If you’ve got a rental property there are so many ways that you can make it feel cosy and homely, especially at this time of year, and with the help of RW Invest I’ve come up with a few more ways that are guaranteed boost the appeal of your property before you put it on the market…
The buy-to-let market is an incredibly lucrative prospect for those looking at investing their savings. But how can you ensure that you make the most of your property investment? Is there a way you can maximise your return on investment? You will be pleased to know that there are several ways you can boost the appeal of your rental property. From décor, to marketing, these easy ways to boost the appeal of your buy to let property should help you get the best tenants and the best returns.
LOCATION, LOCATION, LOCATION
One way you can boost the appeal to tenants is through securing a property in a prime city centre location. Okay, this is something you’ll be wanting to look at waaaay before we get to decoraring the property, but it’s an important consideration when you’re property hunting. A huge number of people have been moving to the UK’s regional cities due to increased opportunities and better job prospects. Many of them would far prefer to live within walking distance of their workplace and favourite social spaces. City centre property is also a great investment which is sure to increase in value, proving an added benefit for property investors.
It is also a good idea to consider the design of your property, and this is a quick and easy way to guarantee you get the best tenants. Make sure your property is clean, tidy and dressed. The better your property looks, the easier it will be to find tenants, reducing void periods which eat into profits. Marc von Grundherr, director of Benham & Reeves Residential Lettings, says:
“Being well presented doesn’t just mean the condition of the property but the way it is dressed. We recommend one painted or wallpapered ‘accent’ wall in the reception and maybe master bedroom to give an interior design look. It’s not expensive but it makes the flat stand out. “Beds should be made and dressed with coloured cushions and throws, tables laid, towels put in the bathrooms, and all mirrors and pictures hung on the walls. Tenants are discerning and the difference between a dressed and a poorly furnished property is enormous and will affect the rental value,” he adds. “For landlords, it’s a small investment and the return always outweighs the cost.”
It is also worth considering what modern tenants are looking for and how you can meet their specific needs. Again, this is something you need to look at before you even begin searching for a property to buy. Tenants have been demanding more from their rental property than ever before and premium features are increasingly popular. A recent Go Compare survey looked at what tenants were looking for in their property, and there were some interesting results. It was found that nearly 20% of tenants in the UK would like to have a gym or pool in their property, and 16.2% would like a cleaning service available. Over a fifth of UK tenants would like a garden or roof terrace and the same number would prefer to have a car parking space.
If you’re looking to purchase a new property, it’s worth considering one that has access to these premium features. Property investment companies like RW Invest are incorporating these first-class features into many of their developments, with stunning roof gardens and on-site gyms. Features like a concierge and security are also increasingly popular with tenants, as are en-suites and communal spaces like a cinema room or games lounge.
Many renters have busy work and social lives, so spending lots of time on their property isn’t a top priority. Extra features that can make their lives easier like bills included, cleaning services or a convenient location are a sure way to boost your property’s appeal. Following these simple principles should help you to boost the appeal of your rental property and find the best tenants and best returns possible.