Investing in a buy-to-let property is an ideal way to create a reliable secondary stream of income and secure long-term financial security. However, owning a rental property comes with its own set of responsibilities, and maintaining its value is one of them.
Renovating your rental property can significantly boost its value, but it’s important to make strategic renovations that will increase the property’s appeal so that it can continue to generate income for years to come.
Here are ten home improvement tips to help you get started:
1. Enhance the kerb appeal
The first impression is always the most important when it comes to viewing a home, and the same goes for rental properties. A property with poor kerb appeal can turn off potential tenants from booking a viewing. Simple improvements such as adding a fresh coat of paint to the exterior, repairing the roof, or planting colourful flowers can go a long way in improving the frontage of your property. For more kerb appeal ideas, take a look at our guide.
2. Update the kitchen
The kitchen is the heart of every home, so make sure yours is in excellent condition to draw in your next set of tenants. Upgrading the appliances, replacing outdated countertops, and updating the cabinet hardware can add a modern touch to the property and attract tenants who might be willing to pay extra for a great cooking and dining space.
3. Upgrade the bathroom
Similar to the kitchen, upgrading the bathroom can add significant value to any property. Replacing old fixtures, adding new tiles, and updating the vanity can make a big difference in the overall look and feel of the bathroom. This is a great way to distinguish your rental home from the rest, as tenants are often attracted to homes with a ‘brand new’, unlived-in feel.
4. Add storage space
Due to years of apartment living, tenants are always looking for more storage space, and adding extra storage can make your property far more appealing. You can add built-in shelves, cabinets, or even a walk-in wardrobe to help tenants keep their belongings safe and organised.
5. Install energy-efficient features
Energy-efficient features not only save money on utility bills, but also appeal to eco-conscious tenants. Upgrading the windows, adding insulation, and installing energy-efficient appliances are all great ways to make your rental property more sustainable.
6. Install smart home technology
Smart home technology is becoming increasingly popular, and many tenants are willing to pay more for properties with up-to-date features. Installing a smart thermostat, security system, or even smart lighting will bump up your rental property’s value and make life easier for your tenants.
7. Improve the flooring
Replacing old and worn-out flooring can give your rental property a fresh and updated look. Hardwood floors, laminate, or even tile can be good options for rental properties, as they are durable and easy to clean.
8. Add outdoor space
Balconies, patios, and back and front gardens are highly-coveted features for rental homes, especially in urban areas. If your rental property has some outdoor space to offer, make sure it looks summer-ready before potential tenants come to view it. Adding some outdoor furniture, sophisticated lighting and plants is a cost-effective way to transform the space and show off to tenants that your garden area is perfect for outdoor relaxing and entertaining.
9. Upgrade the lighting
Adding new light fixtures can brighten up your rental property and create a more inviting atmosphere. Installing ambient and layered lighting can give your rental property a modern and sophisticated look.
10. Paint the walls
A fresh coat of paint can do wonders for any rental property. Neutral colours such as white or beige can make the space look brighter and more spacious, and it also allows tenants to decorate the space according to their own taste without having to worry about colour-clashing.
