Maybe you’ve had your property a while, and your loyal tenant is comfortable to call it home. But what about your property value? Every so often, a spruce up can prove to be a worthwhile investment :
- You’ll increase the rental value of your property;
- You’ll improve your property’s market value;
- and your property will be more attractive to potential tenants, or existing tenants, which will make for a much happier relationship all round
Before – nice but tired
After – bigger, brighter, better
We’ve carried out more than a few refurbs on behalf of our landlords over the years, so here are some top tips:
- Know your budget – will it be a quick refresh, a medium makeover, or a full on refurb? Remember to check with your accountant about tax implications.
- Keep things simple – remember it’s not for you, but you’re providing a blank canvas for tenants.
- Know your timescales – makeovers can be done quickly with good planning, so prepare in advance to minimise voids.
- Speak to your insurance company – your policy might be affected if property is unoccupiedetc.
- And speak to us at Duncan McKenzie Property – we can advise on safety considerations, how to tackle structural problems, and work closely with a tried and trusted trades team.
Our feature photo is of a recent property we refurbished for a new landlord. Before it came to us, it was renting for around £430/month. The simple makeover came in on budget, and included painting/decorating; some new kitchen equipment; new lighting; some new soft furnishing; and other minor upgrades around the flat.
Now rents for £626/month, with a very happy tenant proud to call it home.
And when better to start than in the bright, light days of a Scottish summer?!
See you next week!
