Landlord DIY projects that could add or deduct value
Whilst lockdown meant restrictions on the nation’s travel and leisure activities, a recent report from ONS indicates that the extra time spent indoors wasn’t wasted.
Four in ten Brits started cooking (45%), gardening (42%) and reading (44%).
As well as nurturing new hobbies, ONS claim that a third of the population turned their sights to home renovations, with 32% completing DIY tasks around the house.
With the rental market showing increasing activity and opportunities for buy-to-let investors, here are the most valuable DIY projects that you can undertake as a landlord to increase the value of your property.
According to CIA Landlord, home offices are now the highest valued feature for tenants and buyers – unsurprising, given the new workforce dynamics, which sees a more even balance between remote and office working in the UK.
The installation of a home office should come to around £1,715 in order to see significant improvements to your property’s overall market value.
To really appeal to prospective tenants or buyers, we’d recommend that you use space effectively, consider colour schemes that stimulate the imagination, reduce distractions, maximise natural light and ensure that the room has sufficient sockets and a reliable WIFI connection.
Next on the list for your DIY makeover is replacing carpets in your property. After ten years, it’s advised by most manufacturers to do this, as it will be showing signs of wear and fading in colour.
Although this comes with an approximate cost of £700, as many as 43% of women are willing to pay more in return.
Likewise, new curtains and light fittings are relatively inexpensive at £23.50 and £7 respectively, yet one in four of those looking to rent would pay significantly more for a home that’s recently had these installations.
As the central area of the home, you might expect DIY projects in the kitchen to be the highest valued by tenants and buyers.
Less than 10% would deem painted floorboards and cabinets as an important feature. So, unless you’re looking at a complete remodel, tackling smaller items within the kitchen may have a smaller impact than you’d anticipated.
Conversely, having a home bar seems like a feature that would differentiate your rental, but with prices starting from £1,610 for a self-installation, only 14% feel it adds value to a prospective home.
If you’ve recently completed renovations or DIY projects on your property, obtain an updated valuation to find out how much value it could have increased by.
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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