Landlords How to do a Cost Effective Development 🤔

So we’ve all got one of those properties, something which needs a bit of love, care and attention but you simply haven’t got the...

So we’ve all got one of those properties, something which needs a bit of love, care and attention but you simply haven’t got the budget to do it?

This is the nuts and bolts of being a landlord, on a daily basis we make decisions on a cost vs income basis.

I’m a big believer in spending that little bit more so that you get a better end result.

When I first started out everything I did was an instantaneous reactive fix, there was no long term thinking. If a place needed redecorating, I’d be the first to say slap some paint on and just get it sorted for as little as possible. You ever said that?

You ever seen wallpaper painted over or painted walls which haven’t been prepped properly – it looks awful!! You’re just throwing good money after bad. Sometimes you’ve got to suck it up and do things right.

You know what though, now I make long term decisions I make more money, go figure. 🤷‍♂️🤷‍♀️ Want to know how?

My tenants stay longer because their homes are nicer, my voids are less since the properties are easier to let and they also achieve higher rents 💪

It all seems easy, I bet you’re saying I’d do the same if I had the money? Well everything we do is also on a budget but we spend a little bit more to get a better long term result.

Chris, our Senior Portfolio Manager, did the video below where we discuss:

• Painting walls with magnolia vs a boutique scheme
• How to refurb your kitchen simply and cheaply by painting units and replacing work tops
• How to make your property stand out
• How this achieves higher rents and means your property lets more quickly
• How to generate LONG TERM WEALTH through managing costs and making the right decisions

See our video below 👇