If you’ve recently purchased a property at house auction, or found a bargain via a property investment agent, chances are that it needs a bit of work to bring it to standard. The cheapest investment properties in the UK are invariably the ‘doer-uppers’, which, with some cosmetic or structural improvement, can offer great ROI.
If you’ve recently invested in a buy-to-let property for sale which needs some work, here’s how to plan a successful renovation project.
Property Seminar Tip – Planning a Successful Renovation
- Develop a strategy. Firstly, jot down a list of what needs to be done. If the property requires significant structural work, get some builders round for quotes, and find out roughly how long the work is likely to take to complete. You’ll also need to establish when the builder is available – and plan this into your strategy.
- Apply for council tax exemption. If your buy-to-let property is due to stand empty because of renovation works, you might be eligible to apply for council tax exemption. This varies depending on where you’re located, but it’s certainly worth contacting your local council to find out if you could benefit.
- Think savvy. When buying paints, plaster, tiles etc. shop around. Ask stores if they’ll offer you a bulk discount – some may be happy to oblige, providing you do all your DIY shopping in there.
- Look to the long-term. As a landlord, the last thing you want to be doing is constantly redecorating your property. A common mistake is for investors to buy cheap fixtures and fittings, only to find they need replacing within a year or two. Look for good quality, practical items that will stand the test of time. Likewise, when buying paint, avoid the classic magnolia or white shades, as these can rapidly look grubby. Lighter paints with brown or grey tones tend to hide dirt quite well.
- Focus on your tenants. Work out who you’re trying to appeal to. What sort of décor would attract them? For example, young professionals might prefer a more modern, open-plan look, whereas older renters may be looking for something more traditional (especially if it’s a period property).
- Keep records and receipts. Always keep records of what you’re spending, and don’t throw away any receipts. Remember, you can offset all purchases against your next tax bill, so it’s well worth keeping tight tabs on expenditure.
- Be safe. As a landlord, you have a responsibility to provide safe, hygienic surroundings for your tenants. Any gas work must be carried out by a registered engineer, and all electrical work must also be carried out by a professional. Avoid mould build-up by addressing any issues with damp, and ensure fire alarms are fitted on all habitable levels of the property.
The Buy2Let Shop
Are you looking for buy-to-let property for sale? If so, talk to The Buy2Let Shop. We’re a team of specialist property investment agents, and we’re here to help you find the best UK property investment, at the right price.
We’ve got a wide range of property investment opportunities on our books, which are priced competitively to sell. Our team are also on hand to assist with buying a house at auction, and host regular property seminars, designed to boost your knowledge of the market.
For more information, visit The Buy2Let Shop website today.