As many career-hardened landlords will know, property refurbishments can be costly and time consuming. This time and money, especially if you are reliant on generating income from your property, can put landlords off from undertaking vital refurbishment projects until they have the cash.
However, getting your property refurbishments completed before your first tenants move in is extremely important for your business. From driving revenue to lowering insurance premiums, here is why you need to get your refurbishments right from the start.
Getting your investment property refurbished to a high standard is important if you plan on running a desirable and profitable property business.
A well-presented property with a good finish and decent insulation, heating and plumbing will attract more tenants. This in turn will enable you to charge a premium for your properties, resulting in higher revenues for your business.
There are several areas that landlords consider when refurbishing properties. Considering the entire experience of your tenants and focussing on major structural concerns should be top priorities.
Get the most urgent rooms of a property up to code as quickly as possible and to a high specification. This includes bathrooms and kitchens as these will likely be heavily used rooms.
Remember that the property is to be rented for profit and is not your home. Many first-time landlords get carried away with the details. Keep it high quality but simple and be dispassionate about your refurbishment.
If your property has structural issues or damp problems, fix these as a priority. No shiny new interior can compensate for horrible structural issues, fix these first for maximum profitability.
Regardless of how much refurbishment you do, there will always be a value ceiling, that is a top market price for your property. Know when to stop spending to save money in the long run.
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