Posted on: 30 August 2018Share
If you're considering moving house because your current property no longer suits your needs, having a few renovations done can be a great alternative, letting you stay where you are and still have the home you want. And if you have decided to move elsewhere, renovating your current property can make it easier to sell, also attracting a higher price so you can make a profit on any work you have done.
There's also a third possibility, though, and that's keeping hold of your property and letting it out while you buy a new home. People in this situation don't always realise the potential of renovating beforehand, but there are a few things you can do before putting your house up for rent to make it a more successful endeavour.
Add extra bedrooms
In densely-populated cities with high rent prices, people are more likely to be sharing properties by renting a room. If you add an extra bedroom or two, you can charge significantly more and recoup your costs fairly quickly. Extra bedrooms are also appealing to people with children, or couples who are planning on starting a family. It can help keep people in the property for longer, so you don't need to find new tenants. There are several ways you can increase the number of bedrooms. Divide large existing rooms in two, convert the attic or basement, even adapt a garage if it's connected to the house.
Improve the kitchen and bathrooms
People love their kitchens, and one that's laid out nicely and has appliances and fittings in good working order can make a huge difference when you're looking for tenants. The same goes for bathrooms, which have a significant impact on how potential tenants perceive a property. It's well worth upgrading both rooms to improve your chances. In a property where you expect multiple occupants, adding an extra bathroom is a good idea, even if it's only small.
Minimise future maintenance
Although it might not seem urgent, now is a good time to update the electrics and plumbing if it's an old property. This helps to reduce the chance of the property needing expensive maintenance without warning, and it's a good selling point to tell prospective tenants. You should also consider whether any structural elements need to be reinforced or replaced, as the property needs to be as durable as possible when you have tenants.
Get an extension
Having an extension built on your property is a fairly big undertaking, but it can be worth it. It's another way to add an extra bedroom, or maybe even a second kitchen or bathroom. Tenants may also want a room they can use as an office or study, and having the space to do so helps your property stand out so you can charge more rent. Contact local building contractors to learn more about your options.