Top Tips for a Cost-Effective Turnaround on an Investment Property.

Top Tips for a Cost-Effective Turnaround on an Investment Property

Meta description: Closing your first purchase on an investment property is a very exciting moment, filled with anticipation and optimism. However, ensuring a cost effective turnaround is essential.

Closing your first purchase on an investment property is an exciting moment, filled with anticipation and optimism. Moments later however, the reality of the situation will dawn on you;  the hard work that needs to be done, money that needs to be spent and the time in which you need to turn the property around are all hanging in the balance – and there’s not a second to spare!

Ideally the property will be on the market the following month and rented thereafter, yet cutting corners at this stage will inevitably cause more headaches down the line. It’s important to remember that if your tenants are uncomfortable due to constant repairs having to be done they will leave, and the months spent back on the market will ultimately drain more of your financial resources than if the job had been completed thoroughly from the start.

There will unavoidably be many lessons to be learnt ahead; follow these tips to help you avoid some of the common pitfalls first time purchasers’ face in the early stages.

Budgeting

Be conservative when planning your budget. Allow some room for unexpected expenditure and to ensure that you’re able to fund the project properly. Be sure to do your research before you start penciling in costs, including getting estimates and quotes from as many plumbers, electricians and joiners as you can.

However, there will be certain jobs that you can complete yourself such as painting, fitting door handles and laying flooring, amongst other simpler tasks. It is important to bear in mind as you carry out these DIY activities that there is always a chance that you may end up out of your depth and will need to call on the expertise of a professional.

Repairs Come First

In the weeks leading up to your purchase there may have been a whole series of lavish and impressive improvements that you fantasized about making to your property, but be sure to rein in your enthusiasm just a little and crack on with your repairs first.

Painting and Floors

After repairs should come the painting and flooring. This is particularly important when looking to rent out your property, as a fresh and clean house instantly places your plot in a more desirable bracket and should put you in a stronger position for attracting a wider range of tenants. Stick to neutral shades, something tasteful and not offensive – magnolia and white are safe bets in this respect. When it comes to flooring avoid laying carpets wherever possible; use wood-laminate flooring as this is more durable and easier to clean. It’s not unusual for every new tenant to request new carpets, so save yourself the hassle from the start if you can.

Prepare to go to market

Securing a tenancy can be tricky business. You want to attract as many candidates as possible, allowing you to choose the tenants that you feel comfortable having in your property.

Ensure that everything that is visible is adequately arranged. Mow the lawns, trim the hedges and give your window frames a lick of paint. Put the bins in the back garden and get a big house number on the front door. Make sure your To-Let signs and contact number are clearly visible.

You should also take some nice photographs to go in the window of your estate agents. A letting agent will offer a hand with this if they feel it’s necessary, but it’s worth taking as many as possible during the renovation process, to give you more options to choose from.

Find the Right Agent

After all of your hard work and investment it’s important that you choose the right agent. This is someone who offers you a good deal, but who will also represent you well to your tenants. A tenant becoming upset with an agent is a very common reason for them leaving the property.

Find someone who shares your values and who you can communicate easily with. This is the best way to ensure you have a long, successful and hopefully, quiet life as a landlord.

Author Bio

Scott Beaman is a writer for Affirmative Finance, a Manchester based bridging finance lender. Affirmative Finance offer bridging loan options to property developers, financial intermediaries and individuals when they require short term funds to complete their projects.

You May Also Enjoy

Breaking News

Popping the Asking Price Bubble

Where in the Uk Can Buyers Snap Up Property Bargains and Where Properties Go for a Premium Above Asking Price   New research from fast selling property company, Upstix has uncovered the UK’s most surprising postcodes for snapping up a property at bargain prices this year, highlighting a widening gap between sellers’ expectations and the…
Read More
Rightmove logo
Breaking News

Highest demand to lease office space since pre-pandemic

The latest insights from the UK’s number one commercial property website Rightmove, reveals that the number of unique enquiries to lease office space is at its highest point since pre-pandemic, as businesses look for spaces that meet modern requirements. Demand to lease office space is 19% higher than the same period a year ago and…
Read More
Planning disputes on new build land
Estate Agent Talk

Planning consultations for major infrastructure to be streamlined

Robert Bruce, a planning and infrastructure partner at law firm Freeths LLP, said he: “Welcomed the change as a significant step to speeding up the DCO process and the focus on the quality and effectiveness of the consultation, rather than box ticking and a risk averse approach to pre-application consultation due to the current legal…
Read More
Breaking News

‘The property ladder pulls further away’ warns Open Property Group

For many first-time buyers across England, the dream of homeownership continues to slip further out of reach. Despite rising wages, soaring house prices are making it harder than ever to get on the property ladder. A leading UK professional house buying company ‘Open Property Group’ based in Buckinghamshire UK, has raised concerns over the ongoing…
Read More
Estate Agent Talk

How Long It Takes to Buy a House in the UK: 5 Common Delays That Can Slow Down Your Home Purchase

Wondering how long it takes to buy a house in the UK? The average timeline ranges from 8 to 22 weeks, but even that can stretch significantly due to unexpected delays, especially if you’re a first-time buyer or caught in a chain. That’s why working with experienced professionals like Belvoir — one of the UK’s…
Read More
Love or Hate Rightmove
Breaking News

Rightmove to host Renters’ Rights Bill webinar with Guild of Lettings

Rightmove is hosting a live and interactive webinar session with the Guild of Lettings to help agents get Renters’ Rights Ready. The webinar will take place from 10:00am – 11:00am on Wednesday 23rd April. Susie Crolla, Managing Director for the Guild of Lettings, will be joining Rightmove to help agents with questions they may have about…
Read More