So you have bought a property and need to get it ready to let. How far should you go with a refurbishment? There will be several factors to be considered.
Who is going to do the work? If you can do it yourself, so much the better as this will keep costs down. Otherwise you will need to get some quotes from professionals.
How much have you got to spend? This can make a significant difference to how you proceed from either a quick wash and brush up to a full gutting of the property.
When do you need it to be earning money? If time is a factor and you need it to be bringing in a rental quickly then this will influence how much work you will be doing.
In any case, here are my top six tips for refurbishing a property prior to letting:
1. Get the essentials done first. If the property needs rewiring or damp proofing then these essential works need to be done before you commence anything else. Don’t attempt to scrimp on the cost either.
2. If you can afford it, add double glazing and central heating. Tenants see these as essentials these days.
3. Smarten up the kitchen and bathroom. If you can avoid the expense of complete refits, these rooms can be given a lift with a good paint job, clever lighting and some new fittings or facings such as kitchen cupboard doors.
4. Off street parking is highly valued – so if the property hasn’t got a garage or space look at possibly creating parking by paving an area of the garden, subject to any permissions required.
5. Talking of gardens, make sure they are tidy and easy to manage. Most tenants are not known for their green fingers.
6. Finally, make sure you keep within your budget. Once you have started a refurb it is all too easy to ‘just add another wotsit or two’ but that way disaster lies! Keep to the essentials and be reasonable.
If you need any specific advice I am always happy to help – give me a call on 01684 292154.