Landlord advice on Renovating prior To Letting

Thursday 5th, July, 2012

With the shortage of housing stock available to renters and rise in the demand for housing in England and Wales; more buy to let landlords continue to invest in residential property, particularly to professional couples, students and families.

Go Haven believe now is the time to invest in property to let.  This has been fuelled by the lack of first time buyers in the market.  So whether you decide to purchase at auction, via an agent, repossession sales; remember its imperative to do your homework and diligence prior to purchasing.

Remember; the condition and appeal of your property reflects the type of landlord you are, so note the type of tenants you are looking to market your property to.

We have our top tips for when renovating an flat or house to let on a budget;

1.         Start with the end in mind.

Do a ‘mud map’ of:

·         What has to be done?

·         What needs to be done?

·         What you would like to be done but subject to the budget.

2.         Set the budget:

·         Max 5% of purchase price e.g. £100k property = £5k renovation cost

3.         Set a completion date or you will never finish!

·         Tip: From experience keep it between 4-6 weeks on a renovation

4.         Focus on Kitchen & Bathroom

·         Kitchen: Handles, worktops, tiles

·         Bathroom: Tiles, Flooring, lighting, shower, vanity unit, towel rails

5.         Use the ‘Power of Paint’

·         Stay neutral

·         Use no more than two colours

6.         DIY what you can

·         View You Tube videos

·         Speak to us for advise

• Check your local building regulations to find out what you are permitted to do.

7.         Do you have a Plan B?

·         If you get into renovation troubles; have a ‘Plan B’ to finish on time and           

·         Within your budget.

·         Monitor your progress.

·         Are you running out of funds? If so cut the amount of work to be done to the minimum.

·         Maybe you need to do more D.I.Y.

·         Maybe scout for cheaper materials online i.e. Freecycle or Gumtree websites.

Go Haven is here to assist your further, in order to help you achieve your financial goals through property. 

Our team add value to the wider community, by educating, empowering and inspiring using advanced and creative strategies.

For advice on renovating, letting or managing your property, contact Go Haven today to arrange your personal free 30 minute consultation to maximise your return on investment.