This post was last updated on May 21st, 2019 at 09:27 am
Are you a first time landlord renovating your first buy to let property, or are you smartening up an existing let so you can boost the rental yield, chances are you will want to save as much money as possible. The key to being a successful landlord is to keep your costs low while delivering a safe and attractive property to your tenants.
If your tenants move into a clean and attractive property, they will be much more inclined to keep it that way, which will save you money in the long run. If you’re interested in saving money on your next property refurbishment (as most seasoned and first time landlords are), follow these five tips…
This is not your home
While it can be tempting for a first time landlord to get swept up in the fun of decorating and adding your own personal touches to everything, this is a surefire way to ensure your costs spiral out of control.
You are not going to be living here, so don’t worry about decorating to your tastes or adding the latest mod cons. Focus on the essentials, such as safe gas and electrics. After this, focus on making sure the property is clean and neutral. If you are planning to offer the property furnished, focus only on the basics and ensure everything is built to last. Your tenants will add any additional pieces of furniture they need.
Repair and clean before replacing
Before you start ripping out fixtures or tearing apart bathrooms, focus on cleaning and repairing everything that you can.
Old tiles can be given a new lease of life once scrubbed up and a tired kitchen can be made to look modern and chic by simply fixing broken items and giving the cupboards a fresh lick of paint. Carpets can be refreshed with a professional carpet cleaner and wooden floors can be cleaned, sanded and re-varnished for a fresh appearance. Clean first, then repair and replace anything which is still not up to scratch.
You can save money on furniture by finding unique ways to build storage solutions into the property.
For example, alcoves can easily be converted into bookshelves, and recesses can be transformed into a wardrobe using a clothing rail and some shelves. Clever storage solutions will not only save you money on furniture, but they are also very attractive to renters who love anything that frees up space in their home. Get creative and you could create a lot more storage with just some simple shelves.
Hire reputable tradespeople
Hiring the cheapest person for the job can often be costly in the long run if they cut corners or leave without completing the work. Reputable tradespeople might cost a bit more, but you can be assured you’re getting a job well done.
When it comes to things like gas and electric, you could even fall foul of property legislation if you fail to hire an accredited engineer.
Don’t neglect the landscaping
The garden is often the first thing that tenants will see when they arrive at your property.
This offers an easy opportunity to make a great first impression. Landscaping is a cost-effective way to boost the appearance of the property without doing very much work. Trim back any overgrown hedges, cut the grass and add a couple of hanging baskets to the front of the property to instantly update the look. This will help your prospective tenants to see the house as a home and will likely change their perceptions of the interiors. An overgrown garden might make them think the interior is tired, but a welcoming garden will make them think the interior is charming and inviting.
Renovating a property doesn't have to be costly and the tips outlined above could help you to add value to your property without spending very much money.
First time landlord? Let your property online for real money savings
Another way for a first time landlord to keep costs down is by letting a property online.
Instead of paying out up to 15% a month of your rent, consider one of our flat fee, low-cost letting packages. For over 10 years, we've been saving our landlords on average £1900 when compared to a high street agent and we offer guaranteed rent giving you complete financial peace of mind.
If you have any questions about how we can help you find great tenants and save money in the process, please call the landlord team on 0333 577 8888.