Eight Reasons Why You Should Refurbish Your Rental Property
“If it ain’t broke, don’t fix it.” That’s the view some landlords take on the question of renovating a buy-to-let.
They do the absolute minimum in terms of maintenance and repairs and only manage to meet their legal obligations by the skin of their teeth.
The décor is shabby and tenant turnover is high, but hey, they’re saving every possible penny, so they feel rather pleased with themselves.
So, is this the best way to get the most out of your property investment?
We’d argue that instead of running your buy-to-let down to its bare bones, often the smarter option is to be proactive and refurbish or extend.
We’re not talking about budget-busting Grand Designs-style projects. And, of course, it’s important to take the age and condition of a property into consideration before you make changes.
But carefully costed refurb works that appeal to your target demographic will pay for themselves in the long run.
Here’s why.
1) You’ll attract better tenants. In this visual age, tenants have high expectations. A property that is fresh and modern will stand out in online marketing and in-person viewings.
2) Shorter void periods. Tenants will quickly snap up a property that looks great.
3) Fewer tenant disputes. Tenants are more likely to treat your property respectfully if it’s well-appointed. If you don’t care what it looks like, why should they?
4) Better returns. Renovating a down-at-heel property will allow you to market it to a broader demographic, including professionals.
5) Add value to your property. If refurbishments are carried out to a high standard, you’ll reap the financial benefits when you come to sell.
6) Longer tenancies. Tenants will stay for longer in a property they enjoy living in and that isn’t riddled with problems.
7) Lower repair costs. Ageing kitchens and bathrooms can require lots of repairs. Replacing them before they become money pits can save you time and hassle in the long run.
8) Energy efficiency. Replacing single-glazed windows, installing insulation or adding solar panels will improve the energy rating of your property, which is good for the planet and your tenants’ energy bills.
For expert advice on adding value to your rental property, contact us here at Millbanks today.