Are you considering investing in a buy to let property that requires renovation? Perhaps you’ve already got a few properties that require renovation to bring in a higher caliber of tenant. Putting money into property renovation is often a great way to see a higher return, but it can be difficult to do. Take a look at these five tips on how to do renovation the right way.
Know Your Stuff
Don’t just jump into buying a property in the hopes of renovating and renting it for an income. You need to do extensive research before you even start looking at properties. What kind of demand is there in the area? Where are the desirable areas to live? Are tenants likely to be families, couples or students? Once you know these things, you’ll be able to distinguish what kind of renovations you’ll need to do and what kind of budget you’ll need to have.
Safe Contractors
Once you know what kind of work you want done to a property, you’ll need to research contractors in the area. The last thing you want is contractors that continuously let you down or drag out work to get paid more. Finding a reliable contractor, like Contractors Inc, isn’t going to be easy. The best way to do it is to ask around the local area. Word of mouth is one of the most reliable ways to get good suggestions. Once you have a few in mind, ask to see examples of their work. A good contractor should be willing to provide a portfolio and references in order to secure a job.
Update Aesthetics
The difference between selling a property and it staying on the market can be just a few small aesthetics. A new coat of paint through the interior and exterior will freshen up the look ready for viewers. Sticking to a neutral pallet will help people view it as a blank canvas for them to decorate. Small details like kitchen cupboard doors, new flooring and touches of accessories throughout could make or break the sale.
Furnishing
The question of whether a rental property should be furnished or not always comes up. It really depends on where you’re planning on buying the property. Students and couples just starting out may be interested in properties that are already furnished, but families may already have built up a collection of their own. Properties that are unfurnished usually attract the type of tenants who are willing to pay more and stay longer. However, it the location of the property is vital in making this decision.
Stick to Regulations
As a landlord you’ll be responsible for checking regulations before putting the property on the market. For example, has the property got a working fire alarm? Does the gas boiler have a certificate? Keeping up with these regulations is all part and parcel of being a landlord, along with essential maintenance. Getting these things done at the same time as your renovations will mean you’re ready to present the property when it’s finished.
