Renovating a rental property is an exciting task but it is also met with caution by landlords. There is always a worry that it may cost more than the original budget and the possibility of the tenant damaging your hard work! However, the benefits can seriously outweigh the negatives, the interior of your property can attract the right tenant and increase the rental income.
The key to maximising the rental income is knowing what will attract your ideal tenant and working with what your property already has. With our tips we can show you how to renovate a rental property to make it unique and not cost the earth!
Before you start any project, it’s always good to have a clear budget. It helps to manage expectations of what you want to feasibly achieve, this stops from overspending!
Step away from the magnolia!
Magnolia- it’s a rentals decorating classic. However, there are many reasons why it’s beneficial to go bold with your wall paint. For example, dirt marks from every day traffic are less likely to be visible on a dark paint, also having an interesting theme can increase rental prices.
A good way to achieve consistency and flow within the house is by working tonally in the same colour ranges. This sounds complicated, but most colour cards you can pick up from paint/hardware stores work in tonal colours so its a good place to start.
Current trends can influence the colours used in your rental property. It’s best to choose one focal colour such as the bold dark green and then work outwards from that. Paint colour really does set the tone for the room so choose wisely!
- If a property has a USP like quirky furnishing or art it can increase the rental worth. It’s good to be aware of who you are aiming the decor at and not put anything too valuable or sentimental in case of breakages.
- It doesn’t have to break the bank! Ikea storage can be up-cycled as seen in this image. This display case is actually a VITTSJO Ikea storage – http://bit.ly/ihac- that has been spray painted with a furniture paint. A can of spray paint can transform a piece of furniture, it’s a cheap and simple way to make older storage that the property may already have look luxurious. Try this paint – http://bit.ly/gld-
- DIY doesn’t have to be difficult or time consuming and its a great way to increase rental value as it has unique selling points to offer to tenants. So don’t be afraid to get stuck in.
Break the stereotypes- not the bank!
Instead of carpeting your property, it is worth considering tiling where you can. Good quality floor tiles are now obtainable at a good cost. When looking for durable tile, pick the practical and affordable porcelain. Porcelain is a great option as you can have a range of designs, including wood effect planks.
By skipping the cream or beige carpet the saving on yearly deep cleans alone is enough for you to say goodbye to the outdated option forever!
Vinyl is no longer a dirty word! A multitude of flooring specialists do high quality and realistic wood imitation flooring. No longer on a lino roll, these very durable vinyl planks stick together and some you can buy have adhesive already applied on the plank, so ready for quick-no fuss application.
Kitchen and Bathrooms
- Kitchens and bathrooms are worth the investment. They usually provide the most ‘wow’ factor in a property, so focusing more of your budget on these two rooms is essential.
- When refitting kitchens or bathrooms its good to design with the mind of a classic style and not overly modern or current. This ensures that when you do purchase new fittings, they won’t look outdated in a few years time.
- If the kitchen units are in good condition but look a bit tired, painting cupboard doors are a viable option that updates the look of an oak old style finish. You can also change over the door handles and incorporate some quirky salvaged door knobs that can create a homely feel.
- Bathrooms can be a pricey job, but there are always interesting ways to create a modern and clean design whilst being interesting. If the property has a larger bathroom vanity units from Ikea can be transformed to be paired with a counter top basin to have a standout piece. If not, a wall-hung basin with towel bars offers a chic and low cost option.
Light and Bright
Although they may appear like estate agent buzz words, it is a key characteristic that tenants and estate agents look for. A light and airy looking property is more appealing. If there isn’t much natural light then try to stay away from dark colours and make unique lighting a focal feature.
Edison bulbs are on trend, simple, and affordable. Tapping into the key trends of the rustic and industrial style they also bring a lot of light to the room as the bulbs don’t require a shade.
Depending on budget, sky lights or installations of windows are an obvious choice to increase natural light. If the property that you’re renting out has land, and you’re looking to make an investment, consider an extension with all glass doors or roof. This option means you have extra space to convert into a new room such as a open plan kitchen; this leaves additional room where the old room was to convert in to extra bedrooms.