How to Refurbish a Property to Let It Out

A landlord in the North-West has claimed that the government should renovate and refurbish current buildings, rather than rely on building new properties. Stephen Goodison says that local authorities should be able to seize properties left empty for more than two years, allowing them to be returned to the market.

This could be a major opportunity for landlords. Refurbishing a property before letting it out is an excellent way to increase its rental value, attract quality tenants and reduce long-term maintenance costs. A well-planned refurbishment can transform a dated property into an appealing rental, setting it apart in a competitive market.

This guide focuses on how to refurbish a property to make it rental-ready, covering essential upgrades, budgeting tips and what to prioritise.

How to Refurbish a Property

1. Set a Clear Budget and Stick to It

Before starting any refurbishment project, establish a clear budget. Consider your target rental market, local rent levels and expected return on investment. Aim for updates that improve both functionality and appearance without overcapitalising on costly upgrades that might not increase rental returns.

When budgeting, factor in costs for materials, labour and any unexpected expenses. A contingency of around 10-15% is generally recommended to cover unforeseen issues. With a realistic budget in place, you can make informed decisions on where to allocate funds most effectively.

2. Assess the Property’s Condition

Before diving into aesthetic upgrades, assess the property’s structural and essential systems. Major issues like damp, electrical faults, plumbing problems or roof damage should be addressed first, as these can impact safety and rental compliance. A thorough inspection will help identify essential repairs, allowing you to prioritise fixes that could become costly if left unattended.

3. Focus on Essential Upgrades and Compliance

When refurbishing a rental property, certain upgrades are essential to meet safety and compliance standards. Ensure the property has the following:

●       Smoke Alarms and Carbon Monoxide Detectors: These must be installed as per UK regulations, with at least one smoke alarm on every storey and a carbon monoxide detector in any room with a solid fuel-burning appliance.

●       Electrical and Gas Safety: Hire qualified professionals to conduct annual gas safety inspections and periodic electrical safety checks (EICR), ensuring all systems are up to code and compliant with legal requirements.

●       Energy Efficiency: Improving energy efficiency not only helps you meet UK rental regulations (EPC rating of E or above) but also attracts tenants looking for lower energy costs. Simple updates like adding insulation, sealing drafts and installing energy-efficient lighting can make a big difference.

4. Prioritise the Kitchen and Bathroom

The kitchen and bathroom are two of the most critical areas for prospective tenants. A modern, functional kitchen and clean, stylish bathroom can make your property highly appealing and justify a higher rent.

For the kitchen:

●       Upgrade Fixtures: Replace outdated cabinets and worktops, or give cabinets a fresh coat of paint for a cost-effective update. Consider stainless steel finishes for a modern, clean look.

●       Appliances: Durable, energy-efficient appliances add value. If your budget allows, provide a high-quality oven, fridge and washing machine that are easy to maintain.

For the bathroom:

●       Replace Fixtures: New fixtures, such as a modern sink, toilet or shower head, can transform the bathroom. Even small changes like updated taps and lighting can make a big impact.

●       Tiling: Consider easy-to-clean, waterproof tiling in neutral colours to create a clean, fresh look.

●       Ventilation: Good ventilation prevents damp and mould – issues that can deter potential tenants.

5. Choose Neutral Colours and Durable Materials

When refurbishing a rental property, opt for neutral colours and materials that appeal to a wide audience and allow tenants to personalise their space. Neutral shades of white, beige, or grey create a light, open atmosphere and make rooms feel larger.

In terms of materials, prioritise durability to minimise future maintenance costs. Choose robust flooring, such as laminate or vinyl, that withstands wear and tear. In high-traffic areas, like hallways and living rooms, durable, stain-resistant paint is ideal for walls.

6. Enhance Storage Solutions

Tenants value storage space, especially in smaller properties. Adding built-in storage solutions like shelves, wardrobes and cabinets maximises space and improves how functional the property is. Simple additions like storage under stairs, wall-mounted shelving or additional wardrobe space in bedrooms can significantly enhance the property’s appeal.

Peace of Mind With Property Management Services

Now you know how to refurbish a property to let it out, the hard work begins. Becoming a landlord is a time-consuming job and that is why it makes sense to outsource elements like property management. At Executive Property Management Solutions, we offer two different outsourcing options that free you up and keep your tenants happy and satisfied. Contact us today to find out more.