How to up your renting game with renovation
By Emma Martin, 20 December 2017
When renting out property it is crucial to know how to attract tenants, as well as how to keep existing tenants happy in their home and maintain a strong relationship. It is important to make sure that a rental property is updated regularly, with renovations ensuring that a property is kept to minimum standards, as well as working to attract and keep tenants on a long term basis.
New research has revealed which parts of our homes we neglect for the longest, and which rooms may require an update. The survey, which was carried out by BetterBathrooms.com asked 1,012 UK homeowners how often they update properties, and which rooms are at the bottom of the list when it comes to renovation.
The study showed that the bathroom is the least regularly updated room, coming out at a 60 month average. 68% of responders agreed that they leave the bathroom for the longest period, with the kitchen coming in at close second at 62%. The reasons for this generally come down to the fact that both bathrooms and kitchens often require a greater cost to update and are a ‘bigger project’. Next to these came the dining room, followed by bedrooms and last of all, lounges.
Head of Marketing for BetterBathrooms.com Lee Glenister, commented on the results, “Brits are becoming even more house proud, but it is surprising to see how the bathroom is often left last.”
“Obviously, cost is a big consideration when it comes to refurbishing larger projects such as the bathroom or kitchen. That said, home owners don’t need to change everything in the room in order to make it look refreshed - in fact updating one feature such as the taps, paint or the toilet can make a difference.”
Renovating and updating a house can considerably boost the market value price, with 42% saying that they would be prepared to pay extra for a new home if it came recently refurbished with no extra work needed. On top of this, one in three of those surveyed commented that having a well presented house with modernised rooms was a key factor when purchasing a new property.
Not just important to the value of a house, though, keeping a property modern and up to date it is also central when it comes to renting. When looking for a new rental home tenants are far more likely to be drawn to a property that has been recently updated, with tasteful décor and modern appliances and fittings.
So, if you’re a landlord who has neglected your bathroom or kitchen (as many of those surveyed admitted to!) it may well be worth the extra money and effort to give your rental property some TLC!
As the traditional deposits model looks increasingly outdated, alternatives are beginning to be suggested
It is not only young people who are renting in greater numbers
What features are most important when looking for a buy-to-let property?
Many tenants may be putting their lives at risk due to a lack of knowledge
Research shows that more and more people are renting in the long term