However, as a landlord there are steps you can take to attract tenants who will treat your property well and show that you are a reputable and reliable landlord. Refurbishing your property and dealing with the minor problems immediately benefit you as a landlord, in terms of respectability and in renting situations. We can come up with a guide to help landlords for refurbishing their properties.
It is always important to have a development plan in place during refurbishment projects. Your plans should be as precise as possible and the should always be completed and recent in time for your tenants to come in. Your property could lose its appeal if there is still work to do once the tenants are set to move in. As a landlord you’ll always have a solid understanding of the prices within the area and prices for the properties that you own, so that’s what your development should be based around. You need to remember that properties that are longer served on the market look less of an attractive option than those snapped up within days. Finding the right letting agents – whether they are letting agents in Stockport, or Birmingham, and delve deeper into things such as property portals will help spread the reach of your properties.
There are various ways to pay for things including finance, cash and mortgaging. You may find that certain products are easier to buy than others, which fits into two schemes, buy-to-renovate and buy-to-let mortgage. Buy-to-let mortgages offer specifically designed for those who want to invest in houses and flats. In order to do so you have to already own a home and have a good track record in terms of credit history. Buy-to-let mortgages are also difficult to come across for those earning under £25,000, with age limits for upper age limits. Upper age limits are how old you can be when the mortgage ends, and these ages often fall between 70-75. The maximum you are able to borrow all depends on how much you earn, with lenders needing the income through renting to be, on average, a third or a quarter higher than the mortgage payments.
Those looking to lend may find it difficult to get financial backing when their current properties are in no state to live in, then there are some lenders who will provide a mortgage as a project. On average, lenders may fund on average of 65%, depending on aspects such as the property and area, then release the remaining funds after the property has been rejuvenated.
Knowing Your Target Market
Knowing your target market can help a lot in the whole process of refurbishing your property. You should always know who you are renting too and how much your property will be worth. This will help you understand whether it is for young professionals, students or even for retirees. This will then help you with what to include, as student accommodations are basic, secure yet functional. There are also HMO requirements for properties, helping you include the right safety measure, as well as anything else missing.
Properties prices may depend on location, facilities, garden space and other different aspects, but the appearance of the property is crucial. The look and feel of a rejuvenated property allow tenants to feel looked after, immediately at home and that the tenants are able to trust their landlords. We understand there maybe problems throughout the tenancy, however ensuring the property is ready, prepared and complete before the move will be hugely beneficial in terms of letting.