Rental property refurbishment
Refurbishing your rental property is always a good move, especially when you need to attract high-quality tenants and are competing in a tight market.
There are a lot of points that need to be considered if you’re thinking about doing up your property. Below are a few pointers to consider if one of your properties is in need of an update.
Current Buy to Let lending rules
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How big is the refurbishment going to be?
If you need to replace a window or even a shower, this can probably be done with your tenants living in the property. However, if you need to replace the entire bathroom, then it’s best to wait until your tenants have moved out. In fact, this can be both time-consuming and stressful for all parties.
If you are doing work with the tenants in situ, try to do it when they’re on holiday. So, you don’t have to rebate the rent or find somewhere for them to stay while the work is completed.
Instead, normal maintenance works, such as fixing a leak or damp proofing one wall, should be done as soon as possible after you’re alerted to the problem.
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How much is it going to cost?
Do your research on costs before you start looking at anything else. You can find comparisons for fittings and fixtures through a quick Google search. You may be able to negotiate special deals with local suppliers.
Do ask people you know who have recently had work done on their property about cost expectations for builders and other tradespeople you should have. Bear in mind that it’s better to spend more to ensure a high-quality job.
There are generally two pricing methods with builders:
- fixed
- or flexible.
Fixed pricing may seem more expensive initially, but the builder will have added contingencies and you won’t be faced with any unexpected costs.
With flexible pricing, the builder will provide you with an estimate. Then, they will adjust it depending on what they end up doing. This may work out being as cheap as the estimate, but there is potential for the work to cost well over your initial budget.
Read more: Tips on how to refurbish rental properties
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Are you getting the right people involved?
Have you used the builder and tradespeople before? If not, have they done any work for friends, family or neighbours? Make sure you get people you can trust to be professional and ensure the work is completed to high standards.
Using a guarantor for renting: when we advise it
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Who is going to be the project manager?
Will you do this yourself or will you get the builder to do it? If you haven’t had any experience in project managing a building project, then it may be best to leave it to the experts. However, it is your property, so you need to be happy with the work that’s being done.
How to get it right as a first-time landlord
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What design considerations do you need to make?
This can vary depending on the type of tenants you’re trying to attract, however, it will need to have a user-friendly layout regardless. If you let to students or families, there could be a greater level of wear and tear than if you let to professionals. So, keep this in mind if you’re doing any decorative work. If you need to re-carpet, look at getting one with stain-resistant properties as it will mean less cleaning and you probably won’t need to replace it as often.
Once you’ve thought about these, getting started should be easy. Keep an eye on the details of the project to prevent extra costs and time to your refurb.
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