How to add value to your rental home

How to add value to your rental home

As a landlord, it’s crucial that you stay up to date with home maintenance in your rental property. Many landlords will also look to add a bit of style for potential renters. In this blog, we’re looking into how to add value to your rental home. 

How can I add value to my rental property? 

A rental home is a profitable investment when it is handled correctly. Here are some ways to improve rental value without breaking the bank.

Give the walls a fresh coat of paint

Painting your rental property doesn’t need to be a huge job, and it can make a huge difference to the appeal of the home. It might be a good idea to paint using a more neutral colour scheme, so that it’s easier for tenants to match furniture to. 

Invest in some nice furniture 

Nice furniture doesn’t need to cost a lot of money, and you’ll need to be wary of this in a rental property. A damage deposit will only go so far if furniture is damaged. This highlights the importance of completing thorough tenant checks. Appealing furniture can definitely add to a property’s appeal.

Change the flooring

The flooring should last fairly well in your rental property, providing that it is well looked after. This means you shouldn’t need to change it too often. However, over time, floors can become worn, and changing them could have a positive impact on the value of your rental home. 

Professional photography 

Having professional photos taken of your property can really help to show it in the best light and generate interest with potential tenants. We offer a fantastic photography service and can support you with floor plans, video tours, drone footage, virtual tours and more. 

Spruce up the outdoor space with outdoor furniture 

You could even add a decking area, which will be a great selling point. You will need to discuss the responsibility of the garden area with your landlord. Some landlords will take care of maintenance and others will provide tools for the tenant to take care of it. If gardens are left for too long without maintenance, they can become a much bigger job. At Intus Lettings, we work with garden contractors who can support landlords with all outdoor maintenance.

  • Improve energy efficiency in the property for potentially lower energy bills – a great way to attract tenants!
  • Consider installing fibre optic broadband – many renters will ask about this as it is highly sought after.
  • Ensure that you use a professional cleaner between each tenancy agreement. You will also need to assess the property’s condition in between. 
  • Add a reliable security system
  • Update kitchen appliances which may help to achieve a higher sale price when you come to sell.

Over time, you could make more significant changes to your investment property, such as strategic renovations like an extra bedroom, loft space or additional space in the home. These changes will increase the long term value of the home and therefore make it an even more profitable investment. Even small changes can increase rental value and therefore, rental income. 

How will increasing rental property value benefit me? 

The cost of living has been a challenge for everyone, and landlords have had to deal with this as well as a range of other changes. These changes, along with other landlord guidelines have been tricky to navigate. 

There are many ways to add value to your rental property, and doing so can have many benefits for you. Here are some of the benefits of increasing the value of your property. 

Happier tenants 

It’s important that your tenants are happy in their rental property, and as their landlord, you play an important role in this. A nicely decorated living space will definitely help to boost your tenant’s mood. This has benefits for landlords as it leads to better communication and may increase tenancy length, which is often useful for landlords. 

More prospective tenants to choose from 

Owning a nice rental property means that you’re likely to get more interest from potential tenants when the property is advertised to rent or for sale. This can benefit you as a landlord as it means that your property is less likely to be left empty for long periods of time. This means that you may have a more reliable, regular income.

Higher income due to increased rental value

Ensuring that your rental home is decorated nicely can lead to a higher income for you, as you may be able to charge more for rent. It’s recommended that you consider the rental property’s value and look into the local rental market and trends to determine an accurate and reasonable monthly rental cost for tenants. You may also find it useful to use a rental property value calculator to determine the costs. 

As a landlord, you must follow the regulations associated with adjusting rental costs. Read our blog on the demand for rental properties. It certainly is a competitive rental market and many tenants will happily pay more for a nice place to live. 

We are a dedicated property management company that can support you with all landlord services. From showing new tenants around to dealing with tenancy agreements, we’re on hand whenever you need us. Don’t hesitate to contact us if you need support with the renting process as a landlord. 

Spread the word:

Register for updates

Register for updates, offers, events & more