After all, if your property isn’t desirable, you may be missing out on the opportunity to host loyal tenants — and who wants a wasted investment?
Renovating your rental property as a landlord can be a stressful experience, especially if you don’t know where to start. If you’re preparing to get your property ready to let, whether it's for students or young professionals, you may find some useful information in this renovation guide — made with 20 years of industry experience in mind.
Now that you’ve decided to commit to a house renovation, it’s time to get planning as soon as possible. The longer your rental property sits vacant while you’re renovating, the more money you’re going to lose in the long run.
Firstly, we’d recommend scheduling your full house renovation between tenancy periods — just make sure you have all your tools, supplies, and any contractors ready to go. This way, you’ll have a free space to get the job done without worrying about your tenants.
Most importantly, set yourself a deadline and try your best to stick by it. We get that renovation projects can sometimes open up a bigger can of worms, but the quicker you finish your renovation, the quicker your new tenants can move in.
There’s no denying that damp and mould are a landlord’s nightmare. With that being said, it’s an extremely unpleasant situation for your tenants, too. Mould can cause serious health risks which aren’t worth being on the legal end of, and it can also damage your property’s paint and plaster which will inevitably lead to expensive repairs, too.
In cases like these, prevention is definitely the best cure:
Diagnose the issue and problem areas.
Clean the surface.
Strip the paint.
Wipe down with a sponge.
Add an anti-mould solution.
Apply anti-mould paint.
Ensure you have a ventilator or fan installed.
Bring in the tiles.
Tiles are durable and super easy to maintain. You’ll find that they’re incredibly defiant against the spread of mould, so take advantage of them in mould-prone areas like bathrooms and kitchens.
You have to renovate, decorate, and furnish with your target tenants in mind — think about what will make your property desirable to future tenants.
For instance, your student tenants may appreciate the white-washed walls for a feel of minimalism and cleanliness. However, if you’re looking to rent to families or young professionals, they may appreciate more colour and personality.
This can also be helpful to consider when budgeting for your renovation. Ask yourself: how much are you looking to receive per month from your tenants? With this in mind, you should be able to budget accordingly. A £300 PCM property will get £300 PCM tenants — and that’s something to remember throughout the renovation process.
For every purchase you make towards your property renovation, you should always keep the receipts. No matter how big or small! As a landlord, it’s important to save money wherever possible. By keeping a copy of your receipts, you may be able to offset these costs against your tax bill.
Looking for a few more landlord money-saving tips? Make use of cashback credit cards so you can get money back on your purchases. Oh, and don’t forget to apply for council tax exemption through your local council if your property will remain vacant during your renovation.
Being a landlord comes with a lot of responsibilities, and we want to make the process as smooth sailing for you as possible. We’ll also be here to advise how and where you can maximise rental returns. That’s why we offer support for our landlords throughout their refurbishment process — from instruction through to completion.
From managing renovation projects on your behalf to finding you the best contractors for the job, we’ll help you stay one step ahead of your tenants’ needs.