Renovating – After investing in a property the first thing you need to do before you can put it on the market to let is renovate. Usually houses aren’t up to the standards required by landlords when first bought, which means that when you are thinking about investing in a property you should always add to your budget how much it will cost to improve. Here we look at some of the most important renovations you will have to make to a newly purchased property:
There are certain regulations landlords have to adhere to by law in order to protect the safety of their tenants when renovating. All private rented accommodation must have working fire alarms installed in each floor of the property, however depending on the layout it may be wise to add an extra few. You also have to pay for the boiler to be inspected and a Gas Safety Certificate which you must also provide the tenants when they move in. You could also arrange with the company that inspects your boiler to fit a carbon monoxide alarm in the property at the same time, as this is also a legal requirement for all landlords. All these measures take time and money, however if your property is found to be missing any of them then your landlords insurance could become void and you could even be taken to court.
If you want to find tenants for your property quickly and easily then renovating and having a well decorated property is a must. Generally, neutral colours are the best way to go as not only do they make the property light and airy but are also accepted as the standard for a private rented accommodation. The same also goes for carpets; however it may be wise to invest in a slightly darker colour so that dirt doesn’t show up too quickly. Bathrooms and kitchens are also important, so make sure that they are all clean and in good working order, and if you need to get tradesmen in remember the short term spend will lead to a long-term pay-out!
The exterior of your property is the first thing that potential tenants will see, so you need to make sure it gives the right impression! Make sure the front of your property is clean, and if the window frames or doors need painting make sure that is seen to straight away. If you choose to let to families it will also be a good idea to make sure the garden is neat and tidy, as it will better your chances of finding a tenant. Furthermore a well-kept garden can add to the value of the property, so you may find you make more money than you originally thought!