If you've invested in a property with a view to renting it out to make a steady income, then congratulations - you're one of a growing breed of investors who dip their toes into this very successful market! But sometimes, the property you have bought turns out to need a bit more work than you had initially anticipated; this is particularly common if you've purchased a repossession or at auction. Even if the property doesn't appear to need much work, it can be beneficial to make some improvement to the interior decoration before you try to rent it out, after all, the rental market is very competitive! But what should you spend your money on, and what is a waste of your time and hard-earned cash? Read on to find out more.
Update your Bathroom
The bathroom is one of the most important rooms in your home - it's your sanctuary from the world and it should be a relaxing and inviting space. Nothing screams dated more than a coloured bathroom suite or grotty carpet - mildew stained grouting is the worst! By making a few simple changes to your bathroom you can increase the chances of prospective tenants falling in love with your property. Whether you decide to strip out the entire bathroom suite and replace it with a crisp white suite, or simply redecorate the room will depend upon your available budget and the amount of time you have to spend. Sometimes, simply repainting and tiling a tired space, as well as replacing the flooring, can give your bathroom a lift and bring it firmly into the 21st century. Many tenants will be put off by homes which don't feature a shower, but if you only have a bath tub in your bathroom, it's relatively inexpensive to have an over-bath shower fitted, particularly if it has a tap attachment.
Hire a Professional Cleaner
If you're renting out your house through an agency, many will organise a professional clean before tenants move in. However, it is beneficial to hire a cleaner before marketing your home for rent - a spotless, beautifully clean home will attract a higher price through the letting agents, and will give you a sense of pride and achievement. Ensure that cleaners pay particular attention to the kitchen and bathroom, as these are the areas most likely to put potential tenants off if they are dirty.
Fit a New Kitchen
Nobody is suggesting that you need to spend thousands fitting a new, luxury kitchen, but by updating the existing kitchen you will be far more likely to rent your property quickly. The kitchen is the heart of the home, and scratched, stained worktops and chipped cabinets give an unloved impression. Whether you decide to strip back the kitchen and have new units fitted or simply replace cabinet doors and counter tops is a personal decision, but it can be well worth the investment when you find a reliable long-term tenant to rent your home.
Follow these simple tips and you will ensure that you spend money improving the right areas of your home before putting it up for rent - don't waste money on luxuries that will do nothing to improve your chances of renting your property.
Most people find that the house they have lived in for years has never looked and felt better than the day they moved out so be sure to apply the same simple tips when you move into your new property, after all you are the one who is meant to get the most enjoyment out of your house, not somebody else.