Looking to spruce up your property?

Here are some do’s and don’ts!

Here are a few do’s and don’t when refurbishing your property:

• Start off by thinking about who your target market is and build/renovate with them in mind.  If you are targeting young professionals, you will need a good, clean high standard.  If the property is in a family area, it may be worth focusing a bit more on the garden etc.
• Try and create a very good blank canvass – I aim to keep thinks white, clean and modern so that when people walk in they say “Wow”.  However, I don’t want the design to be overpowering and to potentially put some people off.  No purple walls!
• The kitchen and living areas are the most important rooms – Focus your energies there.
• Kerb appeal is key –  Make the front door, exterior and garden, if there is one, look smart and well turned out.
• Don’t overspend – Work out your end rental value (if you are keeping the property) and end value of the property post rent and then work backwards from this figure to give yourself a budget.
• Never start the renovation work without all the money for the build in the bank

However if you’re looking to sell your property we’d recommend:

• Do not underestimate a good architect or interior designer.
• A dark property is a bad property.  If in doubt, paint the walls white and add lights.
• Ask yourself can I take out a kitchen if it’s in a separate room, create a combined kitchen/living area and gain an extra bedroom?
• Can I go into the basement and create living room there?
• Can I go into the roof and create living room there?
• Always think about gaining any unused space or better using existing space and think ‘clean and fresh’

One more thing

All expenses associated with refurbishing a buy-to-let property are tax deductible and will either be treated as repairs (which are deductible from rental income) or capital expenditure (which is tax deductible only when you sell the property).

Any expenditure which improves the property beyond its previous condition will, on the other hand, be treated as capital expenditure. Clear cut cases of capital expenditure are, for example, adding an extension to a property, doing a loft conversion or putting in central heating to a property that did not have any.

Refurbishment not only increases the value of the investment, but it also cuts down on long-term maintenance costs and attracts higher quality tenants who tend to stay put for longer.

Recently renovated? Contact us below and we’ll give you a free valuation to know how much your property is worth!