Many landlords find a property that they’d like to let out but often have to undertake some improvements before it is fit for use. With a small amount of cash, this task can seem daunting. However, with some clever tips and planning, it is possible.
In this blog, we’ll look at the steps you should take if you want to renovate your buy to let property on a budget.
Create a plan
Having a plan for your renovation will keep you focused. It can help you target specific features and areas you want to work on. By using this approach, it will help you achieve your goals and protect against overspending and debt.
You need to consider how you will meet building codes and regulations and focus on prioritising the tasks that need the most attention.
It may also be useful to think about how you will fund your plans at this stage. You could use your savings if you have them, or a credit card. If your plans need a larger amount of investment, you may want to consider a buy to let secured loan. This option can help you access a large amount of funding by using your rental property as security against the loan. However, this may increase your costs through interest payments.
Budget-friendly improvements
There are many ways you can improve your rental property without breaking the bank. Here are some of our favourite tips:
Flooring –
Consider updating the flooring, which can impact the overall feel of a property. Grubby and worn flooring can put potential renters off.
Over the years, laminate flooring has improved in quality and durability, making it a great option for rental properties. It’s easier to clean and maintain than carpet and can give the building a more contemporary feel. Plus, it’s relatively cheap and fairly simple to install. Check with the manufacturer to see if they offer a guarantee to get a refund or replacement in the case of any defects.
Protect against mould –
One key thing all landlords should invest in is mould protection. Mould is difficult to deal with once it has spread and can cause health hazards for tenants.
There are low-cost and some more expensive things you can do to protect against mould. All of these fixes are worth it in the long run, as repairing mould damage is usually much more expensive than protecting against it in the first place.
Start by checking and maintaining the gutters and the roof. Gutters full of debris and leaves could cause leaks. Equally, loose roof tiles could cause rainwater to come into your building and damage the ceilings.
Also, check that the extractor fans are working. Extractor fans help protect against moisture building up inside. Make sure yours are clean, dust-free, and in proper working condition. If you don’t have fans, consider installing them, as they can help protect against the long-term impacts of damp.
More expensive fixes include repairing rotten window frames and improving insulation in the cavity walls. While it can cost a lot to install new windows and insulation, you could save money in the long run by future-proofing your property against damp and mould.
Update the paintwork -
Cosmetic enhancements, such as re-painting walls, can add value without straining your budget. It’s a good idea to stick to neutral colours when painting walls. Adding your own personal touches, such as bright colours and patterned wallpaper, can put tenants off, as they may not have the same taste in interiors as you.
Avoid using dated colours. Magnolia used to be a popular option for rental properties due to its versatility, but now many consider it to be old-fashioned. Instead, try opting for cooler-toned neutrals, such as greys and whites. This is a relatively cheap way of adding new life into your property and making it look more modern.
Tiling –
There are ways to update tiling on a budget, giving your property a fresh lease of life. You could use acrylic panelling that is made to look like tiles in bathrooms and kitchens. These are usually easier to clean and maintain than tiles and grout, are often cheaper than buying real tiles, and can be simpler to install.
Storage space -
One cheap addition that many landlords commonly overlook is storage space. Fitting extra shelving, coat hooks, clothes rails, or wardrobes will greatly benefit your tenants. These features help tenants keep the place looking tidy and clean, which creates a welcoming and homely environment. This could help you attract more tenants and potentially improve your rental yield.
Research incentives
You could save some money by applying for local or national grants for landlords. In the UK, eligible landlords can apply for grants to update boilers, install insulation, and install electric vehicle charge points. Taking advantage of these programmes can contribute to your cost savings while updating your property’s efficiency and making it more up-to-date.
Summary
Investing in your buy to let property doesn't have to cost you a lot. With careful planning, strategic decision-making, and the right financial support, you can renovate your property on any budget and reap the rewards of increased rental income and property value.
Remember that budget-friendly improvements can cover all manner of refurbishments. These include painting, new flooring and tiling, installing more storage, and future-proofing your property against the effects of mould. You can also use grants to help save money and improve the energy efficiency of your property.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
