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Home Services Property renovation

To renovate or not to renovate?

Owning rental properties in London is a fantastic way to build wealth and secure your financial future. But just like any investment, keeping the property competitive requires strategic management. By prioritising high-impact upgrades, you can attract better tenants, reduce maintenance headaches and increase the value of your property.

Today's renters have numerous options, especially in a competitive market like London. Hence, it's crucial landlords focus on areas that offer the highest returns. Tenants often prioritise modern amenities and are willing to pay a premium for updated kitchens, contemporary bathrooms, upgraded plumbing and electrical systems and energy-efficient features. On the flip side, retaining original features like fireplaces, cornicing and ceiling roses adds character and value to period properties.

At Benham and Reeves, we understand the complexities of refurbishing rental properties. We work closely with domestic and international landlords to understand their goals and budgets and help pace their return on investment. Our London property experts offer comprehensive solutions that include consultation, design, planning, sourcing materials and project management.

In a recent project near the Science Museum in South Kensington, Benham and Reeves transformed an old-fashioned apartment to enhance space and natural light. The result was a stunning, larger and more elegant reception area. The client was thrilled as this apartment was let within ten days for £500 more per week than the previous rental.

Renovating or refurbishing your rental property isn't just about fixing things up; it's about maximising the potential income of your investment. Benham and Reeves work closely our sister company InStyle Direct, who specialise in furnishings and refurbishment for rental investment properties. We work with developers and landlords to understand their requirements in full then budget and execute the project seamlessly on time.

Here are some frequently asked questions regarding refurbishment of a rental property:

Get a professional assessment of the current state of your property and understand your target tenant market, who are you trying to attract to live at the property.

Updating kitchens and bathrooms, improving energy efficiency, enhancing curb appeal are the most important things you need to consider. Simple updates like new flooring, new kitchen worktops, fresh decor and modern lighting can make a marked difference to the appeal.

Smart home tech features, built-in workspaces and private outdoor areas can be high-impact additions, the easier you make it to live comfortably with modern comforts, the better.

Generally, a refurbishment that enhances the living experience will add value so you can justify a rent increase. However, we'd suggest you research market rents first or talk to your agent about current demand as this will have an effect on the likely rent you can expect.

Generally, renovation costs are calculated based on the property's current value rather than the projected increase or potential rental income. While refurbishment or renovation doesn’t always lead to higher rental returns, it often enhances the property's appeal - resulting in a quicker sale or lease. Our experience shows that a well-furnished property attracts more interest and moves faster in the market.

Yes we can. Benham and Reeves has six decades of extensive experience working with international and domestic clients.

We provide an end to end service which includes lettings and comprehensive property management services for UK and overseas investors — this includes tenant screening, rent collection, property management, maintenance coordination and regular property inspections. We also provide a tax return service for our overseas landlords.

Click here to contact us for a free one-on-one initial consultation. Let's discuss your goals and budget and unlock the full potential of your London rental investment together. We can also provide examples of our work showing you before and after stages which may go some way to reassuring you of our experience in London property refurbishment and finding the best quality tenants.

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