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Top Tips to increase the value of your rental property
As all private landlords know, keeping your rental property looking sharp can be a job that falls further down the to do list every time the lease is renewed. So, to help ease this burden, we have pulled together a few top tips on how to get the most out of your rental property:
Top Tip 1- Improve the appearance of the front of the property.
Whether it’s a house or a flat, improvements can be made to be sure the front of your property is in tip top condition. This could mean spraying some weed killer down your front steps or drive way or even just getting a new door mat for your communal hall. Whatever you do, first impressions count and small changes can be crucial for demanding higher monthly rent from your tenants.
Top Tip 2- Clean, clean and clean some more
No one wants to move in to a dirty home, let alone pay a premium for it! After each tenant leaves, make sure the property has been thoroughly cleaned. This responsibility normally lies with the tenant however it is always a good idea to get professional cleaners in after the lease is finished, or if you don’t mind and want to save yourself a bit of cash, do it yourself! Whatever you choose, make sure your tenants are moving in to a home where you would be happy to live in. Chances are, they are more likely to keep it that way!
Top Tip 3- Rent review
Charging too little or too much rent can be a problem. Make sure you are keeping up to date with the value of your property by making a valuation appointment with your letting agent. This is paramount to ensure you are not being undercut. However, it is a risk, so make sure you weigh up all the options before committing.
Top Tip 4- Maintenance
Check the general maintenance of the property regularly. This can avoid small problems becoming much larger problems, and probably save you some money in the long run. Having regular inspections means that you are more likely to spot issues such as damp or wear and tear which your tenants might not pick up on.
Top Tip 5- Add special extras
Finally, if your property is in a competitive market, you may want to think about adding that little something extra to add that luxury touch. This can be anything from high spec kitchen appliances like kettles, toasters and microwaves to built-in surround systems like Sonos if you are really splashing out.
Whatever you do, remember, the more you put in, the more you get out!