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Renovating to Rent?

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  • 11-06-2010 2:35pm
    #1
    celod
    Closed Accounts Posts: 55 ✭✭


    I will be moving to the UK in September for work purposes and will be looking to rent out my one bed apartment.
    I'm wondering if i modernise/renovate the place will the rental price increase much. I could put in a new kitchen and paint all the walls cream (they are currently yellow) etc. But i'm not sure if it will be worth the money in the end.
    Does anyone have any advice in this regard?
    The main plus of the apartment is probably its proximity to the city centre - 10 mins walking, but its certainly not very big or luxurious, so i don't know if a higher standard of finish will make much of a difference. I'm comparing rental prices of similar properties at the moment and it doesn't look like the rent will even cover the mortgage. Any advice is much appreciated.


Comments

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    #2
    OMD
    Registered Users Posts: 2,458 ✭✭✭OMD


    All depends on condition at present. Have you thought of selling?


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    #3
    celod
    Closed Accounts Posts: 55 ✭✭celod


    OMD wrote: »
    All depends on condition at present. Have you thought of selling?

    The condition is fine, the yellow walls don't really need a paint, i just think it would look better and bigger in a light colour. The kitchen is basic, but fine as well.
    Selling now wouldn't even cover the mortgage that is left, its a lose lose situation at the moment i'm afraid. :(


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    #4
    SoupyNorman
    Registered Users Posts: 4,257 ✭✭✭SoupyNorman


    www.daft.ie should be your ultimate tool. You can use it to research similar properties in your area/building. See what they are renting for, check out the finish and extras they may provide over your property.

    From reading your posts I feel you are coming at renting the property from completely the wrong angle.

    Saying 'it doesnt really need a paint job' actually means that it does. It may be ok for you(not suggesting your standards are low!!), living there but you need to try make the apartment feel as un-lived in as possible, remove as much clutter and personal affects as you can (stick them in storage).

    If it was me I'd:
    • Paint all ceiings matt white
    • Paint all walls matt magnolia
    • paint all woodwork satin white
    • get new carpet or shampoo current one
    • Clean the kitchen...and I mean CLEAN it.
    • You really want to make the place look as close to new as possible
    • New plates, cutlery, maybe even a new kettle and toaster, does not have to be expensive but new items are alot more attractive.
    I'm wondering if i modernise/renovate the place will the rental price increase much

    There should be no wondering on this, it may not guarantee a higher price but it will certainly increase your chances of letting the property out.


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    #5
    celod
    Closed Accounts Posts: 55 ✭✭celod


    SoupyNorman wrote: »
    www.daft.ie should be your ultimate tool. You can use it to research similar properties in your area/building. See what they are renting for, check out the finish and extras they may provide over your property.

    From reading your posts I feel you are coming at renting the property from completely the wrong angle.

    Saying 'it doesnt really need a paint job' actually means that it does. It may be ok for you(not suggesting your standards are low!!), living there but you need to try make the apartment feel as un-lived in as possible, remove as much clutter and personal affects as you can (stick them in storage).

    If it was me I'd:
    • Paint all ceiings matt white
    • Paint all walls matt magnolia
    • paint all woodwork satin white
    • get new carpet or shampoo current one
    • Clean the kitchen...and I mean CLEAN it.
    • You really want to make the place look as close to new as possible
    • New plates, cutlery, maybe even a new kettle and toaster, does not have to be expensive but new items are alot more attractive.



    There should be no wondering on this, it may not guarantee a higher price but it will certainly increase your chances of letting the property out.

    Thanks for the advice, i was planning on painting everything, but then someone told me that painting over the yellow would prob take 3 coats of paint and cost a lot of money.

    Maybe the new kitchen would be going overboard as i assume it would cost a couple of grand to get a new kitchen.


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    #6
    edellc
    Closed Accounts Posts: 1,787 ✭✭✭edellc


    Yellow doesnt take three coats to hide i recently painted the rental property im in had horrid yellow walls now they are a nice light airy cream makes the room much bigger

    you dont need a new kitchen but for heavens sake make sure its clean and like last poster said make sure it is clean

    also make sure bathroom is clean too everyother room can be improved with throws and curtains but kitchen and bathroom cant they need to be clean

    this may not increase rental price in this day and age but at least you will rent it rather than have it idle and generating no revenue

    also play nicely with tenants :-)


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