When asked their opinions on renovated a buy-to-let property, some landlords have the view “if it ain’t broke, don’t fix it.” The absolute minimum amount of maintenance and repairs are undertaken and sometimes, they only manage to meet their legal obligations by the skin of their teeth. The décor will be shabby, the tenant turnover is high but they’re saving every possible penny and so they’re feeling rather pleased with themselves. Is this the best way to get the most out of your property investment? I’d argue that rather than letting your buy-to-let languish and decay, often the smarter choice is to be proactive and refurbish – or even extend!
As much as I love Grand Designs, I’m not suggesting such budget busting projects are the way forward. Naturally, it is important to take the age and condition of the property into consideration before you make any changes. Carefully thought-out refurbishment and redecoration that will appeal to your target demographic will pay for themselves in the long run and here’s why:
- You’ll attract better tenants. A property that is fresh and modern will standout in online marketing and in-person viewings.
- Shorter void periods. Tenants will snap up a property that looks great.
- Fewer tenant disputes. Your property will stand a better chance of being looked after and your tenants will treat the property more respectfully if it is well maintained. After all, if you don’t care what it looks like, why should they?
- Better returns. If your property is in real need of refurbishing – you’ll be able to command a better rent price post-refurb and so you’ll get better returns.
- It’ll add value to your property. If your refurb is carried out to a high standard, you’ll stand to reap the benefits when you come to sell.
- Longer tenancies. Tenants will stay for longer in a property they enjoy living in and that isn’t riddled with problems.
- Lower repair costs. Aging bathrooms and kitchens can need a lot of repairs. Replacing them before they become a drain on finances can save you time and hassle in the long run.
- Improved energy efficiency. Replacing single-glazed windows, installing insultation or adding solar panels will help improve the energy rating of your property, which is good for the planet and also your tenant’s energy bills.
This article was written by Ian Speirs, our lettings and property management officer, with 10 years’ experience in the property sector. Contact Ian for a coffee and a chat today. You can pop him an email at ian.speirs@wearethreesixty.ltd or give him a bell on 07971 504868.
Three Sixty Living
Three Sixty Living are an award-winning, profit-for-purpose Property Management company based in the heart of Stockport and serving Greater Manchester.
