Space is an extremely valuable commodity right now, especially as the housing crisis means that there is currently not enough private rented accommodation to go around. However, while the government are currently trying to think of new ways to increase the amount of properties in the UK, there are also ways that you can create more room. While expanding outwards may be extremely difficult, taking advantage of the space you already have can actually be easier than you think! Here are a few useful tips.
Don’t be negative
One of the main reasons people don’t take full advantage of their lofts of basements is due to the fact that they (incorrectly) believe that potential tenants don’t really want to use those rooms. However, as rent prices have increased potential tenants can no longer stretch to afford larger properties, and so any extra space, no matter how small, could really make a difference. If your basement or loft is particularly small then you could keep them as storage areas if you wish, but maybe add some shelves or other features that give them a special edge. With space being so short at the moment you would be amazed how even a clean, well-organised loft or basement can make a huge difference!
Try to be creative
If you are lucky enough to have a loft or basement of a reasonable size then you really want to make the most out of it, and if you think outside the box you could come up with something that will really give your property that ‘wow factor’. For example, you could convert your basement into a wine cellar, or turn it into a den complete with sofas and tables where your tenants could relax in the evenings or use when they have company over. Even if you keep them as storage areas you could add a whole range of clever shelves, cupboards, and ceiling attachments so that your tenants can really make the most out of it. If you are stumped for inspiration then make sure you go online – there are hundreds of people who have been in the same situation and are more than happy to give some advice!
Think about your tenants
If you are a particularly successful landlord you may have the ability to spend a large amount on renovating your basements or lofts, but this isn’t always the best idea. Don’t forget that many people are struggling to find housing that is of a decent size and affordable right now, so spending thousands of pounds of refurbishments could push your rent prices too high. There is no point in converting your basement into a home-cinema if you can’t find anyone that can afford to rent it out, so keep in mind the market in the area your property is based and cater for what they would realistically want and need.
Don’t scrimp on labour costs
If you don’t know what you are doing then playing around with the your lofts and basements could end up causing extreme structural damages to your properties. When looking for a tradesman you therefore need to make sure that you pick one who has been certified and that you know you can trust, and not one who just offers a cheap price. The most important thing to remember here is that you will get what you pay for, so make sure you set out a reasonable budget for the cost of labour. You should also makes sure you invest in unoccupied property insurance for when renovations are taking place in your property, that way if there are any damages you know that you will be covered.
Lofts and basements can really make a huge difference when it comes to your private rented properties, so don’t believe that they are just spaces where you hide the Christmas decorations! If you are really lucky and have a property with a large basement or loft you could even convert it into another bedroom, which will increase your property’s worth and be appealing to those with larger families.