To renovate or not to renovate?

Well presented properties always let more quickly, often for a higher rental, so landlords should always aim to enhance the presentation of their rental property. It's important to match the presentation of the property to the calibre of tenant you're hoping to attract. For example, a professional or corporate tenant will expect a high spec finish with stylish, contemporary furnishings. People with higher budgets have high expectations and so Landlords have to ensure their property is appealing and up to date.

Kitchens and bathrooms are priorities. Investing in a smart, contemporary kitchen is a must. Equally important are bathrooms. A two bed property should have two bathrooms if possible. If you own an older property, it is worth creating an ensuite by taking space from an existing bedroom (which tend to be larger in older properties). Always retain original features in period properties, such as ceiling roses, cornicing and fireplaces. If you have a limited budget, simple measures like a lick of paint, new flooring and curtains are worth doing. Tenants usually prefer the contemporary look of wood flooring but check your lease allows them.

At the end of the day investing in your property will add to the overall capital value too, so it is worth considering employing a a specialist to look at the layout. Older properties often have small rooms, so by removing some internal walls you can create a more spacious, open-plan layout with a real 'wow' factor – it will definitely increase the asking rental. A great example of this is an apartment opposite the Science Museum in South Kensington which we were instructed on by a client. The apartment was old fashioned and had a layout that didn't maximise space so we brought in a refurbishment specialist to carry out alterations. They suggested removing some internal walls to create a larger and elegant reception area. The client agreed and the result was better than even he could have imagined. They created a grand, double height reception area that makes the most of the room's floor to ceiling windows. And the work reaped dividends too as the apartment let very quickly, in 10 days, and for an asking rental of £1500 per week, £500 per week more than previously.