Renovating a buy to let property
Is it worth renovating a buy to let property?
Yes is the short answer and here are four reasons why you might want to think about investing in your property if you weren't sure to begin with.
1. You would get better rent for your buy to let investment
I would always recommend a basic refurbishment like new kitchen, bathroom, painting decorating throughout along with new flooring and a new boiler if required. This would definitely improve the level of rent you would achieve and secondly it would help in renting it out quicker.
If you really wanted to push the boat out and spend more money to achieve more rent - how about adding an extra bedroom?
It could be worth considering adding a room, if you have the space in the loft or even re-configuring the layout of the property can work a treat - please note you need to have the space to do this. I've seen may properties where landlords thought by adding an extra bedroom they would achieve better rent, but they were better off leaving things as is. It's important to get the details right when refurbishing your property – for example, on a luxury bathroom rather than a standard fit out – you could find you can charge more per month, recouping
your spend and increasing your profits in the longer term.
2. You could attract a different kind of tenant
If your property has two bedrooms but is in an area with good schools that’s popular with families, adding an extra bedroom could help move your property out of ‘single professionals and couples’ into the ‘families with kids’ market. Their is always a strong demand and short supply of Houses in Wandsworth area adding a high spec finish could be the thing that draws more affluent renters making your property investment more sought after with a desirable tenant type like families is the way to go. Always think about what matters most to the kind of tenants you want and plan your renovations with them in mind.
3. You could reduce your costs in the longer term
If your home is let over a long period, there are bound to be regular costs to deal with everyday wear and tear. But if you’ve got a changeover of tenants or are just starting out, it could be worth dealing with any nagging issues now to prevent costs further down the line. For example, making sure baths, showers and sinks are all properly fitted and sealed can prevent damage from leaks, while spending a little bit more to fit hard-wearing carpets that stand up to more wear than cheaper versions could mean you need to replace them less often. Improving the energy efficiency of your property is also worth doing. While current requirements are to have a minimum EPC rating of E, this might change in the future so it’s worth doing everything you can to make your property more efficient. Plus, insulation and well-sealed windows on doors will help lower your tenants’ bills and make your house a more pleasant place to live.
4. You could increase the resale value
If you’re planning to sell your property at a later date to cash in on any increase in value, it’s worth investing a bit of cash in it while you have it. As with your own home, making improvements can not only make it a nicer place to live, it can add to the overall value too. Extensions, kitchens and bathrooms are good bets, though always do your sums
carefully to make sure any improvements make sense financially.
Feel free to drop me a message or email and let’s arrange a time to chat about your personal goals when it comes to buy-to-let … because what have you got to lose? Maybe 15/20 minutes of your time to get great insight and inside track is worth it. Remember, the choice is yours!
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