During your tenure as a landlord, there will come a time when you need to perform renovation work on your property. Now, with the bank holiday rapidly approaching and a whole day off work, is the perfect time to make a start. .
Make your property appealing
#1 Choose Quality Flooring
If it’s time to upgrade the flooring in your property, choosing a high-quality replacement is key. The floor of any property is subject to a large amount of wear and tear, so consider ditching carpeting in favour of something easy to clean, durable, and modern, such as commercial-grade tile, linoleum, or hardwood.
This flooring is likely to require a higher initial outlay than carpeting, but it will also provide a higher overall return, and should last for two to three decades. The ROI should be somewhere between 70-90 per cent.
#2 Choose Good Quality Bathroom Fittings
New bathroom fittings can dramatically improve the look of the whole room, but if you’re planning on upgrading, steer clear of lower-quality fittings—these are more prone to corrosion and can buckle when in use.
#3 Remodel One Room at a Time
Unless you have the time and finances for a long-term renovation project, choose one room to upgrade rather than trying to overhaul the whole property in a day. It’s a good idea to start by remodelling the room with the highest ROI, so kitchens and bathrooms are a good place to start.
Minor updates to these areas, like new hardware or lighting fixtures, can dramatically change the look of a space and require only a small amount of time and effort to effect. Remember, if you are going to start knocking down walls, you will need a structural engineer like Alex Rosen, and if you live in a terrace or semi and are going to make some alteration to a wall or fence you share with your neighbour, you will need a party wall surveyor like Westville Associates.
#4 Repaint
Some statistics suggest that painting can have an almost 100 per cent ROI, so make it a habit to give walls a fresh coat of paint every five years or so.
#5 Go Green
Use your bank holiday to shop around for some energy-efficient appliances. The benefits of upgrading will be three-fold: they’ll last longer, are environmentally friendly and help to save you and your tenants money. Consider a low-flush toilet to conserve water in the bathroom and lower your monthly water bills, or think of installing a low flow shower. In the kitchen, try fitting a new, energy-efficient oven, dishwasher or laundry machine to cut energy costs and increase the rental appeal of your property.
Enjoy!!
