If your buy-to-let property is in hot demand, you’ll be able to charge a premium and make good money from rental yield. The good news is, it’s not too difficult to give your property the ‘wow factor’; it’s just a matter of knowing how.
With that in mind, here are some ideas to help you.
Before You Purchase Your Buy-to-Let Property for Sale
- Make sure it’s near a train station / school. Tenants will happily pay more if it means they’ve got less distance to travel to the train station. Ditto if they’re in the catchment area of a good school.
- Make sure the road is well-regarded / upcoming. Choose an area with a good reputation, or one that looks likely to improve in the future. Again, this will push your rental rates up and boost profits.
- Choose a place near some local shops. Local amenities are always prized by tenants. Even a corner shop or pub can make a difference to the rental rate you can charge.
Enhancing the House to Appeal to Tenants
- Maximise the space. Tenants value space (particularly those with children). There are many ways you can achieve a sense of spaciousness; for example, knocking through the lounge / dining room wall to create a larger living area, or building cupboards into alcoves, rather than having freestanding storage.
- Cash in on period features. If your property has hidden period features, invest a little time and money into making the most of them. To give you an idea of the sort of features we mean, exposed beams and brickwork are a major draw, as are Victorian fireplaces, original sash windows and floorboards.
- Capitalise on the garden. If your buy-to-let has a garden, it’s imperative to cash in on its potential. Even a neatly mowed lawn and a clearly defined dining area has the potential to appeal to a tenant. A few flowers in pots and a few shrubs will also work wonders.
- Paint neutral (but not dull). When we say a neutral paint palette, we’re not automatically talking magnolia. Instead, think light fawn or grey colours; as these are light enough to make the room feel airy, but still dark enough to hide any grime over the coming years. Don’t go for any strong colours – you might love it, but equally, it might turn your tenants off.
- Invest in the right furniture. If you’re going to supply furniture, choose wisely. For example, a sofa with legs (where the base is elevated off the floor) will make a room feel larger, as it doesn’t interrupt the ‘flow’ of the floor. Smaller furniture means that rooms don’t feel swamped. Also, when it comes to storage, opt for under-bed storage, for example, rather than a huge wardrobe.
The Buy2Let Shop
At The Buy2Let Shop’s property investment seminars, we often talk about maximising ROI – and the techniques you can use to make a good profit from your UK property investments. If you’d like to know more about our free property seminars in London, or about our other services, simply visit The Buy2Let Shop website today.