14/02/2021
RENOVATION GOALS
People typically think we're mad investing so much time, money and effort in a buy to let property. However, there are several reasons for doing this:
1. In our experience, if you hand over a property in pristine condition fitted with good quality materials that will stand the test of time, more often than not you end up with tenants who appreciate the space so much so that they not only maintain it well but also want to make it their home for years to come. It is no surprise that we were inundated with requests to view this property and that having secured them, our wonderful tenants were more than happy to hold out for almost a week in a hotel before we were able to handover the keys.
2. In renovating a property you're invariably going to be adding value. If you are not planning to sell you may wonder why this is important. Well, in increasing the equity, you will be able to unlock better mortgage rates based on an improved loan to value ratio or, you could potentially release that additional equity to finance another purchase. We've added a whopping 80k to the value of this property. Not bad for 5 weeks' hard graft.
3. Some landlords prefer to go for cheaper materials, replacing them every 5 years. Going through a refurb every 5 years is no easy task not to mention the void period whilst the refurb takes place and the labour costs that come with it for doing the same thing.
If you're interested in partnering with us to provide you with advice and support through a renovation project or, you'd simply like us to take on your renovation project entirely then please get in touch!