7 Property Refurbishment Tips
Published 27/11/2015
This usually involves a lower purchase price coupled with a longer list of jobs – large and small – that need to be completed and paid for prior to your tenants moving in.
The lucrative refurbishment-to-let market is popular because:
- The value of your investment is increased by the refurbishment
- A recent refurbishment means lower long-term maintenance costs
- Good refurbishments attract higher quality tenants
- Be Prepared
- Buying Price Outweighs Selling Price
- Finance Options
- Exit Strategy – Buy or Let?
“Buy-to-let offers a more long-term strategy, and enables you to build up an extended property portfolio in order to supplement, or eventually replace, your current salary,” says Karl.
He adds: “Buying and selling offers a more short-term strategy for quick capital gains. However, although it offers a more instant return-on-investment, you are much more dependent on market conditions and therefore it is more risky.”
Letting or selling, you need to be aware of the tax implications.
- Who is your Target Market?
- Location
- Calculate Costs Realistically
“Therefore, it is important that you increase your chance of making a profit by buying below the market price and sticking to your original business plan rather than get carried away spending more on the cosmetics of the property, which will not necessarily produce additional income.”
“We’ve certainly seen a rise in demand for refurbishment-to-let’ properties in north London,’ says Jason Dyer of JTM Homes. “We specialise in our local property market and will often know of prime opportunities for investors who are interested in refurbishment properties – for eventual sale or rent.”
Are you interested in buying a property to refurbish and add value? Talk to the friendly team at JTM Homes. We’re here to help.