Is your rental starting to look its age? Been awhile since
you updated the property? Fixtures and fittings past their sell-by date? Or
maybe you've just added a new rental to your portfolio that's looking a little
jaded? It's time to modernise. And while you may be a little reluctant to spend
extra cash modernising your outdated property could be a sound business
decision.
Why modernise your rental property?
There is a rising demand for privately rented accommodation.
Young people especially are finding it difficult to get on the property ladder.
This together with a lack of social housing has created an increased demand in
the private rental sector. So why bother updating your property? After all, there are plenty of tenants looking for a rental.
But with increased demand has come increased competition.
More buy to let landlords and management companies building
large developments in the major cities mean landlords have to work harder
to find good tenants. With more choice
renters can be more discerning. And an outdated property with old or worn out
fixtures and fittings isn't going to attract tenants.
Tenants expect more than in the past. They’re paying a high
proportion of their wages in rent. Over 50% in many cases. With such a large
investment they want to think they're getting value for money. Renters expect a
modern property which is not only clean and well-appointed but also efficient
with contemporary fixtures and fittings.
A modernised rental will always attract tenants over an outdated
property which is behind the times.
How to make your property more attractive to tenants
Be more energy efficient
Of course, you have little choice here. Your rental must
have an Energy
Performance Certificate. But instead of being happy with meeting the
minimum requirements increase the energy efficiency rating as much as you can.
Consider updating the boiler or installing a smart thermostat. This will
attract tenants. Renters want an energy efficient property. Not just from
environmental concerns but also because it means lower energy costs.
Renovate the internal space
While a full-scale property renovation may not be on the
agenda there are smaller projects which will make your rental more attractive
to tenants. Can you add an en suite bathroom to the main bedroom? This feature
is hugely attractive to tenants and adds a modern facility to your property. By
the same token, a downstairs toilet in a family home will greatly increase its
appeal. In older properties, there may be walls you can knock down to create a
larger living area and to open up the property.
Let there be light
Replacing ageing windows is a great way to modernise your property.
New windows will help increase its energy efficiency. Not only that but they
will also look better and let in more natural light.
Fit out the kitchen
Nothing dates a property as much as the kitchen. A
contemporary designed kitchen will be a massive draw for tenants. New cabinets
and a layout which makes the most of the available floor space will be a big
tick in the box for tenants. As will nice worktops, stainless steel fittings
and tile flooring. All of which is
easier to maintain so will hold its value for longer.
Modern appliances
Make sure white goods and electrical appliances are up to
date and safe. With improvements in technology and the dominance of online
shopping appliances and white goods are available at great prices. You don't
have to look hard to find some amazing deals so there's no excuse for having
old fashioned and out of date appliances in your rental.
Don't forget the outside
A new front door and a quick paint job will massively
increase the curb appeal of your rental. First impressions count and a renter
will be immediately impressed by a clean and modern looking exterior. Don't
forget the garden either. Many tenants will look for ease of maintenance rather
than be concerned with lawns and flower beds. Gravel or ornamental stone looks
good and is easy to look after.
If you’re able to consider incorporating a driveway or concrete
over the front garden for parking. Parking spaces are at a premium in many
urban areas so providing a space will appeal massively to many tenants.
Add broadband
Most people spend a lot of time online. Installing broadband
in your rental will modernise your property. It's also a big plus for tenants
who don't have to worry about the time and inconvenience of getting broadband
installed themselves. They can be online as soon as they move it. There’s no
doubt many tenants now expect broadband in a modern rental.
The bottom line is a modernised property will not only
attract more tenants it will also enable you to charge a higher rent. So,
modernising an outdated rental property makes complete business sense.
