The first step to building a successful portfolio is of course to purchase suitable properties. You may have developed this portfolio to the size you planned, but are you receiving the yield you anticipated? Or are you thinking about your options to make even more out of your investments? If so, it may be worth looking at making some home improvements.
NAEA Propertymark, the professional body for estate agents, has revealed that UK homeowners have spent a total of £41 billion over the last five years on making home improvements.
Every house has potential to be changed to fit trend expectations, it is just a case of deciding which trend to follow. Whether you decide to go down the route of modern, or a more traditional look, a bit of TLC could not only increase interest from prospective tenants, but also justify an increase in rent prices.
If you are looking to sell on a house in order to move up the property ladder, then you may be aware of how much more difficult this has become due to recent growth in house prices. A refurbishment of the property you are looking to sell may be the answer, providing you with wider funds for investment.
NAEA Propertymark’s research has also shown that 73% of homeowners have made improvements to their property over the last five years. This changes include redecorating, landscaping the garden, adding new flooring, and refreshing the bathroom.
Perhaps now might be the time to consider such changes. We’ve put together the following suggestions to get you started on making your property more desirable to the potential buyers out there:
Bathroom
The key features of any bathroom are the toilet, sink and bath, so you might want to improve the appearance of this room by ensuring the suite match. Colour and style should be consistent, to maintain the vibe of a clean and updated area. You might not want to go too dark with the theme, as there will probably be little, if any, natural light to balance it out. Try looking for a suite that is minimalist in appearance, but also good quality.
Consider Making some Home Improvements
Kitchen
The kitchen is an important room, even for those who are not avid chefs. No matter how little time you spend in this room, you can’t avoid it. Even for those eager to elude home cooking, the culinary potential offered by a sleek and stylish kitchen can be persuasive.
Lounge
If you’ve got a fireplace, make sure to clean it up and ensure it is in working order. If you’ve put up any decorations then keep them contemporary. Consider black and white canvases of local landmarks to give it a welcoming touch, without becoming too personal to your own tastes. Is your property furnished? Don’t simply flip the cushions of the sofa, get them cleaned, or if you really want to make an impression, replace it. Advertising that your property is newly furnished only adds to its appeal. The same applies to curtains and blinds; clean and modern will impress.
Dining Area
If your property has a kitchen/dining room or a lounge/dining room, consider the layout of any furniture. Making the most of the space in your property will help it feel more open and inviting. Swap tables and sofas around until you’ve found the best look. This way, potential tenants or buyers will feel like they are getting more for their money.
Skirting Boards and doors
This one applies to the entire house. Even if all you do is touch up the paint job, it can give each room a newer feel that says the property is fresh and ready to move into. If any parts of skirting are coming away, then it won’t take much time or effort to replace it. If needs be, replace the doors as well, as a matching set throughout the house can be quite appealing. First impressions are important, and rundown fixtures and fittings cannot be hidden.
Walls and Ceiling
If anywhere in the property there is a rough paint job, or the artex has had its day, then give them a touch up. Neutral colours can give the house a fresh and rejuvenated look.
Garden
The exterior can be just as important as the interior. It doesn’t take much to neaten up a garden, unless it has been long neglected in which case it definitely needs sorting! Get rid of the weeds, replace broken slabs, and sow some grass seeds in any patchy areas to give this area a new lease of life. To make a good first impression, make sure you mow before a viewing.
Energy Efficiency
By improving the Energy Performance Certificate (EPC) rating of a property, energy bills can be greatly reduced. Using LED lightbulbs, replacing windows with double-glazing (also good for keeping noise out), and ensuring there is adequate insulation in the loft are all ways in which you could make such a change. Consider replacing an old boiler with a more modern, energy efficient one as well to make a big difference. With the new MEES now in place since 1st April, properties up to let are required by law to have an EPC rating of E or higher.
Mark Hayward, Chief Executuve of NAEA Propertymark has said: “Your house will almost certainly be more attractive to buyers with some general sprucing up and cleaning, and improvements that create a sense of space, privacy and give a great first impression will increase saleability.
“If you’re making improvements to add value to your home, it’s important to not over-personalise the décor so it appeals to future buyers, and will allow them to adapt the property to fit their own needs.”