A Guide for Landlords With a Renovation Property

As a budding landlord, you might decide that you want to opt for a renovation property so you can create the perfect home from scratch and so no previous décor impairs your vision for your dream abode.

However, as well as the designs that you’re going to implement, there are many different elements that you need to think about when you’re going to own a renovation property. Then, here are some top tips for landlords who have a renovation home to their names.

Find the Right Property

The first step that you should take is to look around for a renovation property that speaks to you and is at the right level of dilapidation for you. Otherwise, you might find that it’s too costly for you to do up and that you won’t be able to renovate it to the standard that you want.

This means that you should take some time to browse the internet and look at the different options that are on the market. You might also speak to other landlords, which could enable you to get some tips on what you’re looking for and what type of property could be right for you and your renovation ambitions. You should also always make sure that you visit the property in person before purchasing it.

Design it With Tenants in Mind

Often, you might get carried away and use the opportunity to design a home that you would love to live in or that you wish your house was like. However, this can be off-putting to potential tenants, especially if the décor is too specific or personal to you. This means that you should make sure you create this abode with your future tenants at the forefront of your mind.

You should try to combine practicality with style, and you should create neutral rooms that won’t look outdated in just a few years. You should opt for a minimalist design that your tenants can make their own and fill with their possessions, and you should opt for ample storage that will allow your tenants to keep the space neat and tidy, and can be helpful to those who are looking to stay in your home for the long-term.

Call Out Professionals

Rather than allowing your renovations to overwhelm you, or feeling as if you have to do them all yourself, you should call out several professionals who can take on the work for you. These professionals will be able to use their knowledge and skills to complete the trickiest of renovation tasks safely, and you’ll be able to relax in the knowledge that their work will last for a long time and has been done to a good standard, unless you have the high skill level to do them yourself.

However, you shouldn’t rush into hiring professional contractors, and you should take your time to find ones who come well reviewed and have worked on several similar properties with excellent results. Otherwise, you might find that you soon have to call out more professionals to fix the issues that the last ones have created.

Know How to Collect Rent

Collecting rent for the first time can be daunting, and you might be worried about getting on the wrong side of your renters. To ensure that you can get the money that you need on time and in a friendly way, you might consider using a property management service that can help you when you are collecting rent.

By collecting rent in the right way, you’ll be able to develop a positive relationship with your renters, stay on top of your mortgage payments, and ensure that you don’t have to constantly chase up the rental money. This can take the stress off being a landlord, which can be particularly important if you own more than one property.

List Your Property

Once you’ve completed the renovations and have developed a strategy for collecting rent, you’ll need to list your property online. Doing so can ensure that as many tenants as possible see your property and that your renovations don’t go to waste, even if these potential tenants don’t live anywhere close to your asset.

You should make sure that you choose an active and easy-to-use platform to aid you on your journey to find the right renters, and you should take clean and clear photographs that advertise just how much space is available in the house or apartment that you’re offering. You might even state that it has been newly renovated. This will make it seem like an attractive concept.