It’s that time of year again: the rent is rising, and you need to perform renovations and repairs on your properties, but what do you add? This is a big question many landlords need to consider since you want to increase your property's value without spending too much of your own money.
When people are at a loss facing a situation like this, they usually seek help from agencies. Letting agents are professionals who are experienced in dealing with repairs and maintenance issues, and they can often get the work done more quickly and efficiently than the landlord themselves.
This article will review a few things you could add or repair during your annual renovations that any letting agent would recommend. Many of the tips mentioned below can help you increase your house's value without actually needing to spend all that much.
The very first thing you will want to do during renovations would be to perform all the routine repairs needed. Even if your tenants alert you to the things that break during the lease year, there will be things that are forgotten to be mentioned. The best time to get to these repairs is during the yearly renovations; a few things to look out for are chipped windows, broken door handles or cupboard hinges, and plug outlets.
Update the Kitchen
The next thing you should consider focusing on during yearly renovations is the kitchen. When you sell a house, a great kitchen adds up to 7% value to the price, which should indicate just how important the kitchen is, especially for prospective tenants. What should you aim for when renovating or adding to the kitchen? Lighting, texture, functionality, and color. Try to make it a space that will inspire a family to spend a part of the evening in.
Image source: marthastewart.com
Spice Up the Bathroom
Another important room in the house that you should consider renovating or adding to would be the bathroom. In terms of sales and the value of a house, a full bathroom can add 5-6% to the price of the house. Not only will this allow you to increase the rental price, but it will also motivate prospective tenants to become actual tenants. What’s more, you can just replace mirrors, lights, and faucets or update the shower to achieve a great effect.
Image source: thespruce.com
As we move more towards the future and become more dependent on technology, our houses should reflect the modern times we are living in. As such, many tenants want homes with smart features and are willing to pay for them. This means that during renovations, you should consider adding a few smart features to your properties. This can be anything like light controls or even smart detection systems for any water leaks.
Outdoor Living Space
Another feature of modern homes that more and more tenants are looking for is outdoor living spaces. Gone are the days when families sit around the dinner table; most families now eat dinner in separate rooms. However, having an outdoor living space changes the dynamic and provides a space for the family to relax in the evenings. More than this, many parents love these spaces since it’s a great area to sit around with friends while having a drink or two.
Image source: mydomaine.com
If you think you already have a beautiful property that you are letting out, one feature that you could add, which is desirable, especially if the property is in an area that gets very hot during summer, is air conditioning. Statistics show that adding an air conditioning system to your property can increase the value from anywhere between 5-10%. If you are wondering why air conditioners are so popular, it’s because it adds unparalleled comfort to a house.
Carpet Deep Cleaning
Finally, the last thing you could consider doing if you are wondering what to repair or add to your property would be to perform a deep cleaning of the carpets in the house, if there are any. Even though most carpets look clean at first glance, dirt gets buried under the fibers, making it impossible to clean with just a vacuum or a broom. Before putting the house on the market to be rented again, you should have the carpets deep cleaned by professionals.
Image source: realtor.com