For landlords and investors, it is important to keep properties modernised and in good condition for tenants. It can be a challenging task to renovate a property in Glasgow because it requires skills, expertise, and professional knowledge to ensure the process is carried out smoothly. Here is a brief guide to property renovation in Glasgow.
Why Should You Renovate a Property?
- Upgrading a property to durable, modern appliances will save time and money on maintenance repairs in the future.
- Will be able to raise rent prices which will then result in high quality tenants. This means more profitability for you.
- Renovating your owned property will increase the overall property value. Higher valued properties will become more popular, more expensive and the demand will increase.
- Beat your competition in the area by keeping the property modernised. If tenants are on the hunt for a property in that area, and your place is newly renovated compared to the others on the market for that area, they are more likely to choose yours.
What Should Be Renovated in a Rental Property?
The big question that many landlords and investors ask is ‘what is worth renovating?’. It is important that money is being spent wisely to ensure you are not throwing it away in return for nothing. The aim is to earn the money back from renovating through profits, but it is important to thoroughly think about the property you want to renovate and weigh up which areas or appliances need renewed. As well as this, you want to make sure whatever it is that you are renovating, is going to make a difference to the rent price.
- The Kitchen – It is found that tenants more than likely look for modern kitchens. Renewing this area of a home/flat can increase the value massively.
- The Bathroom – Again, this is an area of a property in which tenants have high expectations for. An old, run-down bathroom can be an immediate dealbreaker.
- Flooring – Replacing floors can be another great way of making renovating worthwhile. Choose flooring materials that are durable, attractive, and low maintenance.
- Paint – This goes for walls and ceilings. Ensure every room has had a new lick of paint to give the property that “new” look. A lick of paint can transform a room more than what you think, especially white.
- Add Amenities – adding things like dishwashers, storage spaces etc can be an attractive feature to any property. This saves the tenant money when looking to rent and saves them the effort of buying and installing it themselves.
How To Get Started
Now that we have been through why’s and the what’s of property renovation, it is important to know what option is available to you to help and assist you to get started. For property renovation in Glasgow you can seek guidance from a letting agency themselves and they will be able to assist you through the renovation process to ensure there are no errors.
The main benefit to using an agency to guide you with this, is they already have existing skills, experience, and knowledge. They can offer professional advice to aid the success of your renovation process.
As a landlord or investor, it is your responsibility to ensure that every property is an enjoyable living space for any tenant. Renovating is always a good idea and will benefit you financially in the long run. Happy tenants lead to a smooth sailing renting process. Consider seeking help and advice through the process as it can save you time and effort tackling the task alone.