With the majority of the nation stuck indoors, UK homeowners are spending over £55 billion on renovations alone to convert their property into the home of their dreams.
Of course, renovation of rental properties leads to increased value and profitability if you keep long-term goals in mind. After all, it is an inevitable part of living in rental property; tenants will eventually move on. That said, the day will surely come when a particular home will need a little (or more) maintenance of the proprietor's books.
As home renovation experts with extensive experience in rental properties, we have learned valuable lessons. Rental property renovation is an essential part of any rental property investor's business plan. Whether this argument stands valid in each case or not, there is a right and wrong way to restore a rental home.
This piece will show you how to make home renovations appear appealing to potential tenants on a budget.
Schedule your rental renovation before the cut-off date
It is easy to miss the obvious and wait for the inventory report to hit the mat, which is a mistake. However, if you are confident about the upcoming rental agreement expiring, it's sensible to plan ahead.
Whether it is simple interior painting or a roof refurbishment, early project planning allows you to put together the materials you need and hire proper personnel. Do not leave things to the last minute. Instead, list down everything you need to catch and sort the items one by one. Otherwise, it comes to bite you hard - usually in your pocket!
Acquire hardwearing but budget efficient products
When it comes to choosing new appliances for your rental renovation, don't go too cheap. Choosing inexpensive items will result in faster damage and the risk of requiring replacement.
On the other hand, if you buy expensive equipment and the tenant does not handle it properly, you will waste your money.
Another factor to consider is that some devices are essential. For example, suppose the electric or gas stove breaks at an unprecedented time. In that case, you can find yourself receiving a call from a very angry tenant who is complaining and demanding that you do something about the problem, immediately!
Again, the decision to buy expensive or cheap equipment depends on the type of rental property. At one end of the scale, cheap appliances may be fine. Purchasing equipment from vendors that specialise in second-hand equipment or products with minor defects is a good option for property owners looking to reduce costs.
Choose neutral tones for decoration over solid colours
One of the two crucial aspects of home renovations appealing to tenants is that if your property actually rents for £1,000 PCM; do not spend £10,000 on refurbishment. Set your budget with your audience in mind. If your property earns £1,000 a month, you will get a 1,000pcm renter who does not expect high-end equipment or supplies.
The same goes with a 3-4 bedroom home. Target the family market. Think about what they need and want as a family, sticking to a neutral theme will ensure maximum appeal.
Think about flooring and carpets
Whether cleaning carpets or completely upgrading floors, flooring is often on the agenda for refurbishment if the landlord is deciding between tenants.
For instance, various elements can make a room look out of place, from flooring to furniture and accessory styles. With this in mind, the carpet can change the perception of space, even if it does not stand out from the rest of the room. For instance, bleach-resistant carpets are the way to go. These new carpet technologies are bleach-resistant and keep the floor simple to avoid potential problems such as wood stoves, hot tubs, and built-in technologies. Again, these carpets are safe to use with a mixture of bleach.
Plan for replacement over repair
No one wants to have a bathroom without heating or hot water in the winter, so it makes sense to plan a boiler replacement and not wait for it to break down. You can also take the time to look for a deal instead of rushing to get an emergency replacement. In addition, do not forget that the heating system is busier in winter. Then, if the boiler breaks down, you may have to wait a long time for someone to come to your house and install a new boiler.
It goes with kitchens too. Two-thirds of UK homeowners spend 63% or more on kitchen renovations to change a layout or upgrade electrical, plumbing, or heating fittings. That is a considerable investment. That is why it is always better to consider the replacement of cupboard doors and work surfaces to add a touch of durability.
Additional home renovating tips
- Use tiles on top of paint/laminate whenever possible, especially in humid and moldy rooms, such as bathrooms, utility rooms, and kitchens.
- Do not leave gaps, especially around windows, sinks, tubs, showers, and stoves. These gaps can manifest themselves in all sorts of unwanted problems.
- Keep a receipt for each purchase, including a 99p pack of nails, and upload it to your property management software if it has built-in accounting operations. Each penny spent on refurbishment is a counterpoise against your tax invoice.
- Do not be personal to your taste. Any "personal touch" you add to your property may potentially hinder your tenants. Try to keep everything neutral so that tenants can make changes as per their desires.
Within this article, we have covered that simple planning, the right strategy, and neutral design are common themes when renovating a rental property on a budget. Your goal is to make or save money through refurbishment. So, resist the urge to be a stylist and start thinking like a proprietor. Get in touch with Refresh Renovations today, to understand how we can help you with your renovation plans, whatever the budget.