Once you have purchased the property that you will use for investment, it’s likely that there will be some changes that you’ll need to make to it.
These will vary from a fresh coat of paint throughout and some new carpets to tidy up the property, to more extensive renovation work.
Here’s a handy little introduction on how to renovate your property –
- The first thing you need to decide is the purpose for carrying out the refurbishment work. Is it a case of just needing to neaten up the place, replacing a few carpets that have seen better days and doing a bit of painting? What condition are the bathrooms and kitchen in? A grimy-looking kitchen or bathroom may simply need a thorough scrub-down, or you may find once you’ve done this that certain items like sinks might need replacing. If you are embarking on an HMO project, then you will be creating bedrooms and en-suite bathrooms (check out our blog “A Handy Guide to the New Rules on Houses of Multiple Occupation (HMO)” for details on the new rules governing the legal size of bedrooms), as well as considering fire escape routes for individual bedrooms and shared kitchen and bathroom facilities.
- What ways can you achieve your refurbishment aims? Can you do some of the work yourself to save on cost (particularly painting and cleaning)? Can you make use of the loft or basement space and create more space in the property to house more tenants?
- You will need to plan the work and manage your budget carefully. The services of an architect may be required if your plans mean structural work and major changes to the property. When recruiting tradespeople, it’s always best to go on word-of-mouth recommendation where possible to ensure that you’re getting a good service. You will want to get at least 3 quotes from different companies (regardless of whether you’re acting on a recommendation or not) to make sure that the price you pay is reasonable.
Good luck with your property renovation! We hope that this advice is helpful.
Nick Fox started his property investment career 10 years ago and his portfolio has grown to one of the largest in the UK. Nick now mainly focusses on HMOs (houses in multiple occupation) and works to help others achieve property success too. Visit here to find out how he can help you.
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