In our previous post, we started our list of 6 top tips for landlords looking to renovate their property. Here’s part two of our extravaganza, and the final tricks you’ll need to master the renovation process:
4. Make sure the walls and floor sparkle:
When tenants first come to view the property, they first thing to turn them off is always the paintwork and the floor work. If you’ve kept these in fresh, good condition then it automatically gives the potential buyers and good impression of your upkeep of the property. Bright and neutral colours welcome all whilst wood laminate floors stay looking stylish for longer. Tiles are best for the kitchen and bathroom as there is nothing worse than damp paint and mould!
5. Check your plumbing and electrics
It’s always advised to replace the water valves and electrical outlets in older properties (20 years +). Gather your most reliable plumbers and electrical experts to collect some accurate bids. These jobs are best done with an empty property, it’s always better to spend on these repairs when the property is unoccupied than leave it only to get a call to say the drains are flooding a couple of months into a rent contract. Check the water valves, hoses, washing machine and dishwasher and drains, all of which are always the biggest risk for damage. Electrical outlets are less of a concern but an electrician can change the outlets in your entire house in half a day.
6. Buy cheap, buy twice!
It’s easy foresee your costs going through the roof just opt for the cheapest option when it comes to home improvement supplies, contractors, or any work that’s going to be done on your property. Again, the cheapest guy offering you that low-price, quick-turnaround deal appears and it’s always tempting to go with him. However, it’s very important to remember that those options will never match the quality of the price band up. The likelihood is that you’ll be returning in 6 months time to spend more money and time on the same job, creating an easily avoidable budgeting nightmare. Our advice is also to seek advice from local, experienced real estate investors such as local letting agencies. Their expertise include everything from rental valuation, legal advice and inspections. Don’t hesitate to get in touch.