There is so much choice out there now for renters that you need to make your property stand out. One successful way to do this is with a newly renovated or refurbished home. Renovations must be scaled to your expected return on investments as you are not going to be living in this property just collecting the rent. Here are some tips for landlords planning to renovate their property:
Aim for long term durability - By investing in durable materials and good workmanship this will save you money in the long run after all a new kitchen should last up to 10-15 years! You don’t want to be having to do a full makeover between every tenancy just a brief touch up.
To make your kitchen look new without doing a full refurb try theses hacks:
You can paint or replace your cabinets if the doors look shabby.
Adding a hard wearing surface to your kitchen worktop can make it last longer.
Worktops made of solid wood can be remanded and oiled. It will look much much better!
Importance of kitchens and bathrooms - Clean and untouched kitchens and bathrooms appeal majorly to renters and appealing to you (landlords) as you can up the rent!
Plan your renovation - the longer the renovation the longer you're going to be out of pocket so make sure you set a realistic time frame and end goal for your renovation. You will need to book contractors in advance for a kick start on the works and make sure you have plenty of time between tenancies.
A really good piece of advice is to go even more muted with your colour scheme. You may be of the white, bright and airy persuasion – this does look more spacious, but on a white or light background, scuff marks announce themselves to the world like a trumpet in a library. To avoid paying for wall repaints between each tenancy, try muted greys and browns. These can still look very stylish and they camouflage scuffs and marks better. They’re also neutral so they ‘go’ with everything.
Colour Scheme - I would suggest going for a simple colour scheme such as grey or brown tones which are very stylish and neutral but also hide scuffs and marks whereas if you go with a white wall although it makes the room appear more spacious, all the scuffs and marks are extremely visible.
Insurance - verify your buildings insurance policy for a clause regarding how long you can leave your property vacant to ensure you are covered.
A few things to consider investing in:
Tiles have a much longer life expectancy than paint, and they resist mold!- win win! Particularly keep this in mind for kitchens and bathrooms since they have plumbing that is susceptible to mold. You also need to protect yourself from a lawsuit if the mold in your property affects the health of your tenants. Make sure you have a clause in your tenancy agreement that makes it mandatory for your tenants to air the bathroom and kitchen by using the extractor fans you’ve supplied.
Make sure you have good quality flooring throughout your property, again tiles are probably the best investment but also dark laminated flooring is a great choice and can be put in bedrooms. If you feel carpet is the best choice make sure it is of good quality as you don’t want to keep having to replace which could occur if you choose a cheaper option.