When considering the profitability of their property investment, most people tend to think big. The reflect on the sale cost, rental price and length of their mortgage. However, it’s important to note that you should also look at the small scale details in a property too. Especially If you are renovating. Remember, not paying attention to the small things now, could lead to a big loss in profits later on.
First of all, if you are buying to let you need to get the property check for any sign of infestation. There are many different types of creepy crawlies that will make a home in the property you have bought for your clients. These can include mice, rats, bees, and ants. All of these need to be dealt with differently. In fact, different types of bees need to be treated in a different way, so make sure you get a professional in to help.
Having a bug problem is bad news for a buy to let investor. This is for two reasons. The first is that it will be very difficult to get a tenant into the property to ensure that your mortgage payments are fulfilled. That means your investment is costing you money out of your own pocket instead of breaking even.
The second is that rectifying an infestation problem can be an expensive thing to do. It is not cheap to call in the professionals. But it is the sort of job that needs doing properly before you can get your investment generating money for you again.
Leaks are another problem that it is so easy to overlook when you are buying a property for investment. However, woe betides you if you overlook them when you are renovating your property. This is because leaks can cause all sorts of problems like damp, mold and rot.
Renting out a property with damp and rot is about as easy as nailing jello to the wall. Even if you do get someone that is desperate they are going to ask for money to be knocked off. Not to mention that the complaints will come pouring in as soon as they realize how bad it is.
Thai s why you need to use good quality pipes and fittings like schedule 80. Then you will be safe in the knowledge that you have the best finish possible, and you won’t need to worry going forward.
Buying to let is a difficult game. Most people want to make the property acceptable to future tenants, but you don’t want to spend too much money on it either. However, it’s easy to forget that the quality of finish can set your property apart from the rest. Remember and make it much easier to get a regular return on your investment.
For example spending a small amount more on a luxe finish like a granite work surface, can make your property appealing to a higher end market. That clientele will pay more per month. Which should allow you to pay off your property investment outlay at a much faster rate.