How can landlords refresh a rental property for £500?

Thu 14 Jun 2018

In order to maximise the rental value of a property and to increase its appeal to prospective tenants, landlords should carry out maintenance, repairs and improvements on a regular basis.

 

At Leaders, we encourage our landlords to enhance their properties wherever possible to give them the best possible rental incomewhile also ensuring tenants are provided with high-quality accommodation at all times.

 

Some buy-to-let investors may not be aware of the steps they can take to achieve the desired results, or may be concerned about the cost. But for less than £500, we know there are many quick and simple improvements that can be made to a property which will make it significantly more appealing to prospective tenants.

 

For most landlords, a property is their largest asset, so it makes sense to extract its maximum potential value for a relatively small outlay. The periods between tenants are a prime opportunity to spruce up a home, but that does not mean long-standing occupants should be ignored. Landlords can schedule an appointment with a long-term tenant to carry out much-needed work.

 

Perhaps the simplest job – but still one of the most effective – is to provide a fresh lick of paint in certain rooms or throughout a house or flat. This is relatively cheap if you can do it yourself but guarantees a strong aesthetic impact and can make a property more desirable to prospective tenants.

 

Kitchens and bathrooms tend to attract the most dirt, so focusing on these during a revamp is a wise move. Scraping out and renewing the grouting between tiles plus re-sealing around baths and basins is a good way to create a cleaner and crisper finish.

 

Similarly, investing a relatively small amount of money to replace shower curtains, toilet seats and other fixtures and fittings can pay dividends. We recommend those who have the budget should fit a glass shower screen so that curtains can be ditched for good.

 

Some tasks might seem too complicated or costly at first glance, but can actually be completed in a cost-effective manner. Take kitchen refits, for example, where a similar result can be achieved simply by replacing only the worktops and tiles for a fraction of the price of an overall revamp.

 

Flooring is another area in which landlords can save time and money in the long run. While carpets add comfort and a homely feel, they can get dirty easily and will require thorough cleaning. By installing wooden or vinyl flooring landlords can be confident their surfaces will be fit for purpose for longer and with fewer maintenance requirements.

 

Finally, we would always advise investing in some finishing touches for your rental property, as these will help tenants to feel at home. Items such as lampshades, curtains or blinds and rugs can be the difference, but these should be neutral and modern so they appeal to all.

 

Our recommended steps show even landlords on a budget of less than £500 can make significant improvements to their property that will enable them to let it quicker, at a higher rent and potentially for a longer tenancy.

 

For expert advice on all aspects of letting a property please get in touch with your local Leaders branch.