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New-build    Bespoke - Renovation and conversions    Designer Buy2Lets Rentals    Designer Buy2Lets Renovations

 
     

Designer Buy2Lets Renovations

For those wanting to get a piece of the action in buy 2 lets it not always ideal when you don’t have the skills to renovate. It can become expensive the key to making that all important initial profit is in the turn around, who do you go to?

p.e.n homes have the answer. You need to plan your buy 2 let purchases carefully and make key decisions.

Do you plan on a long term rent? Relying on capital increase!

Or do you plan to renovate the property and sell at a profit?

If you plan to rent long tern and increase you portfolio then you need to tern the property round attract a tenants and keep the property rented out ASAP. By doing this you can save literally thousands. Look at it like this. You receive the keys for you new purchase, and lets say for simple math’s the property in its current state is worth £100k, your buy to let mortgage is costing you £400pm

Right at this moment in time the property is not making you any money (only the increase in capital) so in theory you are loosing £400pm in costs + bills, and missing out on £500 in rental income. (Area specific)
Now let’s say the potential value of the property after renovation is estimated at £140k, you see where I’m going.

You have an estimated £40k of capital to play with. Your average renovation using this example would tend to be around £20k for a complete package including labor. By getting the property blitz professionally and rented out fast, you can look at revaluing, re-mortgaging and re-investing while the property market stays in affordable reach. The property market tends to fluctuate but statistics have proven time and time again that your investment can double it price every 15 years. You do the maths!

 

 

By renovating properly

By renovating properly, you will reduce the amount of hassle and complaints from your tenants in the long run. You will tend to keep them longer and all this cuts down the cost of agents and wasted mortgage repayments. It all adds up believe me! You also want to aim in turning the property round within 5-8 weeks. If you are planning on adding to your portfolio look at similar décor and furnishings in all your properties, avoid specialist paints that discontinue and create a theme it’s a whole lot easier when replacing or redecorating!

Give us a call and ask how we can help.

 
 
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