If you’re in the real estate industry, or hoping to dip your toe into it you’re probably wondering where to begin and what to do initially. Well, you can start out with a property that has good potential, add value to it and make it rentable within a short space of time. Whether you’re hoping to rent your house out due to a move, or you have a second property that has potential to be a solid investment, here are some practical steps to help you add value to a property so that you can rent it out in the near future.
Start With the Basics
The first step is a very practical one, and doesn’t involve many decor trends or premium finishes. You need to focus on the safety and compliance of the property first and foremost. Obtaining safety certificates, carrying out electrical checks, securing windows, and installing working smoke alarms are all non-negotiables to begin with. A well-maintained property attracts better tenants and reduces issues later down the line. It’s also good to take an honest look at the wear and tear of the property. Improving scuffed walls, dripping taps, and tired flooring is going to make a better first impression when you put your home on the rental market.
Consider Layout and Usability
A property that flows well is much easier to market. If you’re hoping to be in this industry for a long time, it may be worthwhile to invest in more significant changes, and consider whether the current layout really works. Before making any structural alterations, it’s wise to consult experienced architects in your local areas who understand planning rules and building regulations. Even relatively small adjustments require permission and compliance checks, so it’s always better to seek professional advice to prevent delays and protect your investment.
Don’t Cut Corners
Even though it can be tempting, you never want to run the risk of cutting corners with your home renovations, especially if your long-term goals are to rent it out. Rental properties need to be in it for the long game, so spending slightly more on durable materials, proper installation and energy efficient upgrades can reduce maintenance costs and appeal to more reliable tenants. Ultimately, improving a home to rent is all about finding a balance. You aren’t looking to create a perfect show home, but a safe, clean, functional space that people are happy to pay for. Tenants are becoming more and more conscious of running costs, so try to focus on energy efficiency, improved insulation and upgrade windows to make sure your property meets all of the current standards and expectations.
As you can see, all of the ideas outlined above will make a real difference when it comes to adding value to your property. Soon enough you will have a fully refined establishment that is ready to earn you some passive income, and fulfill a passion you’re truly interested in. Make sure you follow each step carefully as this will help you to achieve long-term success rather than short-term wins.
