by Ed Firmin
Posted on Wednesday, June 8th, 2016 at 14:24
If you own a rental property (or many rental properties) you undoubtedly have many tasks scheduled on your daily ‘to do’ list – meeting with prospective tenants, conducting move out inspections, arranging trades services and meeting with the bank or other money lenders, just to name a few. A day in the life of a British landlord is a busy day indeed!
With that said, there is at least one more concern that should be on the top of your priority list – renovating and putting money into your existing properties. Not convinced? Here are 5 key benefits of a landlord putting money into their properties.
By commissioning simple renovations to your rental flats, you can increase their overall market value dramatically. Recent studies show that average home improvements can add an attractive 10% to the value of your property with a new conservatory addition coming in at a whopping 108%!
Every landlord dreams of tenants who are respectful, punctual and reliable – yet we all know that even the best tenant on paper can quickly become a nightmare in person. Giving your property a facelift will allow you to raise the rent, weeding out undesirable tenants and attracting the best in your area. It will also reduce your annual turnover, saving you the hassle and time of finding new tenants on a regular basis.
It is amazing what a simple coat of paint can do! Hiring a professional to paint your flats can completely transform the space, giving it a polished sheen. The same can be said for professional carpet cleaning, or a new countertop in the kitchen. These are just a few of the simple and affordable ways that you can ‘spend money to make money’ – these minimal outgoing cost will allow you to raise the rent a significant amount each month.
If you regularly maintain your rental properties and regularly make small updates and renovations you will be able to spot potential damage before it becomes an issue. Damp, rot, termites, mould and other creeping damage can cost heaps if left unchecked – regular updates and renovations allow you to nip this in the bud.
When tenants and property management companies see your properties, they make a judgement that they then spread to their friends, colleagues and family. Word of mouth is valuable, and when your properties gain the reputation of being well cared for, smartly maintained and attractive overall, your company will benefit. Local estate agents, tenants and students will begin asking for your properties by name, and you will never need worry about your properties sitting vacant in the future.