An Englishman’s home is his castle, so the saying goes. Man, woman or child, everyone wants to live somewhere comfortable that truly feels like home. And if it reflects th...
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 And while you may be a little reluctant to spend extra cash modernising your outdated property could be a sound business decision.
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 And an outdated property with old or worn out fixtures and fittings isn't going to attract tenants.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 A modernised rental will always attract tenants over an outdated property which is behind the times.
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.
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.
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.
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.
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.
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.
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.