For all Landlords, there is a balance between the bottom line and providing a pleasant environment which tenants both respect and want to live in. The most difficult area to achieve the right balance is undoubtedly during the refurbishment and redecoration of your property.
Whether you have just purchased a property to fully renovate, or are looking to give your rental property an update, we have put together some tips to help you achieve a cost effective refurbishment.
Cost Effective Kitchen Refurbishment
One of the most important rooms to any tenant is the kitchen, however a brand new fitted kitchen can prove expensive. Homelet, a landlord insurance provider warns that landlords should be aware of over investing in this area, claiming that it may take years of rental income to break even on a kitchen. The firm does go onto warn however, that there is a danger of under investing in a kitchen and having to replace the kitchen on a regular basis.
Kitchen refurbishments should focus on low maintenance, easy to clean, long term improvements which can include wall panels and painting with mould resistant paint. Vinyl flooring is another example of something incredibly easy to fit and maintain.
Replacing kitchens cupboard doors and worktops is another ideal solution for landlords looking to update their kitchen. At the fraction of the price of a new kitchen, replacing these key items make a huge difference in the integrity and appearance of your full kitchen, helping you attract, and retain happy tenants.
It’s essential when refurbishing a property, to remember that you are refurbishing the property for paying tenants – not yourself. Fixtures, themes and decorating should focus on creating a clean, neutral clutter free environment. It’s also vital to ensure that key elements such as repairing any structural or physical defects are built into a refurbishment plan. Broken, scuffed and damaged items should either be replaced or refurbished as part of this plan.
Whilst inbuilt wardrobes are a huge draw in many properties, over the years they can become worn down and scuffed. Just Doors offer a wide range of replacement wardrobe doors which are ideal for built in wardrobes and free standing wardrobes in living rooms, bedrooms and bathrooms throughout your property. These small changes again allow you to achieve a substantial cost effective home improvement.
Decorate for your Target Audience
If you are trying to rent out a three or four bedroom house, ensure that you are targeting the right demographic. What do families need? What do families want? Equally, if you are marketing a one bedroom flat, ensure that your furniture and decoration suits a one or two person occupancy. In these smaller properties, make smart use of space with regards to storage and sofa beds to make a smart use of space.
Whenever a landlord is looking to carry out a property refurbishment or makeover, it’s essential that a payback period for the work stands at around five years. For example, if a landlord was to spend £6000 – they should be confident that their monthly rental value could be raised by around £100 to hit a 5 year payback target. With property prices largely stagnant, it’s important to consider whether or not a large scale investment is worthwhile. During this period consider renewal and refurbishment as an alternative to larger scale work.