Ways To Increase The Rental Value Of Your Investment Property

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Aggie Tukendorf of Horton and Garton Lettings gives her advice (Ad)

Do you feel you could achieve a higher figure on your rental property? Are you frustrated with the yield you currently achieve? There might be some changes you can make to increase the rent – and they aren't drastic or costly.

If you're a landlord who's had a tenant living at a rental property for several years who's recently given notice it's highly likely that there is some wear and tear at the property that might have an impact on the rental value and might be well worth addressing before you put the property on the market to let.

As the needs and wants of prospective tenants have shifted throughout the pandemic, many landlords find themselves navigating a new marketplace where certain things might be more important than they were previously.

Low-cost high impact improvements

Landlords should undertake improvements with appearance and function in mind – these are the top locations of any property that should be focused on:

• Walls and woodwork – The largest surface area in any property, often overlooked but vitally important. Bumps and scuff marks, discolouration, cracks or holes all make a property look tired and sometimes very unappealing. By simply filling any cracks or holes, fixing woodwork and giving the walls a new coat of paint, a property can be transformed.
• Kitchen – Whilst a kitchen might need attention this doesn't have to be a costly full renovation. From installing new taps to buying modern appliances or painting cupboard doors – there's a lot that can be done in a kitchen that doesn't have to cost a fortune. A fully functional, clean kitchen is incredibly important when striving to achieve a premium rent.
• Bathrooms – Any bathrooms should be assessed, as one of the most used rooms in any property they can suffer mould or damp that even a deep clean cannot shift. Resealing baths, showers and sinks can instantly uplift the look of a bathroom, in some cases, new tiles can be a worthwhile investment.
• Outside space – Never before has outside space been so sought after, if your rental property has outside space you should really seek to maximise the appeal. From cutting back an unkempt garden to adding furniture to a terrace or balcony, painting any woodwork or outdoor furniture and perhaps adding seasonal, colourful plants – there's a lot that can be done without having to fork out a huge sum of money.
  

Letting your Chiswick rental property

We're seeing a significant return of activity to the lettings market with new tenants registering their interests in higher numbers than we've seen for many months. Traditionally, the summer is a busy time for lettings with many professions and those in education typically moving during these months, to add to the volume of usual home movers.

Over the past year or so a number of landlords have reported having to accept a lower rental figure to ensure they did not experience a void period and that this tenancy is coming to an end – Chiswick landlords should have confidence that now is a better time to find new tenants.

Now is an excellent time to explore what could be done to your property to boost the rental income, if you'd like to discuss your property in greater detail, please do get in touch with ARLA qualified, Chiswick Lettings Manager Anthony. Or call 020 3989 5454.

Selling your rental property

If you're thinking about selling your rental property our Chiswick Director, Paul Cooney, would be happy to explore this option further with you and is available to talk on 020 8996 5120.

As a seasoned Chiswick estate agent, Paul has a great handle on the W4 property market, having worked in the area for well over a decade he can provide you with the current market value and an update on the local sales market, allowing you to make a well-informed decision for your next steps.

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August 6, 2021