The best way to refurbish an investment property
Every investor knows that it is vital that the structure of their property is sound and that the location is appropriate for their target market. But after calculating budgets and before putting the new purchase on the market, what is the best way to make sure that every penny spent is in the right place?
Fixtures and fittings – façade and décor
Unless rewiring or major plumbing requirements have already been noted and calculated in the purchase price, the main focus of any refurbishment project for an investment property should be the fixtures, fittings and décor. With longevity and easy upkeep in mind, a new bathroom suite and kitchen fittings are often the first to be overhauled. It is important, however, that any choices made keep in mind the practicality of replacement and ultimate usage. That is to say, white bathroom suites don’t date, plain tiles don’t offend, and neutral colour schemes are the most likely to attract a tenant.
Cut costs, but don’t be cheap
Even if the kitchen and bathroom fittings themselves are low in cost, don’t skimp on the installation as cutting corners at this point is likely to cost at a later date. Make sure to budget for a qualified plumber and experienced joiner, as well as an electrician for the inevitable snagging list of small-yet-important jobs. Gas and electrical appliances will need certification, so trying to skimp on installation is a false economy.
If the floors are wooden and in relatively good condition, consider having them sanded and revarnished as they will only look more attractive as they age. If carpet is the only option, don’t be tempted to go cheap and dark – there are a number of options that won’t make the rooms ‘shrink’ that are still stain resistant and hardwearing but – again – make sure that it is properly fitted with suitable underlay to make the best impression and ensure no maintenance issues.
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