A vacancy is a significant risk for a buy-to-let landlord, having an adverse impact on cash flow and the viability of the investment. More often than not, it’s necessary to deal with the expenses associated with the property out of pocket. A rental property should be homelike, enchanting, and functional to appeal to prospective tenants. While avoiding vacancies is impossible, there are several ways to ensure occupancy is optimised, such as making improvements. Renovating the rental property helps attract better tenants, secure a better return on the investment, and possibly make life as a landlord easier. Before you start, make sure you’re doing it for the right reasons, or you’ll end up with remorse.
Adapt Your Rental Property So That It Gives Tenants What They Want
Landlords in central and urban areas are finding that it takes longer than usual to find the right tenants, so it’s not uncommon for a home to sit vacant for weeks or months at an end. Most tenants seek a well-equipped kitchen that’s easy to keep looking clean and tidy, so the look, feel, and function of the kitchen matter. Just as homebuyers are impressed by a good kitchen, so are tenants. Regrettably, many landlords aren’t aware of the benefits of kitchen remodelling, and they don’t invest in this area, even if there’s a lot that can be done in terms of personalisation.
For each day your buy-to-let property is vacant, you’re losing rental income, and you can only offset that loss against any profits that arise from renting the place in future years. People can’t afford to buy a property on the South Coast or anywhere else, so you’ve got tenants coming from various backgrounds. Providing adaptations can come at a cost, but it’s the only solution to remain competitive. If your rental home’s kitchen is in dire need of a makeover or simply requires a few upgrades, don’t postpone indefinitely. The checklist for landlords from Sussex to Cornwall includes taking a look into South Coast kitchens. When the right improvements are made, you can attract and retain the right tenants.
Upgrading The Kitchen Improves Property and Rental Value
You can count on your fresh new kitchen to increase the value of the property, as the kitchen is the heart of the home. A kitchen remodel has the power to elevate the entire look and feel of the property, so the expense is justified. Since your property will stand out for prospective tenants, it will let faster and for more money. You’re justified in charging a higher rent because after the renovation costs are deducted, the higher rent will result in a higher ROI. Focus on changes that combine maximum appeal with a cost-effective budget. While this takes time and money, it pays to make a good impression on tenants.
Renovating can Get Expensive, So Invest Your Money Wisely
A stunning kitchen is the focal point of your investment property, but don’t rush off to the nearest showroom to check out all the options for a makeover, as not all kitchen upgrades are created equally. If you want to let your property quicker, give close attention to the following suggestions.
Add A Kitchen Island
A kitchen island ensures more countertop space for food preparation, and there’s no reason to worry about clutter because the island provides additional storage space. It’s a safe investment because kitchen islands won’t go out of style any time soon. A kitchen island can accommodate the main sink or prep sink, so the kitchen is more efficient and creates a tidy space. If you’re limited in space, you can put the main sink on the island to save space. The extra space can be used for storing small appliances, such as a blender or toaster. A prefabricated kitchen island won’t match your house, and it will hardly add any value.
Replace The Cabinets, Even If They Look OK
Replacing the cabinets is an essential part of the kitchen renovation process. You can change the cabinets entirely or have them refaced. Refacing, which has been around for some time now, involves veneering the cabinet boxes. New cabinet hardware is typically installed. In some cases, kitchen cabinet refacing can be just as expensive as cabinet replacement, so you’re better off having the existing cabinets removed. White is a popular colour scheme, and it works well in kitchens with rustic elements, yet you’re free to explore other options. For instance, you can embrace nature with green cabinets, with colours that range from mint to deep foliage green.
Upgrade The Appliances
Appliances (or the absence of them) don’t affect the habitability of your property, yet they can affect how much you charge for rent. They can be listed as part of the features of the rental home to grab the attention of prospective tenants. A stainless-steel refrigerator, for example, can add monetary value that comes back to you in the shape of higher rent, so if you’re planning on investing in one, make sure it fits the dimensions of the kitchen. By investing in high-performance appliances, you can reap the benefits for years to come. What you view as a necessity in your home may not necessarily coincide with what tenants want in a rental home. Examples of amenities that give the best value are a stove/oven, dishwasher, and microwave.
Some improvements can be made while a tenant is in the property, but it would be best to undertake any significant work while the property is between tenants so that professionals can get in and out without interrupting the lifestyle of your tenant. There’s no better time than now to put your DIY skills to the test and try tenant-friendly kitchen upgrades. Don’t worry if you don’t have the budget to tear everything out and start from scratch because you can still make impactful changes. Make your property as attractive as possible to prospective tenants and spend a little extra time finishing the look of the kitchen.
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