Our Tips for Renovating Your Flat to Make It More Rentable
Are you already a landlord or have you recently invested in a rental property? Find out how renovating a property can improve its profitability and increase its rental value. In this article, you will also discover what kind of work is needed to improve the rentability of your flat. While replacing damaged linoleum and giving a clean coat of paint will make it easier to find a tenant, this type of work does not increase the monthly rental price. On the other hand, this will be the case for a kitchen or bathroom renovation or the installation of an efficient, energy-saving heating system.
Bringing the property up to standard
The first thing to do in your flat is to check the condition of the electrical system and make sure all the sockets and switches function properly. Next, look at the plumbing. Inspect the condition of the pipes, ensure that the taps are working properly and check for leaks.
In addition, renovations that improve the comfort level of the property are one of the most cost-effective types of renovation projects. Double-glazed windows, sound insulation and heating increase the overall quality of the flat.
A poorly insulated and poorly maintained flat will deter potential tenants. There are a number of energy efficiency incentives that can help you finance some of this work.
Freshening up the floors and walls
Renovating a bathroom or kitchen and installing roller shutters is a cost-effective way to renovate. However, they are a substantial investment that is not necessarily essential in a rental project.
On the other hand, it is important to give your flat a fresh look. Freshening up the walls and floors will change the look of the property. Repainting can give a room a completely new look. Choose white, light, and neutral colours. Laying parquet flooring can also add character to a flat.
Playing with volumes to enlarge spaces
Playing with volumes gives depth and a sense of space to a room. There are many stylish and innovative solutions for making the most of the square metres of a flat.
Using an interior designer can really make a difference, as he or she will have ideas on how to play with mirrors, bring in light, create a skylight, remove partitions, etc.
Another way to optimise space in your flat is to pay special attention to storage. Optimising and hiding storage can save space and make your flat more practical. Here again, the interior designer can come up with clever solutions, such as modular or folding furniture or built-in storage units.
Choice of materials
The choice of materials will influence the overall price of the renovation, but for a long-term investment, it is recommended to use quality materials. However, quality and good craftsmanship do not necessarily mean luxury and high-end. A nice parquet floor, faucets, and a stylish modern kitchen will influence the price of the rent you charge.
If you decide to let a furnished flat, make sure you choose furniture that is nice but also as neutral as possible. Your tenant should be able to easily make the place their own.
An architect will be able to help you with the choice of cost-effective materials so that they are suitable for your project, the style of your flat and the rent you intend to charge your future tenant. Get in contact with our partner architects on Find-My-Architect.com!