^Rental Property and Making Improvements
For Landlords
If you are a landlord to a property or properties, getting unit/s ready for renting would surely need cashing out big money. Improvements might include renovation, a new kitchen, new furniture, window change, and insuring security locks. All these though would up the value of the property and be endearing to those who would later use or rent.
Pros
- Safety is insured. Having your property renovated would entail a number of consultations and standard checks. Following building protocols mean that occupants will be in safe conditions.
- Property Value. Newly-renovated properties are not only good to look at, they’re cozy to live in and even adds value to the community.
- Better Chances for Occupancy. Beautiful properties could mean increased occupancy chances, as people generally look for places that are good to live in, of course.
Cons
- Costs. Older properties could need higher costs for upkeep.
- Harmful Materials. Standards have changed and what
To save you time and money, consult property management services and rental management companies. The former would be the ones to find contractors to do renovations on your property while the latter would be responsible in marketing your rentals. GuestReady, an Airbnb management company is one such company, they would take care of your property for you including cleaning, marketing, and guest relations. You can be sure that your rental property is at its best and your guests are well taken care of when you avail of their services.
For Tenants
Even though you might be a long-term tenant, you should invest money on improvements to the home in which you live. Some people spend their entire lives in a house that belongs to their local authority. It is as much a home to them as it would be if they held the deeds to it.
It is a difficult question to answer, but we will try to get to the bottom of it today. If you want a new kitchen but don’t know whether to spend money on one, read on. Here are the pros and cons of making improvements to a rental property.
Pros
Let’s assume that you undertook a rental property search in London and are delighted with the area in which you now live. The owner of the house may have agreed to a long lease, so you can put down roots for the foreseeable future. Here is why I think it is acceptable to make improvements to it.
- Standard of living. Even though the surroundings are pleasant, we have a natural urge to improve them. A bathroom with a green suite might be functional, but it is not attractive. If you install a new suite and tile the room to bring it up to date, it will help the way you feel about your lot in life.
- The quality of accommodation can have an affect on your mental health. An old, stuffy house might not help someone who suffers from depression. Think about those with breathing difficulties too; maybe new central heating will help over the winter.
- Perhaps you can save money by improving the building. It may benefit from extra insulation that will bring the energy bills down. The boiler might be ancient and using more energy than it should. Updating it seems logical, and it will pay for itself many times over if you spend a couple of decades in the property.
Cons
Pouring your hard-earned cash into a building that does not belong to you is a big no. It is the landlord who profits from it at the end of the day. You will never own the property, so the money is not an investment for you.
Will the landlord maintain the features that you install? They are responsible for their fixtures and fittings, but what happens when you change them? It is an area that you must agree upon before you start work on the house.
Will the improvement increase the rental value of the house.? It wouldn’t be fair if you had to pay more rent because the improvements you undertake make it more desirable. I think you should discuss that too.
As you can see, the financial implications dominate the argument. Many people rent by choice and have no intention of moving out, so what is the harm in making the place comfortable and enjoying life there? After all, you only live once… as far as we know, so do it in style. As long as you have a secure tenancy and clarify the above points, I say go for it; what is the worst that can happen?
