PROPERTY RENOVATION UK: AN ESSENTIAL STRATEGY FOR MAXIMUM RETURNS

Posted on February 28th, 2024.

Are you a UK landlord looking to maximize the return on your investment? If so, you’re likely to be aware that there are countless methods for boosting rental income in London, but one that is often overlooked is property renovation. If this is something that you have been letting slide, then read on, because we’ll be exploring some renovation tips tailored for UK landlords in this guide.

The Importance of Renovations

Taking care of renovations has always been an important part of being a landlord. Not only do they increase the value of your UK rental property and facilitate the charging of higher rent, but a well-renovated property can also do wonders for tenant onboarding and retention. Property viewers are a make-or-break moment for your prospective tenants, and if they’re met with a recently renovated rental property in London with modern amenities, this could seal the deal!

Whilst renovations require up-front payments that may feel like unnecessary expenditure, it’s important to consider their long-term benefit. Not only will you find it easier to onboard new tenants and retain them, but a renovated property will also reduce the likelihood of expensive maintenance costs.

Before You Begin

Before embarking on any renovation project, it’s going to be important for you to be aware of any local regulations and building codes in London. Non-compliance can lead to costly fines and delays, so you should always consult with a professional if you’re unsure about any aspect of the renovation process. They will also be able to point out any renovations that may be lawfully necessary, which you have perhaps overlooked until now.

Ideally, you’re going to want to find a quiet ‘in-between’ period to conduct your renovations – the last thing you want is to miss out on tenants for an entire year, just because you were renovating the property during peak rental season. Plan your projects strategically to ensure a seamless transition between tenants, and if renovations are necessary whilst you already have tenants, transparency and communication are always the best bet.

Energy Efficiency: A Wise Investment

Let’s kick things off with arguably the most relevant renovation motives – energy efficiency. Improving energy efficiency not only attracts eco-conscious tenants but also reduces utility costs, a win-win situation. If your property is rented as fully furnished, this could consist of purchasing more modern and environmentally economical appliances and white goods.

However, the best way to tackle energy efficiency is at its roots. For example, insulating your property can greatly help maintain a comfortable temperature and lower heating bills. Alternatively, double-glazed windows and energy-efficient boilers are also great additions that will help your tenant’s energy go further.

First Impressions

The next renovation suggestion is perhaps even more important than energy efficiency – renovating your property’s entrance. First impressions count, so don’t neglect the exterior of your property – it doesn’t matter how modern the interior of your property is, because if the front garden or entrance is an eye sore, it will be a major turn-off for tenants.

Thankfully, renovating your front garden or property entrance is usually pretty cheap. Invest a few hours into professional landscaping if you have a front garden. Apply a fresh coat of paint to the front door and windows, and generally give your property entrance some TLC. If you’re holding house viewings in the winter, don’t forget to ensure the entrance is adequately lit, otherwise, your prospective tenants won’t be able to see your hard work!

Kitchen and Bathroom Upgrades

Next up is your property’s kitchen and bathroom; the kitchen is often the focal point of any home, and this will be no different for your rental property in London. A well-designed, functional kitchen can greatly appeal to prospective tenants, so you should consider upgrading kitchen cabinets, countertops, and appliances. Stick to timeless and durable materials to ensure longevity and neutral colour schemes work best as they appeal to a wide range of tastes.

Your property’s bathrooms are similarly important. A modern and clean bathroom can make a huge difference to your tenant’s viewing experience, and if it has been properly renovated, this will certainly save you money from plumbing maintenance. Update fixtures, tiles, and invest some cash into a reliable plumber, and don’t forget to ensure that ventilation is in order. All of this costs money, but trust us – it will be worth it in the long term!

Flooring and Lighting

Two renovation areas that are commonly neglected by landlords are flooring and lighting. Flooring can have a significant impact on the overall look and feel of your rental property in a subtle yet powerful way. Hardwood floors are a popular choice for their durability and timeless appeal. If you’re on a budget, quality laminate flooring can be a suitable alternative, but don’t cheap out too much, as a flooring renovation could last you a decade!

Arguably even more important is lighting – nothing distracts potential tenants from an otherwise excellent property like poor lighting. Ensuring that your property is adequately lit can greatly transform spaces, and can give you a serious competitive edge to the tendency for landlords to skimp on bulbs and lampshades. Thankfully, it’s not expensive to illuminate your property, so there’s no excuse to miss out on this renovation opportunity.

Marketing Your Renovated Property

This may sound hard to believe, but many landlords renovate their properties, only to continue advertising their property in their previous condition – what a waste of money and effort! Once your property is renovated and ready for tenants, it’s essential to contact the letting agent or property management company in London you use and ensure that all of the information and photographs are updated to reflect the property’s renovations.

Professional photographs and a well-crafted listing description can go a long way in attracting potential renters and can make or break whether they decide to book a property viewing or not. Make sure you’ve highlighted any recently renovated features, emphasize the energy efficiency of the property, and don’t be afraid to get help from a professional photographer or copywriter to help your listing stand out!

Finally

Property renovation UK-wide is undeniably a savvy strategy for UK landlords looking to maximize their ROI. From kitchen and bathroom upgrades to enhancing kerb appeal and improving energy efficiency, there are various ways to add value to your rental property in London.

Just remember to budget wisely, stay compliant with regulations, and market your renovated property effectively, and your short-term investment will no doubt pay off for many years to come. Happy renovating!

Ashmore Residential has coverage of a wide range of areas throughout London

Call us on 020 8366 9777 or email info@ashmoreresidential.com to find out how we can help you market your newly renovated property.