Renovate to Rent or Spruce to Sell?

Following my parents decision to delegate the big responsibility of what will happen to our family home, to me – we have almost come to a final verdict. Renting is the strong contender here, but before anything is set in stone the property does needs some attention, whether we are selling or letting. It is structurally sound, however there are some aesthetic improvements that can be made to increase quality and efficiency of the property which will in turn increase the sale or rent value.

With becoming a landlord comes great responsibility and there are important regulations that need to be followed. For example, proprietors are expected to maintain the roof, windows, ceilings and walls to a safe and secure standard. Recently, there have been some horrifying renting stories of rogue landlords not maintaining their properties, which the government are now cracking down on, by introducing a brand new set of standards and regulations.

Period Property Problems

Picture by Wikimedia Commons

Brighton & Hove boasts a variety of property styles from different styles across many buildings in conservation areas. Preserving the heritage of these buildings is very important, therefore there is strict planning permission issues when it comes to renovating these properties. However, with any old property there will be aspects of the interiors and exteriors that will need updating for security and efficiency purposes.

When looking to update these types of properties, keep with the theme. If it is a Georgian period home, then source out Georgian windows or if it is a traditional Tudor style home look for quality timber windows that blend in and improve the curb appeal. These improvements will increase security, are low on maintenance and good at conserving heat and money while also reflecting the feel of the property. Although this may not be the most cost-effective option for the landlord, it is a feature that will add value when letting a property whilst also insulating and draught proofing a home.

Increasing Space

Although not all that discrete during the process, a house extension is a huge investment with great rewards. Having an extension like a basement conversion, loft conversion or garden extension can increase the floor space of a property whilst still maintaining the overall period look of a property. These types of extensions have witnessed a 26% rise in planning applications within the past four years. This is of course, for those with a much bigger budget and more beneficial for those who are wanting to sell.

London is the most expensive place to live in the UK and adding an extension can add around £60,000 to a property. With Brighton being the second most expensive place to live outside of the capital, we can expect similar added value, with around £4,804 per m².

Budget Changes

For those, on a smaller budget like us, there are simpler changes and improvements that can be made but still will improve the rent value and quality of the property. When renting out a property, an Energy Performance Certificate (EPC) is required. This will show areas in a property that can be improved upon to help cut costs for the landlord. For example, small changes like draught proofing doors and installing low energy lighting are improvements that cost less than £50 for a two-bedroom mid terraced house.

With certain standards needing to be met, we need to have a realistic look at what is achievable for our property. I also need to have a further look into these new rules and through talking to some of my father’s friends it seems rules and regulations are ever changing for landlords in a bid to crackdown on the dodgy ones. It’s a shame how a few unreliable proprietors can ruin it for the entire community!