Want to make the most of your buy-to-let? Simple suggestions to maximise your investment without breaking the bank
The hub of any home. To increase the wow factor, spend what you can afford, or, if the existing units are in reasonable condition, you could just replace fronts and handles. A lick of paint works wonders.
Whilst the bathroom is important, the number of bedrooms is higher on a tenant’s list of priorities, no matter how small that extra bedroom may be. If you are doing a major overhaul of the property, consider reducing the bathroom space in order to make way for an extra bedroom.
Nowadays, two loos is almost an essential, especially for families. If your property has only one, try finding a small space within the building which could be converted into a second loo.
If you intend to extend a property, you may want to consider converting an existing garage into living space.
A loft conversion will definitely increase the value of your property and attract more potential tenants by replacing storage space into an extra bedroom/en suite.
In the majority of renovations, a completely new roof is not essential. Replace as soon as possible any loose roof tiles, not just to stop water leaking into your property, but to improve its overall appearance. First impressions really do count.
Windows and Doors
Security is high up on your list of essentials. Installing good, secure windows and doors will give you peace of mind and increase your chances of finding suitable tenants.
Keep the carpets for bedrooms and stairs, and invest in good quality, hard wearing flooring elsewhere which will cope with the extra traffic of a buy-to-let property.
Tenants like plenty of storage space. Create as much as you can by making use of under-the-stairs space as a cupboard and putting up shelves wherever possible, including the garage.
Underfloor heating, conservatory, garden adornments such as decking, fancy gadgets and feature walls. This is not your home; tenants will want to put their own stamp on the property, so avoid all unnecessary expenditure.
Obviously, the most cost-effective way of doing any renovation or refurbishment is to do the work yourself. If you do have to enlist outside help, make sure that you have a contract drawn up, even if that help is from someone you know well, or has been recommended to you. Where money is involved, human nature will always be unpredictable!