In the US alone, the number of people renting property, instead of owning, is at an all time high. In 2016, 36% of the population lived in rented property and the percentage of people in rented property has been increasing since 2006. Not all property value is equal, however. A property with personality, that is truly itself, will garner more of a profit than one that isn’t and there are countless properties that could be put in each other’s place, simply because they are that bland.
A Bespoke Home
For the longest time, the word ‘bespoke’ has been thrown around in commercials with no explanation. And in the simplest terms, it is something made specifically for one purpose or place. If you walk into a house and see nothing but fixtures and furnitures that you could get from a chain furniture store, that won’t excite you - or anyone. If you add in even a single piece, that has been made bespoke for you, or that you have gone out to find from somewhere that isn’t a chain. The personality the place has will rise - because it stands out.Before the interior of a house, the exterior is the first thing anyone notices. Consider the front door, the first thing a person who enters anywhere comes in contact with. A door is just a door, if it’s plain, that is. One little detail on the front door can make a world of difference. But what could you do? A hand crafted door-knocker is one option, a little something with intricate detail for someone to stop and appreciate before they even knock. For example, a speakeasy grille, with little doors within the door, is an option that something that most people will never even come into contact with in their life. Now just imagine walking up to a front door and not knowing what the panel is until you’re inside.
A green space, something even as simple as a place where a tenant could have their own plants can be a huge boost to your property. Duncan Smith, writing for the UK government (in GLAEconomics, page 2) said that “green space was strongly related to house prices through the high attractiveness of… private gardens”. A person with their own green space is more likely to want to settle, are they not? They have been provided with this extra space that they are more accountable for, that they can grow and cause to flourish on their own. A person with roots settled, figuratively and literally are less likely to move.
Simply put, there are people out in the world whose jobs it is to give property advice, to help property owner make the most and get the most out of their properties. There are people whose jobs it is to help people with buy-to-let properties specifically. The most important thing for you to do, as the owner of the property, is to do your research. You may think this would go without saying, but it never hurts to have the reminder. And not only that, it never hurts to get more than one source of help. The property you’re planning on renting may well be your livelihood - so it would benefit you to make sure that you know everything you can and are in the best position possible to increase the value of your property.
There are plenty of options in the world for you to make the most of your buy-to-let property. Options to help you increase the value so it can provide a higher level of income for you and there are people, if you need them, to make sure that you’re at the highest point you could possibly be at.