Buying a property to let it out is an exciting and worthwhile investment. A good value buy-to-let property will usually require some renovations or redecoration before renting it out to tenants. This needs adequate preparation to avoid delays and overspending. You need to have a budget, time, and expectations.
Not only does good maintenance and decoration reduce the number of problems you’d expect to get in the property, it also keeps tenants happy and makes the property more desirable. However, decorating a house to get it ready for rental is challenging, so below are some things you should consider when renovating your buy-to-let property:
A Schedule of Work
You must have a plan of work if you want to redecorate your property. It acts as a guide and prevents confusion. It lists all the work that should be done and how it will be done. Include the people that will be doing the job and the cost of labour in the schedule of work. This way, you know what you are working with, and what to expect.
How much will it cost to renovate the house? Do you have the funds available? Before you start planning the renovation process, set a budget. It is unwise to begin renovating without a predefined budget. Know the amount you are willing to spend and try to stick to it.
Do thorough research before you start the renovation process. Remember you are not decorating for yourself, so keep your target tenant in mind. Students will be interested in practicalities and easy maintenance; young professionals will be more concerned by the look and feel of a place. So try to forget your own tastes when redecorating and be practical. Magnolia walls, white ceilings and paintwork will appeal to a broad range of people.
Make sure you are protected
The last thing you want is to spend a great deal of time and money doing up a house for a tenant, only for issues to occur. Accidents happen, and there’s always a risk that a tenant may not be as careful with your property as you would have hoped. Therefore it is essential that you ensure that you are covered should things not work out as planned. It is strongly recommended that you compare landlord insurance policies to find one that covers you for all eventualities.