Unlock value in your rental property: the benefits of refurbishing

 At Douglas Dickson we help our landlords manage their rental properties.  One of the services we offer is refurbishing their property.  

 

Renovating your rental property can significantly enhance its appeal, attract higher-quality tenants, and ultimately boost your rental income. From modernising interiors to improving energy efficiency, here are some compelling reasons why renovating your rental property can be a game-changer.

1. Increased Rental Income

One of the most obvious benefits of refurbishing your rental property is the potential for increased rental income. Renovations allow you to update the property to meet the demands of the market, making it more desirable to prospective tenants. In Glasgow's competitive rental market, tenants are willing to pay higher rents for properties that offer stylish interiors and energy-efficient features.

2. Attract Higher-Quality Tenants

Refurbishing can also help attract higher-quality tenants who are willing to pay more for a well-maintained and attractive property. By investing in upgrades such as a new kitchen, updated bathrooms, or fresh paint, you can appeal to tenants who value quality and are more likely to take care of the property. This can lead to longer tenancy periods and fewer vacancies, ultimately reducing turnover costs for landlords.

3. Enhanced Property Value

Renovating your rental property can also increase its overall value, providing you with a higher return on investment in the long run. Even minor upgrades can have a significant impact on the property's appraisal value, allowing you to build equity and potentially sell the property for a higher price in the future.

4. Improved Energy Efficiency

In today's environmentally conscious world and with the high cost of gas and electricity, tenants are increasingly looking for rental properties that are energy-efficient and eco-friendly. Renovations that focus on improving energy efficiency, such as installing double-glazed windows, upgrading insulation, or fitting energy-efficient appliances, not only attract environmentally conscious tenants but also help reduce utility costs for both tenants and landlords. This can make your property more competitive in the rental market and appeal to a wider range of potential tenants.

Renovating your rental property can be a wise investment that yields numerous benefits, including increased rental income, higher-quality tenants, enhanced property value and improved energy efficiency. While renovating may require an initial investment of time and money, the long-term rewards make it a worthwhile endeavour for landlords looking to maximise their rental property's potential.

What would your tenants say about you?

  At Douglas Dickson we pride ourselves on providing excellent service to our tenants and landlords.

Our recent tenant survey backs this up with over 91% either very satisfied or satisfied with our responsiveness to their questions or concerns.

83% were very satisfied or satisfied with the speed at which repairs were carried out. And over 80% of our tenants would be very likely or likely to recommend us to their friends or family.

But don’t take our word from it. Here are some comments from our tenants:

“Been with Douglas Dickson for a long time and they always went above and beyond for us.”

“Happily rented for over two years with DD. Great service.”

“Thanks for helping me out whenever I want help.”

“Shona is always prompt with replies and have had no issues with any repairs being done when needed. Very friendly agency would recommend.”

“Prompt responses when required. Clear communication at all times.”

“It has been a very good experience throughout the year. Especially all the communications from Shona were helpful in resolving minor repairs needed at property in quick time.”

“Shona has always been extremely helpful to us.”

Scottish Government to remove the 3% rent cap. Is it good news for landlords and tenants?

The Scottish Government has laid regulations to remove the 3% rent cap.  Once approved in the coming weeks, new rent control regulations will come into effect from 1^st of April 2024 that are less onerous for landlords.

From 1^st of April, landlords will be able to raise rents by any amount they wish.  However, Tenants who already have the right to challenge unfair increases to a rent officer at Rent Service Scotland, will have greater protection to limit any increase.

The rules will allow a Rent Officer to limit any rent increase to a maximum of 12%, but only if a tenant raises a formal objection.

Whilst we do not believe rent controls work or are desirable, the removal of the 3% cap is to be welcomed.  It will allow landlords, who typically only increase rents modestly to existing tenants, greater flexibility.   For tenants it provides them with greater certainty on rent increases.

In practice, we work with our landlords and tenants to make sure any increase is both fair in the market place and affordable to the tenant.

The regulations will temporarily modify the rent adjudication process for 12 months so that on making a decision on adjudication, the rent officer would use a rent taper formula as follows:

• If the gap between the market rent and the current rent is 6% or less, then the landlord can increase the rent by the proposed amount, as long as this is not more than the market level.
• If the gap between the market rent and the current rent is more than 6%, the landlord can increase the rent by 6% plus an additional 0.33% for each percent that the gap between the current rent and market rent exceeds 6%. However, the total rent increase cannot exceed 12% of the current rent.

This has the effect, that if the rent increase proposed by the landlord was more than 24%, the maximum increase would be reduced to 12%.

In addition, the delay in carrying out eviction notices will be scrapped from 1^st of April 2024.

More details are available on:

https://www.gov.scot/news/continuing-rent-protection-for-private-tenants/

If you have any concerns, do get in touch.

How we deal with emergency out of hours calls

 

Douglas Dickson provides a 24 hour emergency number for our tenants, taking the stress away from our landlords.  

This weekend we helped one tenant with an emergency drainage problem and another tenant with a leak into their bathroom from a neighbouring property.    In both cases we were able to resolve it within an hour of it being reported. 

We pride ourselves on providing an outstanding service to our tenants and landlords.