We know that tenants are generally prepared to pay more to rent a home that is a step above most of what’s out there in the market. So, in addition to ensuring your property is safe and comfortable, it’s worth making an effort to offer not only a better quality of accommodation and décor but also little extras that will improve your tenants’ experience and standard of living.
Here are five simple upgrades that will make your property more desirable to tenants and help you secure the highest possible market rent, longer tenancies and fewer void periods.
1. Improve the exterior ‘kerb appeal’
Sometimes the simplest improvements are the most effective, and the reality is that first impressions really do matter. Prospective tenants want to be reassured that a property is well maintained and secure, so consider whether you might need to:
2. Provide modern appliances
Energy saving, basic white goods that are simple to operate and cheap to run should last several years – just make sure your tenants have instructions on how to keep them working efficiently. But if your property is furnished, we’d recommend you also invest in a few kitchen appliances that don’t come as standard in most rental properties, such as:
Even if your rental is unfurnished, it’s worth offering to supply these kinds of items to incoming tenants, particularly if they’re planning to live there for several years.
3. Install a smart meter and thermostat
Having a home that’s easy and cost-effective to heat is a big selling point with tenants. Installation of a smart meter at no extra cost, and that will let your tenant easily see how much energy they’re using and when.
Then there’s a lot of smart tech out there that can help them manage when and where in the property they have heating. Smart thermostats and heating controls connect your heating system to the internet, meaning tenants can control it remotely from their smartphone. These typically cost somewhere between £100 and £250, but we think they’re worth the investment now as they’re likely to become considered the norm in the future.
4. Upgrade the bathroom fittings
A decent shower is high on most tenants’ wish lists, so if yours is five or more years old, it’s probably time to look at replacing it. At the same time, upgrading the taps and other fittings can help give the whole bathroom a fresh, modern look, without the need to completely refurbish.
5. Provide secure storage
Lots of tenants are looking for somewhere that has a secure shed or other type of unit where bikes, sports equipment and other possessions can be stored. Even if there isn’t very much garden or outside space, it’s generally worth fitting in some kind of storage facility.
6. Add an electric car charging point
If your property has a private driveway, adding an electric car charging point could open up the desirability of your property to even more tenants. Because these aren't overly common yet either, tenants with an electric car may be willing to pay more in rent for this.
Of course, tenants’ needs and wants will differ, depending on the type of let you have and your target market. So, to find out what improvements would be most worthwhile for your property, get in touch with your local branch and one of the team will be very happy to advise you.
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