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The Home Best Upgrades To Increase Rent Or Home Value

October 29, 2020

You’re about to sell your property or find a new tenant if you’re a landlord. Before you do, have you considered how you could get better value from your property by making a few simple upgrades?

You don’t have to plan a massive capital project that takes months to complete — smaller upgrades can be completed quickly and pay good dividends for a relatively small outlay. So, to help you, we’ve outlined some great ideas that are proven to make more money for owners and landlords.

Landlords

Start with the basics 

Even if you don’t make any changes to the property, make sure it’s clean and tidy inside and out. First impressions count and an untidy entrance or overgrown front garden can turn prospective tenants off before they even get inside the property.

Look around the property. Have you got dusty surfaces, marks on furniture and walls, stains on the floor or carpet? It won’t take much effort to get the property looking and smelling clean and fresh.

Then, you can be more critical. Does the paintwork look shabby? Are the carpets worn? Are any of the furniture or appliances damaged? It might be time to redecorate and refresh the fittings to give the property a fresh, cared for look. Small changes like that can instantly make the property more appealing.

It’s also important to do all the safety checks to make sure all appliances and power supplies are working correctly.

Click here for an instant handyman quote.


3 Bedrooms, 2 Bathrooms

Vancouver Road, Forest Hill, SE23

£403 per week (£1,750 pcm)  tenancy info

View property details


Making changes

If you want to get an even better return, consider bigger changes that transform the property.

Take the floor. If the carpets are worn, you could replace them with a contemporary laminate wooden floor that immediately gives the property a more modern feel. Add some rugs in the main rooms for a more homely feel.

The same goes for worn curtains — replacing them with blinds can get rid of any dated appearance. Check the windows themselves. Are they draughty or difficult to open?

Complete replacement with the latest double glazing could be expensive, but the comfort and potential cost savings on energy bills could make the property more attractive to tenants. Lighting can also transform the appearance and ambience. Replacing old light fittings with contemporary designs in the main living rooms and improving light levels in the kitchen will make a great difference.

The kitchen is a good place to make more fundamental changes as it’s one of the most-used rooms. Are the appliances dated or cupboards and worktops looking shabby? A kitchen refurbishment with new appliances can add considerable value. And, because the new appliances will probably be more energy-efficient, you can attract tenants who want to keep their energy bills low.

Outside, take a careful look at the garden, particularly the front area. Could it be converted to a parking area? That could be attractive to tenants if parking on the road is difficult.

Making changes like these can transform a rental property. They should help you to attract tenants who are willing to pay more for a higher standard of accommodation and that can give you a good long-term return on your investment in upgrading.



4 Bedrooms, 2 Bathrooms

Buxton Road, Stroud Green, N19

£552 per week (£2,399 pcm)  tenancy info

View property details

Homeowners

Start with the basics

Like landlords, you should begin with the basics and make sure that the house is clean, tidy and in good decorative order with all appliances and services working as they should. Then, it’s time to look at the larger improvement projects.

Replacing doors throughout can give the home a new feel, even though there are no other structural changes. If you don’t want to change the doors themselves, replacing the hardware – handles and locks – and repainting will show improvements.

Focus on the kitchen and bathroom

The kitchen and the bathroom should be major areas of focus. Transforming the kitchen follows the same pattern as we suggested for landlords - replace or refurbish worktops, kitchen cabinets and small fixtures like taps or cabinet knobs, replace any out-of-date appliances with energy-efficient models, and replace the flooring. In the bathroom, retiling walls and surrounds helps give a cleaner, fresher appearance. Look out for chipped surfaces on baths and basins and replace any leaking taps or other fittings. If the bathroom doesn’t have a shower, consider fitting one if space allows. Showers use less water than baths and are seen as more convenient.


3 Bedrooms, 2 Bathrooms

High Road, Chigwell, IG7

£600,000 (Freehold)

View property details

Consider structural changes

If you are planning to sell over the longer term, you can consider larger-scale structural changes. A loft conversion, for example, can provide an additional bedroom, a space for recreation or a spacious office area for the increasing number of people working at home. You may also see opportunities to remodel existing spaces to open up the house.

Creating a kitchen diner from two existing rooms is a popular conversion or adding an en-suite to a larger bedroom.A simple enclosed porch at the front door is a useful addition, particularly when levels of home delivery are increasing and people look for secure ways to receive deliveries.

If time and budget allow, a larger extension that adds an extra bedroom or additional downstairs rooms can create a home that would prove more attractive to growing families. Don’t forget, if you are planning larger structural changes, you will need various permissions as well as professional advice before proceeding.


2 Bedrooms, 1 Bathroom

Balls Pond Road, Dalston, N1

£635,000 (Share of Freehold)

View property details 

Portico can help with your upgrade

Whether you are a landlord or homeowner, you have a lot of options for upgrading your property to add value. The route you choose will depend on your budget and the return you believe will result.

Portico can help on two levels. We can advise on the prices or rent levels that the types of property you plan could achieve. We also have a team of professional tradespeople who can help you with your project. They include handymen, registered gas engineers and cleaners. Our team carries out work to a high standard and turns up when they say they will.

We’re proud to be able to offer this service to local residents even if you are not an existing client. All of our tradesmen are vetted and insured, and as a company we’re accountable for their punctuality, cleanliness and quality of work.

We operate a transparent pricing structure, take payment over the phone and offer a same day call out capability.

If you would like to find out more about this service, please give us a call on 020 7099 6999.!!

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