For new and established landlords there are ways to save money on regular maintenance and redecoration jobs but the trick is knowing what to do.
When it comes to redecorating the kitchen there’s no doubt that this could be money well spent since many tenants find a quality kitchen as very desirable.
A well fitted and solid kitchen can be expensive to fit but a simple solution is to carry out a refreshing exercise by just replacing the worktops, door units and handles.
Landlords should also remember that kitchens can be bought cheaply in sales and that they can add up to 10% to their property’s value which makes the installation of a kitchen a worthwhile investment in terms of money and time.
Landlords should opt for durable kitchens
The landlord insurance provider, Homelet, says that landlords should opt for a hard wearing and durable kitchen but they should be aware that it may take several years for that investment to break even from rental income alone.
For instance, the firm says that a landlord spending £10,000 on a kitchen in a property that rents for £300 a month will take many years to see a return.
There’s also a danger, the firm adds, that a landlord could invest too little and then find they are having to rip out their new kitchen a year afterwards to replace it again.
Tips for landlords redecorating their kitchens
Homelet gives the following tips to help a landlord save money when redecorating their rental property’s kitchen.
Use mould resistant paint – especially one that is ‘wipe clean’.
This is because moisture is a big threat to a new kitchen and once mould appears it’s difficult to stop and eradicate. However, mould resistant paint will help prevent moisture damage.
Tiling is also useful for keeping moisture at bay though this can be an expensive option for a landlord.
Landlords redecorating their rental property kitchen on a budget probably cannot afford to install a tile floor so should opt for vinyl flooring since this is not only cheaper but also easy to fit and clean.
It’s also water resistant and a better option than installing carpets – which no landlord should put into their tenant’s kitchen.
Landlords should invest in their rental property’s kitchen
The investment in a good cooker hood or extractor fan could pay dividends and landlords should urge their tenants to use it every time they cook to help wick away condensation and steam.
Landlords should also weigh the cost of replacing a tired looking kitchen and a lot will depend on the type of tenant they are trying to attract.
If the property is furnished, then white goods and appliances for a rental property kitchen need to be renewed and the installation of a fridge, washing machine and cooker do attract higher paying tenants that will look after a landlord’s rental property.
As ever, with any gas appliance, a Gas Safe registered engineer will need to carry out an annual safety check.
Landlord’s redecoration calculator
Essentially, a landlord should only invest in repairs and redecoration when there’s a return on investment and there’s a handy online home improvement calculator available to help make those decisions.
It’s been put together by Sainsbury’s Bank to help people budget for a property renovation project to show whether the investment would work over the short- or long-term.
To use it, a landlord should enter in the amount of budget they have in mind and, for instance, for a £1,000 kitchen renovation project the calculator says the best option is to install shiny and new accessories to create a modern feel.
The Sainsbury’s calculator also works for other parts of a property and it’s quite a handy tool for a landlord to work out whether an investment is worthwhile and it generates good redecoration and renovation ideas too.