This week I wanted to share with you little tips I have learnt over the years which will help you when developing a property...
This week I wanted to share with you little tips I have learnt over the years which will help you when developing a property for the rental market:
Top Tips
1. When installing double glazed windows only install locks which are push buttons instead of keys. This will mean that you do not have to worry about lost keys over the years.
2. In your bathrooms install UPVC ceilings. This will mean you will no longer have to paint those condensation marks your tenant(s) may leave on the ceiling at the end of their tenancy.
3. Kitchens and bathrooms are wet areas. Therefore never install flooring that can be damaged by water. Never lay carpets and while laminate flooring looks good it will warp. 3-4 years down the line you will have to replace it. I would highly recommend tiling these areas. Don’t be fooled into buying cheap vinyl flooring. When your tenant moves out, 9 times out of 10 when they move their cooker or fridge freezer they will end up ripping the vinyl. While vinyl is cheaper than tiling a floor, if you are renting your property out for the long term, tiling your floors will work out more cost effective.
4. Entrance to your property – install hard floor matting. This will encourage your tenant(s) to wipe their feet when they come into the property and also looks good.
5. On any stud wall install a door stop behind internal doors. If a tenant swings the door open you will never have the problem of filling holes on the wall where the door handle has hit it.
6. If budget is an issue, when installing kitchens go for a white kitchen. This will mean that you are saving money on end panels which are already white. Also when buying plinths instead of buying standard plinths that normally come with the kitchen you can use an alternative material such as conti board which will cut your cost in half. If you are not sure ask a member of staff in B & Q or Howdens when you are there next.
7. If you have a back boiler in your property and you have a tenant on benefits, the government is currently doing a scheme where they will replace your boiler for free.
8. When fitting laminate flooring always take off your skirting board and fit. If you don’t and you go down the beading route it is very expensive and you will forever be pinning your beading back down or replacing it over the years.
9. If you are developing your property at the moment and you have a TO LET board advertising it is empty, make sure you have a pad lock on your rear gate. While you are advertising to prospective tenants you are also advertising to opportunist thieves that your property is empty and has brand new stuff being put in it.
10. Always think – am I renting for the long term or the short term. If it is for the long term your developments should reflect this. My number one rule in letting properties is if you have a low standard property you will get a low standard tenant. This tenant will no doubt make your property worse so the next time you need to rent your property it will be of a lower standard and as night follows day your next tenant will be even worse. Prepare to succeed not fail – develop your properties to attract the best tenants and be as long lasting as possible when it comes to the inevitable wear and tear.
I hope you have found this article useful and if you want to read more articles that affect real landlords please click on the below link to go to our block:
http://blog.nguhomelettings.com/
Yours
Chris Fitzakerley
Managing Director
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