When it comes to renovating buy-to-let properties, focusing too much on making houses aesthetically pleasing for the least amount of money possible,can end up being a false economy.
Even if it initially costs a little bit more, striking a healthy balance between durability and aesthetics is typically the best option for both the tenant and the landlord. Find out how you can get started with Belvoir’s top 5 tips.
Focus on durability – not cheapness
It’s tempting to try and complete any decorating and renovations as cheaply as possible, but this isn’t always the best mode of attack. Life happens and wear and tear happens – so,durability is key in ensuring you don’t have to cough up money to replace cheap materials that simply haven’t been able to stand the test of time.
Focus on durable flooring, hardware and other fixing and finishing essentials such as grouting and adhesives.
Be aware of vacant property insurance
Something to be kept in mind is that building insurance policies often become invalid if the insured property is unoccupied/empty for over 30 days (some policies allow for longer periods).
If you’re going to be doing substantial renovation or maintenance work while the property is empty (which is common), then it’s a good idea to check your policy to see how long your property can be empty for before your policy becomes invalid.
Mitigate the mould
Mould can put off potential renters or buyers and can end up snowballing into a whole host of other issues. The best thing to do is to mitigate the mould altogether.
To do this, it’s a good start to make sure that extractor fans in the bathrooms and showers are operational. These are essential in the removal of wet air, which is especially crucial in the winter because opening the window on a chilly day may not always be an option.
External maintenance issues shouldn’t be disregarded, especially issues with roofing and gutters. You may not think a cracked gutter is a big matter, but if it isn’t addressed, you might have to deal with a mould issue in the adjacent room. Additionally, If there is a leak in your home, fix it right away. To prevent them from festering and turning into a fungus breeding ground, replace water-damaged carpets and soft furnishings.
Top tip: Consider using moisture-resistant plasterboard for the walls and ceilings when remodelling a bathroom. Use mould-resistant paint on the ceiling and walls of the bathroom.
Renovate the home for your desired tenants
If your property is realistically expected to bring in £700 per month, avoid spending £20,000 on renovations, because you’ll likely spend many years trying to see a return on investments.
Consider your audience while making a budget. If you’re attempting to rent out a house with three to four bedrooms, you should concentrate on the family market. Consider what your target audience will desire or need as a family when you decorate or renovate.
Avoid attempting to appeal to too many demographics; it could mean a waste of money and time – maintaining a neutral theme will guarantee maximum appeal.
Offering unfurnished homes is often the best way
There are few occasions where it makes sense to supply a furnished property, for example: holiday rentals, student rentals, HMOs – but in the majority of cases, it’s not the best option.
Furnished rental properties can sometimes lead to disputes over theft and damage, and the extra rent landlords are able to charge for furnished homes is typically insufficient to make up for it.
The simple thing to keep in mind is that the more of your property you make available, the more you make yourself accountable for; the more excuses you give for needing to be contacted when something crumbles and goes out of repair.
Ready to find a buy-to-let property?
Enjoy reading our top tips? Explore our range of properties for sale at the moment – and get ready to rent out your home with the help of Belvoir, who will find you your perfect tenants.
