Top 6 renovations to increase your rental property's value

As a landlord, it’s important to think about what you can do to increase both your property’s capital value and its rental income potential, to help protect your investment and maximise profits.

Here are six improvements to consider that should help with both those things:

Create additional rooms

Adding habitable space is a reliable way of increasing your property’s value. Of course, you could build an extension, but there may also be the potential to convert a garage or loft/attic space into a bedroom or additional living room.

An experienced local sales and letting agent should be able to advise you what kind of accommodation would add the most value, so it’s advisable to speak to them before moving forward with an architect or builder.

There can be, however, minimum room sizes for bedrooms, so be sure you know what these are prior to making any changes.

Upgrade the kitchen/make things open-plan

Tenants love a sleek, modern kitchen that has good-quality appliances. In particular, they are increasingly keen on open-plan kitchen/dining/living spaces, so if you are able to remove a wall and open up into the next room, that could really boost the value and appeal of the property.

Just make sure you use kitchen cupboards and surfaces that are easy to maintain and you can replace when tired – a low maintenance kitchen can save you thousands into the future.

Upgrade the bathroom to include a great shower

A decent bathroom that has a powerful shower will always be a great selling point. If your target market is families, it’s advisable to have a bath, but if you’re tight on space and planning to let to tenants without children, then you can go for a just a good-sized shower.

We’d recommend fully tiling the walls and floor so it’s easy for tenants to keep clean, and go for plain white fittings and mould-resistant white ceiling paint.

Make energy efficient improvements

Although there is not yet a parliamentary bill on this, we do expect that by 2030 rented properties will require a minimum EPC rating of C in order to be legally let. And the cheaper and easier it is for tenants to heat their home, the more attractive it will be to them, so it’s well worth getting started on improvements now.

That might be upgrading or installing insulation in the walls, roof or floor; installing double glazing; replacing the boiler or even simply replacing older appliances with new, energy-efficient ones.

Create an appealing outdoor space

It’s well worth investing in creating an attractive and functional area outside where tenants can sit and relax. If the property has a garden, but there isn’t already a decked or paved area, invest in laying one – it may even add capital value. 

Provide secure storage

Many tenants have bikes, sports equipment or other belongings that might not be suitable for storing inside the property. Having a robust, lockable shed or secure garage could be hugely appealing to such tenants and should help keep demand high for your rental. It’s also worth considering adding a shed or garage so any garden furniture can be stored through the winter, and remember to check and clean it periodically to prolong the look and function.

If your property has the potential to be improved by any of these renovations, do come and speak to us. Our experienced team can visit your rental and advise you on which improvements would be most worthwhile, and should also be able to recommend trusted local professionals to carry out the work. You can find the contact details for your nearest branch here.