5 Ways to Maximise the Value of Your Rental Property
Here at Gro Residential, whether you own and manage 5 or 500 rental properties, we want to ensure that you always get the best return on your investment. Before putting your properties on the market, it might be worth considering if there’s anything you could change or add to maximise their value. Sometimes very small changes can reap very large rewards. Take a look at these 5 ways to ensure that your rental property has reached its full potential…
- Market your property to the right markets: getting the best return on your investment means finding the right tenants. Discussing the implications of signing with different groups of tenants with a locally-wise letting agent is the best thing to do. Gro Residential, we create a one-of-a-kind relationship between letting agent, landlord and tenant, to ensure that we find the tenants that are right for you.
- Increase storage space: one of the simpler changes to make, increasing the storage space available will highlight to potential tenants that this is a home, not simply a property. This is especially important when marketing your property to families or couples.
- Add en suites: an obviously more costly way of maximising your rental property’s value, though a hugely significant one. This widens your market to include the perhaps wealthier tenants who are open to increasing their rent for these kinds of extras.
- Installing new floors: laminate, stone, tile or hardwood will significantly reduce cleaning costs in comparison with the standard carpet or linoleum flooring, not to mention the increased value which comes with the more stylish status offered by such materials.
Extensions: should your property permit it and planning permission be obtained, adding an extension with extra rooms and facilities will naturally increase both the rental and overall value of your property. When considering the long-term future of your portfolio, extensions are certainly an option to keep on the table.
