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How to renovate a rental property

If you are a doctor or dentist who has recently purchased a rental property, or if you owned have a property for a while, you may be thinking of renovating the property during 2018.

This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

UK rental market

The rental market is growing due to increasing house prices and stagnant wages.

According to an article in the Guardian, around five million households are in rented properties. Any by 2021, it is predicted that around one in four households will be privately renting.

So, investing in a rental property can bring lucrative returns. However, in order to attract long term and reliable renters, you need to look after the property and keep it to a high standard.

Read these practical tips on how to keep your rental property in tip-top shape, so it can continue to produce a healthy yield for you.

Top tips for renovating:

  • if you are not doing the work yourself, do your research before choosing a contractor. Ask for recommendations from friends and family, ask for references and if possible check their previous work
  • invite the contractor to come and inspect the property and ask for their suggestions on how to improve the property
  • speak to a building inspector from the local council to check what building regulations you need to adhere to
  • make sure all contractors that you hire are qualified to do the work
  • address any issues that have been highlighted in the survey. Or, if you have owned the property for a while, address any concerns the tenants have raised with you
  • create a plan of works that outlines the cost per job, so you can keep on budget
  • choose a neutral décor, so it will please all. It will also be easy to freshen up when needed
  • choose carpets that are in a neutral colour, that won’t show dirty marks and that will last at least a couple of years
  • when choosing furnishings for the property, pick things that are simple in design but that are also sturdy
  • make sure all electrical and plumbing fittings are easily accessible, so if something does go wrong, you can easily access it

Looking for a buy to let mortgage?

Keeping the finance payment on your rental property to a minimum means more profit in your pocket at the end of the month. Do you have the lowest rate on your rental property finance?

Speak to a mortgage adviser to see if you can save money and enhance your property investment portfolio.

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