If you have a small kitchen or living area, you may want to knock down a wall or two, which will expand the space and make it much more desirable to tenants.
If your property has a kitchen and dining area with an adjoining wall, you should remove it to give off the appearance of a larger kitchen, which is one of the most sought-after home amenities. This will allow you to benefit from an estimated profit of £10, 338, which can be put towards additional upgrades or your next investment project.
