Letting out property in London has a reputation for being quite straightforward. The demand for new housing is seismic, and rent prices have been spiralling for many years.
With that said, it’s often worth treating a property to a bit of renovation before you put it onto the market. This will allow you to target more high-value tenants, and ultimately to charge more in rent, and increase the return on your investment.
Some refurbishments tend to yield better results than others, when it comes to the attractiveness of a property. Let’s take a tour of some of the worthwhile investments.
We might not think of a bathroom as the most critical room in a given property. After all, most of us only spend a few minutes in there every day, which makes a fairly sharp contrast with your living spaces and kitchen. Still, any perceived grottiness in the bathroom may stick in the memory of a would-be tenant. Details like shower sealant and grout can make a big difference to how the room is percieved – which can in turn affect how the entire property is perceived.
Replacing corroded pipes
Corrosion in your pipework can lead to problems further down the line. Where the metal has thinned out, it’ll be more likely to burst. If the corrosion is visible, then you’ll find that tenants will notice and be less than impressed.
Ideally, you’ll want your pipework to be concealed and nicely insulated, especially when it’s running through areas that aren’t properly heated, like the loft space.
Homes that perform better when it comes to energy efficiency will tend to perform better in terms of rent. You’ll be able to sell the property as costing less in terms of gas and electricity, even if it does cost slightly more in terms of rent.
There are a number of measures you might implement to improve your energy efficiency. Insulating the loft, installing superior doors and windows, and replacing the boiler might all be worthwhile. Just be sure that you’ve taken adequate steps to ensure any insulated spaces are adequately ventilated.
Replacing the heating system
In very old properties that are in need of major surgery before a tenant can move in, it might be worth thinking about tearing out the entire heating system and replacing it with something more modern and efficient. For example, in properties with a one-pipe system, you might go for a flow and return system, so that the hot water runs directly to every radiator in the house, rather than going through each of them in sequence. You might also consider replacing the radiators themselves, too.