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Add Value To Your Rental Property
Once you've taken the plunge of investing in rental property, you will want to see a return on your money as quickly as possible.
That makes sense. Buying a house is the biggest purchase most people make, and getting a buy-to-let property is a significant investment. For many people, it really is putting their future financial freedom into one building.
No matter what reason you have decided to get a rental property, there is plenty of advice around on how to boost the price of a property quickly.
Certainly the first thing you should do is ensure you do a comprehensive property search to find a house that has the potential to be improved. If you buy a two year old home that's perfect and doesn't need anything doing to it, you will find it hard to add value and push the price up quickly.
That's why it is best to get hold of a rental property that needs work doing, even if it is simple updating such as changing the bathroom or putting a new kitchen in.
To help you prioritise the work that should be done, a report has been released showing which improvements add the most cash to a home.
The report from GE Money Home Lending also compares estate agents' recommended top 10 changes against the ten things homeowners think will add the most to a house price.
As you would expect, estate agents' expert knowledge means they focus on the big things that make a significant difference to a rental property.
These are the items that homeowners in the survey thought would add more value, arranged in order of importance:
1. New kitchen
2. New bathroom
3. Redecorate the house
4. Build an extension
5. Get a conservatory
6. Convert the loft
7. Replace the windows
8. Add central heating
9. Add solar panelling
10. Resurface the driveway
So how does that compare to what estate agents in the survey think will boost the value of rental property?
Well their number one and two items are the real biggies, which will generate more space for the property. At number one that is getting the loft converted; and having an extension built is at number two.
The estate agents predict that converting the loft will add an average £22,300 to your house price, whereas the extension will add about £19,271. Not a bad way to boost your rental property, and potentially a great return on investment.
Adding more space also sits at number three in the professional recommendations. Building a conservatory will add £11,904.
Now we get onto the major improvements to existing parts of the property. Agents have put doing up the kitchen in fourth place, with a price boost predicted of £8,250. It's surprising to see kitchens not in the top three of this list, as a new kitchen is normally near the top of any list of suggested improvements from experts.
At fifth is adding central heating, worth £6,147.
Getting the windows in your rental property replaced will add about £5,239 placing them in sixth place, while a new bathroom will add £5,155.
If you are handy with a paint brush you can add around £4,576 to your house price by redecorating, at number eight in the recommendations. If you can do it yourself you will see an excellent return for your money.
At number nine is resurfacing the driveway adding £3,928, and at ten adding decking to the garden, which will add £3,617.
As ways to add equity to your house, these are pretty straightforward, and could ensure your investment grows from day one.
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