Simple Refurbishment Planning Can Boost Rentals
I was reading the property news this week and saw one of the “light-relief” items about a property that was marketed for sale which had 147 separate electric sockets of which 36 were in just one room!
This was a luxury property, being marketed for sale at over one million pounds, but it got me thinking about what level of upgrades to fittings would make rental properties more attractive to tenants and achieve higher rents without costing landlords or investors an unrealistic amount. Even if you don’t think you have a property needing refurbishment, or maybe it was refurbished recently, you may want to consider the small changes below to make your property more attractive.
When letting your own property, I would suggest that you don’t attempt to install 147 sockets (any electrician will probably run a mile if you do) but, for older properties in particular, it may well be worth some upgrading to electrical outlets. Older properties may have only 1 or two single sockets in each room and it is very easy to at least change these for doubles. Also, in the kitchen, it is relatively easy to install low level sockets for white goods with switches that will be above worktop level. This is usually not the case with older properties but can be easily added particularly if you are renewing other things in the kitchen.
In higher value properties it may also be worth installing additional communications or wi-fi connection points as these are very much part of the normal expected now in modern properties.
On the plumbing side, some older flats do not have a separate stopcock. There may just be a communal stopcock for the whole block. If you can get your plumber to fit a separate one this will make any future plumbing maintenance much simpler and is also useful in reducing potential water damage if there was ever a major leak as water can be turned off much more quickly.
In more modern properties you would expect much of the work mentioned to be already completed but it still may be worth looking at some of the minor additions. The points I have mentioned will be nothing new to experienced investors but will hopefully give some useful pointers to those just starting out with property needing refurbishment.
If you are doing a refurbishment in any case then incorporating some of the above will add relatively little additional cost and will make the property more attractive to tenants and commanding higher rental value. If you have a question, would like an expert opinion or a free valuation, please get in touch.