You’ve purchased your buy-to-let property for sale… now it’s just a matter of getting it ready for tenants. This is an exciting part of the process, but also nerve-wracking; particularly if you’re new to the renovation process.
If you’ve just invested in UK property and you’re ready to get it ship-shape for renting out, here’s some expert advice.
Bring Your Property to Standard – Great Tips
- Get a plan in place. One of the trickiest aspects of doing work on a house is getting everything timed to perfection. Work out what jobs need doing, and who will need to do them. For example, you might need to coordinate a plumber with a tiler for the bathroom, or a painter with a plasterer in the lounge.
- See if you can get tax exemption. If you’re lucky, you may be able to apply for tax exemption while you’re carrying out work on the property. Ask your local council to find out if you qualify.
- Make it durable and dirt-resistant. It’s great to use lighter paints in small spaces, as this helps to bounce the light around. However, if you’re decorating a larger room, we recommend steering clear of very pale paints, as they swiftly become grubby over time. Neutral shades often work best. It goes without saying that some areas (e.g. the kitchen and the bathroom) may require specialist paint – don’t skimp on this, otherwise it’s likely to peel and crack.
- Go for wipe-clean flooring. Carpets keep the house warm, but also become stained and threadbare over time. Laminate or wood-effect flooring not only looks smart, but can be easily cleaned too.
- Add the occasional ‘wow factor’. As a landlord, it’s important to know when to budget, and when to pick something that’ll create impact. For example, in your lounge, you could spend relatively little money replacing the flooring and painting the walls, but then invest a little more in an attractive light – which will give the room a more luxurious feel.
- Look for hazards. The last thing you need is a lawsuit on your hands, if one of your tenants hurts themselves in your property. Go through the building with a fine toothcomb, and identify any problem areas, such as uneven stairs, dodgy windows, messy wiring or leaking pipework. Then make it a priority to get it resolved.
- Remember that cheap isn’t always good. While it’s vital to always think of your bottom line, it’s equally important to avoid false economy. For example, buying some cheap taps for the kitchen sink might seem like a great idea at the time, but it’s not so good when they’re peeling badly and leaking too.
- Keep the proof of purchase. Make sure you keep hold of every receipt you get, as the costs of improving the property can be offset against your tax bill.
The Buy2Let Shop Limited
If you’re looking for a great buy-to-let property for your portfolio, talk to The Buy2Let Shop. Our team of property investment agents are here to help you find the ideal properties, at the perfect price. We also offer assistance with buying a house at auction. To find out more about our services, visit The Buy2Let Shop website today.