Your BTL property is probably an extremely important source of alternative income. With rental prices on the steady rise in the UK, property has assumed an even more pivotal role in the economy. The climate may be right for you to look to raise your rental income.
The challenge you face as a landlord is how to improve the value of your property so you can stand a chance of getting more income from your property. Some metrics for measuring the value of a property include factors such as the size of the property, the city in which it is located, fittings and design of the building, and the number of bedrooms.
In addition, the prevailing economic conditions also play an integral role in driving the worth of real estate up or down accordingly.
While some of the value-determining factors are beyond your control as a landlord, there are various steps to boost the worth of your property and net more in rental income.
Loft conversion
A loft conversion is one of the most valuable home improvements you can make to your property. With the potential of adding about 10% value to your property, roof conversion is one of the best ways to maximize your home space.
You probably have roof space which can be transformed into a new room. An extra bedroom and en suite bathroom may cost you about £25,000, you can expect it to add double that value to your property.
A note of warning: Ensure to carry out proper check. You need to make sure there is enough headroom and standing space in the house. Also, make sure the necessary adjustments are made including the overhead tanks and pipes for the new bathroom to prevent any unpleasant developments.
Add a conservatory
A conservatory adds an exquisite look to your property. The luxury of a conservatory as a part of your home will ensure the value of your home in vastly increased.
Proper care should be taken to ensure the conservatory is perfectly fitted into the already existing building structure so it doesn’t look out of place. A wrongly fitted conservatory could hurt your chances and even devalue your property.
Upgrade the kitchen
Have you considered upgrading your kitchen to a world-class one?
A kitchen will greatly increase the value of your property. A large kitchen that appears both clean and hygienic attracts high class tenants willing to pay good money for your home.
Many new tenants will usually want to give their kitchen a makeover after buying a new home. Taking care of that need for them and replacing the old kitchen with a high grade one will boost your home worth because it takes care of that for them.
Upgrade the basement
…Or create one. If you have space for basement excavation and remodelling, it might be a good idea. Any redevelopment that will add extra living space to your property should be considered. However, this is a costly process that should be done after proper considerations with qualified construction personnel. Work out the return on investment over the short, medium and long term.
A new bathroom
Like the kitchen, a new bathroom will do your property value a whole world of good.
New bathroom with standard fittings including new taps, toilet cistern, towel hangers and other sanitary features.
Improve home security
Security is definitely one of the most important considerations for potential tenants when they are faced with choosing their new accommodation. Improving the security of your home is of paramount importance.
Tenants care about how much security they can get from their home. They want to feel secure, and know their belongings are adequately protected.
Fresh painting
Nothing beats the smell of fresh paint on your walls. Painting your home gives your potential tenants a reassurance of your commitment to maintaining the quality of your home.
Keep your property tidy
Nobody wants a dirty property with an unattractive environment. People want to live in a hygienic home. This is perhaps the easiest home improvement option. It allows you to display care for the safety of your potential tenants.
Ensure all features and fittings are in place. From the fence to the vegetation and the garden, everything has to be properly and maintained to keep your property valuable and make people willing to pay top money for it.
