6 Steps to add value to a buy to let property
Given the high level of demand for rental property, it is easy to see why the buy to let market is an attractive proposition for many people. One of the great reasons to invest in the property market is the ability to add value to the property, and this is as true for the buy to let market as it is for the traditional property market.
There are a number of ways that a landlord or investor can add value to their home which makes their property more appealing to tenants, and this can increase the rental income a landlord can earn on a monthly basis.
Have central heating installed
A good central heating system is one of the best investments a property can make, and this is also the case in the buy to let property market. With a reliable and dependable central heating system in place, perhaps utilising the modern smart meter systems, the tenant can stay in control of their heating, feel comfortable and be fully aware of how much money they spend each month. Also, when a central heating system is in good working order, it works more efficiently, which helps to save money.
As a landlord, if you can show that you have invested in a reliable central heating system and that this system offers a range of benefits to a tenant, you will find that demand for your property rises.
Install double glazing
Installing double glazing at a buy to let property works along similar lines to have a reliable central heating system installed. The insulating qualities of double glazing can make a home more comfortable, it can save a tenant money on energy bills and it reduces the amount of energy that is used and wasted. There is also the fact that the insulation benefits reduces the level of noise that enters the home from outside, which is a factor that many tenants will be happy to benefit from.
Improve the storage options
Space is a crucial factor in all homes and even if you cannot physically add more space to a property, you can provide a tenant with more space. Installing reliable storage solutions, or investing in secure storage options that the tenant can use, will see your property become more attractive to a tenant.
Provide a parking space
In many locations and areas, parking is at a premium. If you are able to provide a parking space at or close to the property, you will find that the property becomes even more desirable, and this means some tenants will be keen to pay a premium price for the property. This is a quick and easy way to add value to a buy to let property.
Maintain the roof and guttering
Depending on the nature of the buy to let property, this may not be a pressing issue but for many homes, the roof is essential to the overall quality of life. A landlord will find that keeping their roof and gutter in good condition is a great idea. First of all, regular maintenance of these aspects minimises the need to carry out major repair work every so often but when a roof and guttering is in good condition, there are fewer things that can go wrong at home. Tenants want peace of mind so knowing that a property is in good condition is a fantastic way to add value to a home.
Upgrade the kitchen/bathroom
While there is no longer the same desire to totally overhaul kitchens or bathrooms when upgrading homes, if these rooms are in great condition, there will be a higher level of demand for these properties. Improving work surfaces, ensuring all taps and sinks are in great conditions and making minor tweaks (while carrying out all repairs) can create value without spending too much money.
If you are looking to add value to your buy to let property, these 6 steps will provide you with a fantastic starting point.
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