When it comes to adding value to a rental property, many landlords can rest on their laurels. It’s not enough to do it up at the beginning and assume it’s going to last forever. Even with a proper maintenance system in place, fixtures and fittings, decor and even the layout and space, can eventually need a complete rethink.
Landlords who become lazy or complacent about what could be achieved with their properties will find themselves losing out in the long-run. Stay on the pulse of property trends and the needs of tenants, and you’ll reap the rewards for a long time to come. Staying up to date and relevant will allow you to command the highest possible yields, as well as tenant loyalty and satisfaction.
Over a series of articles we will look at some of the best ways to help landlords achieve a great look and finish for their rental properties that are long-lasting, and reduce maintenance costs in the future. First up…
Extensions and loft/cellar/garage conversions
It’s a big decision to extend or convert a loft, but it can be a worthwhile investment with some surveys estimating extra space can increase the value of a property. However, this depends on the supply and demand of properties in your area and you need to seek out some advice from local experts before you go ahead. Make sure you’ll get your money back either with an enhanced value and/or increased rental income.
If your property is a semi or terraced, it is likely a loft conversion or extension will require a ‘party wall agreement’ with neighbours which a RICS qualified surveyor will manage for you. This ensures any work done which affects either side will be rectified and can help reduce any arguments over work carried out.
If there is the potential to convert or extend or add an en-suite or extra bathroom to add value and deliver the best return, RFM Trading will facilitate the process for you. We will liaise with the planners and building control teams at the local council department on any extension, basement or loft conversions which may need planning permission, and secure their confirmation in writing. We will also liaise with professionals such as architects and surveyors to ensure there is sufficient headroom and enough space in the loft and/or basement to put in a proper staircase before spending any money on plans.
While these improvements and recommended maintenance steps should result in attracting the best tenants and securing the highest possible market rent, they also, importantly, go a long way to preserving the capital value of your property asset and ensuring it grows at least in line with the local average.
The other thing to bear in mind is that if you provide a good quality finish, invest in quality fittings, and maintain the property well, you’re showing tenants that you really care about it. That tends to rub off on them and, generally, when they’re given something nice, they look after it.
If you’re thinking of an extension or loft conversion Manchester based RFM Trading are property maintenance contractors with plenty of experience in helping landlords and homeowners add value and space to their property. We are professional contractors, qualified to carry out large scale property refurbishment and maintenance work. Our work comes with a 12 month guarantee and we ensure we obtain warranties on your behalf for the parts, fixtures or fittings that we install, including kitchen and bathroom suites and any inbuilt electrical appliances.
Please call us on 0161 707 6106 / 07964 552 310 or email us on [email protected] to discuss your property project. We’d be happy to offer you some free initial advice and a quote for you extension, loft, cellar or garage conversion and adding value to a rental property.
Tips taken from an article by Directline For Business.