Upgrading an Investment Property, Where & What to Spend?02 Mar 2021
Upgrading an investment property – how do you decide where & what to spend?
Investment properties need to be invested in – one of our key roles is to offer advice and even management of a rental property upgrade. In this case, the property had been rented out for over 15 years and needed some TLC – but the landlord lived overseas and didn’t have the time to deal with the works. We visited the property and with the landlords, involvement put together a schedule of works – in line with a void period between tenancies.
The kitchen was older style but good quality so instead of replacing the units we decided to update the kitchen by changing the worktops, extending the breakfast bar, and updating the splashback, replaced the appliances and sink unit- the effect is fantastic and really cost-effective. Take a look at the before and afters.
Add some new blinds, redecoration, some new and some fresh pre-loved furniture and then our wonderful Nanette went in to stage and dress the flat. Check out the result…
In total the landlord has spent around £6,500, transformed the flat from old and tired looking to fresh and attractive to tenants AND increased the rent by over £125 per month. The flat rented in 1 day – Whoop Whoop.
And did I mention that this landlord is based overseas?
If you would like any advice on how to increase your rental properties return, get in touch Sally@fineholm.co.uk.