What to Change Before Renting or Selling Your Property
27th May 2015 posted in Sellers Landlords
It is fast becoming a regular source of income to many people in the UK to invest in property, then quickly sell in order to make a fast profit. However, fast income is not always the best form of income. Some people tend to prefer a much more regular and stable income, and what better for that then buying to let.
Even though buying to let can provide a solid and regular income, achieving success, i.e. regular tenants, receiving expected price etc, it isn’t always the easiest task. One thing to make sure is that your property is up to scratch in every aspect possible. The better quality home you are offering, the better quality tenant, price, and future your property will have on the market.
In order to turn your property into the perfect let, follow these much needed improvements:
Replace Your Doors and Windows
Aesthetics aren’t the only thing a tennant looks for in a buy to let. Whilst your doors and windows may fit the bill in terms of looks, what needs to be reviewed is both the safety and insulation factor. If the property is over a decade old, it is likely that the insulation in the doors and windows isn’t top quality, and therefore may bring the appeal of your property down.
Another thing to take into account is the crime rate in your area. If it is above average, then it is vital you upgrade the windows and doors in order to increase the security appeal for prospective tenants.
Change the Furniture
If you have bought a property that still has existing furniture in it, it is normally worth while investing into brand new furnishings, one that matches the kind of target market you want to rent your property. For instance, if you are looking to rent to young professionals, try adopting a more modern approach to the furnishings, i.e. coloured leather sofas, wooden flooring etc.
The feature of new furniture on the property listing is also much more likely to sway the opinion of many potential tenants, as who realistically would choose old furnishings that are likely to have faults over brand new ones?
Consider a Driveway
Understandably, a driveway can be a little bit more of an investment as opposed to changing the windows or replacing furniture. However, driveways are huge selling points for most prospective renters. Even if there is on street parking, the ease and added protection of their own driveway is much more likely to appeal to potential tenants, and therefore would add incredible value to the property, even if it means sacrificing so of the front garden.
Improve the Garden
Whilst front gardens are nice, they serve hardly any purpose to a tenant. The back garden is where the real money is. Especially within the family segment of renters, parents love big gardens for their children to play out in on a summer night, and therefore could easily sway the choice to rent from you.
Making sure the garden is tidy, and more importantly, safe. There is nothing worse for a parent, or future parent (if targeting young couples), then a hazardous back garden. If you can prove that safety is key, from both outside influences as well as inside, then you're already in the good books.
Look After the Little Things
Most houses, no matter how old or new, will have little damages here and there, such as scuffs on the walls, tiny little cracks and maybe even damp. It is essential that these little niggles are taken care of so that they don’t catch up with you later down the line. It doesn’t take a property surveyor to know that the tiniest crack or damp on the wall can have devastating structural effects in the future, so instead of letting a few little things slide, make sure they are all taken care of.