Property Refurbishment is crucial to preserving the value of the physical building you own. As it turns out, it’s also an essential part of keeping good tenants.
Property Refurbishment is fully within your control as a landlord, which means it’s both good news and bad news that it’s a major reason tenants choose not to renew their leases. On the one hand, maintaining your property better is an easy way to improve your vacancy rates if you’re currently struggling to fill units.
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.
Property Refurbishment in London is an exciting and potentially lucrative profession, as hundreds of self-made UK property millionaires will tell you. Their success, however, wasn't just based on being in the right place at the right time.
One of the key benefits of renting out your investment property is to secure a passive, predictable income stream every month. There will already be fixed costs associated with your property, such as property tax, mortgage payments, and insurance. The key is to put enough money into the property to ensure that the amount you receive in rent is higher than your fixed fees.
Ultimately, the best refurbishment is the one that elevates the value of your home and helps ensure a better return on your initial investment through higher monthly rent payments or just time in the market.
Staying close to trends might be a key refurbishment goal when you’re making upgrades to your own home, but it’s the wrong attitude to have when you’re renovating a rental. Instead of focusing on trends that will ultimately make the house look dated in 5 to 10 years, invest your money into durable, hard-wearing materials that are easy to clean and maintain.
When you’re just starting out, it’s easy to get overwhelmed by the options and convince yourself that any upgrade will pay off in the long run. That’s a quick way to shell out double or even triple what you had initially intended to spend.
There will be some upgrades that you can easily do yourself, and others that are best left to the experts. Once you have a plan for your property refurbishment, take a look at the list of tasks, and take on whatever you can base on your skill level. However, don’t give in to the temptation to take on projects that are beyond your abilities.
Painting, putting down new laminate, and doing basic plumbing maintenance is easy enough, but once you get into complex construction projects, electrical wiring, or anything requiring demolition, it’s a good idea to bring in the experts.
Another great way to maximize your income property investment is to add amenities that will increase the value of your home. Your priorities for what to tackle first should be based on what’s most desirable in your area.
Looking to invest in some upgrades for your income property? Let Property Contractor 247 help you pick the best materials specifically for rentals. Whether you’re putting in durable new flooring or modernizing your cabinet design for a more intuitive layout, we can help you get everything you need to succeed. Call us anytime! 020 7916 2087
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