Getting into the housing market can be a challenge, so renting is often the way forward for many people. Rental properties are in high demand, so being able to renovate one to be a rental can be rewarding both financially and mentally.
But planning a budget, completing the work to a high standard, and navigating any snags is a learning curve. Here are some tips to help you renovate a house to rent.
Five Prime Ideas To Renovate A House To Rent
1. Plan Your Budget
For an average three-bedroom house, it can cost between £38,000 – £74,000 to renovate. This is on top of the original purchase price if you are renovating it for the first set of tenants.
Of course, this depends on exactly what needs doing as some jobs will be cheaper than others. Before you start the renovation get a survey done. This will indicate any issues with the property that you will need to address. Then get quotes from contractors and tradesmen. This will allow you to get a realistic budget in place that you can work around.
2. Get It Cleaned
Getting the property up to a high standard of cleanliness shows any new tenants how you expect the property to be kept. Remember to document this before they move in so there are no disputes at the end of their tenancy.
It is important to check for pests as well. Rats, mice, and flies should all be dealt with as they can pose a risk to your tenants’ health. Similarly, dampness and mould should be addressed swiftly as they can cause structural damage if left as well as be a health hazard.
3. Add Storage
Adding storage can add value to your house, both for selling and renting. Investing in some space-saving units can be a great way to increase your profits.
For example, utilizing the space under the stairs as a home office can add an extra feature. Alternatively, you could use it as a coat and shoe storage area with some bespoke units to maximise every inch of storage space.
Networking events are helpful in making contact with other house flippers and contractors. Once you have those relationships in place, you will end up building a network of trusted professionals. This will allow you to work together on lots of projects and have peace of mind that they will do a top-quality job.
Also, you may be able to find potential clients at networking events such as investors. This means you could turn house flipping into a career that will be lucrative for years to come.
5. Ask For Help
A lot of DIY can be done by yourself through watching video tutorials and research. There are some jobs, however, that should be done by professionals.
Electrical work, plumbing, and roofing should all be completed by qualified professionals. You can always check on the various accreditation board websites for trusted workers. By letting them do it, you can be sure it is done properly and have recourse should an issue arise in the future.