There are many different reasons as to why you would consider renovating your investment property, including being able to make more rental income (e.g. if you were converting it to a house of multiple occupation – HMO) or if you were planning to sell it on for profit.
So where do you begin as you start to plan the project and what issues do you need to be aware of?
Here’s our handy guide to get you going –
- What are your main priorities in doing the work?
Is it to make the property more presentable or is there a safety issue such as re-wiring to address? A helpful way to prioritise is to make a list of what you want to do and the reasons why. Then you can look at it and evaluate what needs to be done first.
- Do you need to re-model the property?
If you are planning to convert to an HMO then you will need to make some major alterations to make it fit for purpose, including creating more bedrooms as well as a shared kitchen and bathroom (or multiples of these). Can you make use of the loft or cellar to create more space?
- Make sure the property looks clean and tidy
A lick of paint throughout, new doors if needed, a tidy-up in the garden…all of these steps will make the property more appealing to prospective tenants. Are there any minor DIY jobs that need to be done, such as leaky taps, squeaky doors or broken tiles? These are inexpensive things to fix but will make the property look like the kind of place that your tenant would like to live in.
- Plan and manage your budget wisely
Know how much you can afford to spend and stick to it as far as is possible. You might want to consider what additional amount would still be reasonable, in case there are unexpected costs that come up. Part of managing your budget well is making sure you use good-quality carpets and paint, to avoid having to replace these on a very regular basis – false economy!
- Take the right advice and get at least 3 quotes for the work
You may need to speak to an architect if your renovations involve serious changes to the building or building an extension. It’s always wise to have more than one quote for any work being undertaken so that you can compare the prices and be sure that you’re getting the best deal. If you can do some of the work yourself, as far as knowledge and ability permits, then even better.
Wishing you the best of luck with your property renovation project!
If you would like further advice on renovating property for profit, or other areas of property investment, talk to the team at Nick Fox Property Mentoring Services
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