If you’ve considered diving into the buy-to-let industry, you’ll need to consider where your investment is going. To make the most out of your new venture, ensuring any property is vacant for the least time guarantees regular return and relatively passive income throughout the year. And, to do this, you’ll want to find and keep the best tenants. From new builds to older buildings, every buy-to-let property will require some renovation and investment to bring it up to standard. But where is your money best placed?
Cleaning and painting
One of the first things a potential tenant will look at is the cleanliness of your home. Nobody wants to find themselves surrounding by inch-thick dust or fighting a losing battle against a downtrodden carpet. Pay a professional to deep clean the property thoroughly before you have photos taken. Removing old dirt will also highlight any required repair works in the process. It is also worth painting all the rooms a neutral shade. This black space allows them to add a personal touch (within the restrictions of your contract) and will make each room feel as big and spacious as possible.
New kitchen or bathroom?
These two vital rooms play a significant role in a tenant’s decision to rent your home. They are the room’s that cannot be altered easily with personal accessories. An old sink, bathtub or countertops can bring the visual age of a room down considerably. In many cases, you may not need to invest in a completely new kitchen or bathroom. After deep cleaning, do a thorough check of all appliances and surfaces. New cupboard doors, tiles and handles can drastically transform a space. In some instances, replacing the existing white goods may be enough to breath fresh air into the room. Make sure all the light fixtures are fitted with working bulbs and all reflective surfaces are buffed to a high shine. Remember that your tenants will be preparing food and bathing in these rooms so they need to look their best.
If you’re looking to hold on to long term clients, investing in insulation is vital. Many new builds are already equipped with functional windows. However, if you’ve invested in an older building, you may encounter single glazed windows. Replacing these with double or even triple glazed alternatives can have a dramatic effect on your new tenants heating bills. By saving them money in the long run, you are creating a home that they are more likely to stay in, rather than one that feels like a drain on their resources. Also, don’t underestimate the power of curb appeal. New windows can rejuvenate the look of your home from the outside and encourage potential tenants to book viewings.
New builds are notorious for their lack of storage. Consider investing in made-to-measure cupboards or built-in wardrobes to improve this. Having ample storage shows a family that there is space to grow within a home. In older buildings, refresh doors with a lick of paint or a full replacement to bring the décor into the modern age. Tenants are always looking for solutions to their existing problems. Bulkier items, such as vacuum cleaners, are hard to store discreetly. If you can provide a solution to this, your property could become the more favourable on their search.