Whether you have just bought a property abroad or your existing rental property is not making you as much money as you envisioned, it is always a good idea to look for ways to increase the rental value of your investment. From upgrading the kitchen or adding an en suite, to targeting specialised rental markets,
keep reading to discover five investments that are guaranteed to increase the rental value of your property. Plus, if you do decide to sell in the future, these renovations will enable you to command a higher asking price, ensuring maximum return on your investment.
1. Upgrade the kitchen
It does not matter if you are looking for long-term tenants or short-term holiday lets; an attractive kitchen will always help to increase the rental value of your property. Depending on the condition of the kitchen, you may be able to get away with simply refreshing the cabinet doors and the worktops. However, if it is very tired and old fashioned, you may want to look into loan options so that you can afford a completely new refit. You can do this quickly and easily online with a broker such as cashlady.com .
Do not worry –Chances are, you will be able to recoup your money (and then some!) once potential tenants see your brand new, modern kitchen.
2. Add an en suite
Adding an en suite can be a major attraction and can allow you to hike up your rental prices without it affecting interest in your property. Although you will want a bath tub in the main bathroom, there is no reason why you cannot add a simple wet room or walk-in shower feature in an area off the master bedroom. This will always be a selling point to parents seeking some peace.
3. Target specialised rental markets
If you are struggling to find tenants or you have plenty of interest, but only when you set the rent low, you may be able to benefit from targeting specialised rental markets. For example, if you are surrounded by breath-taking scenery, you might be able to target those who are looking for cycling holidays. For more advice on renting to different types of tenants, speak to a local property expert who will be able to let you know if your business idea is viable and how to effectively advertise your property. Be warned, to take advantage of this, you may need to make amendments or additions to your property to accommodate your chosen rental market.
4. Consider laminate flooring
If your rental property currently has carpet throughout, you might want to think about pulling this up and replacing it with laminate wood flooring. Not only is this type of flooring better suited to high traffic areas of your property, but you will not have to replace it as often as carpet to keep your place looking fresh. Not to mention the fact that it is much easier to clean!
5. Install a pool
Although this will be dependant on where your rental property is situated and how much outside space you have, adding a swimming pool (even if it is just a small one) can allow you to significantly increase how much you charge to rent out your property. All you need to do is make sure you get planning permission and then find a trustworthy builder to carry out the work for you. If you do not know any local contractors or builders, use FindABuilder.com to help you locate the best tradespeople in your area.
