Renovate to Rent
Having been in the property business for 20+ years we've worked on numerous different types of projects, ranging from small to large. What's remained consistent throughout these projects is to focus on delivering a high quality product and doing so cost effectively so you attract your target market.
In this blog, we share insight on how we add real value to our investor clients, specifically landlords.
We're going to focus on a specific client renovation of an investment property. The objective, is to transform the property so it attracts as many potential would be tenants as possible and provides a comfortable home for the next tenant. Ultimately this renovation will also add value to the property and increase the rental yield.
This particular client owns an investment property which is managed day to day by a letting agent. The client does not live locally.
The client had been letting their three bedroomed investment property to the same tenant for many years. The tenant vacated the property in October 2020 and the property sat empty until we started works in late January 2021.
The property was last renovated nearly 7 years ago. The client sought our help with the following:
1. identify what issues needed addressing
2. developing a turn key renovation solution to address the issues identified to ultimately create a desirable family home
1. Addressing Underlying Issues
We prioritise the basics first - heat, damp, electrical, water and gas. We will then propose solutions to address these. In this particular example, the windows, the heating and some of the walls were very damp. We're tackling these issues head on - we've had a new boiler and central heating system installed, we're addressing the damp and new windows and external doors are on order.
2. Other Priorities
Understanding who the target market is critical, so we have this in mind at all times so we deliver a desirable home.
In this particular case, the property will be a family home so we are providing all the amenities that they require, for example, a dishwasher, a tumble dryer, a bath and separate shower, easy to maintain flooring, a low maintenance garden, sockets with integrated USB connection points and so on.
3. Turning a House into a Home
From the outset we have a design plan in mind and as the renovation progresses we implement this in each and every room so that we deliver a cohesive design. We source high quality, cost effective products which suit the needs of the target market.
We also turn any negative we come across into a positive. In the dining room, there is a damp issue so we've had to expose the brick wall affected. As a result, we found this brick wall. We are embracing the brick chimney breast wall and this will become a key feature in what will become the dining room.
For this particular client, our scope of works were vast - in fact this is a complete renovation of the property, including:
address damp issues
upgrade the mains gas supply to meet code requirements
repair leaky roof
new boiler and heating system
replace windows and doors
new internal doors and skirtings
plaster a number of ceilings to remove dated artex
design a practical yet stylish kitchen which maximises the workable space available and without compromising on the kitchen appliances provided. In fact, we've created more storage although the footprint of the kitchen is the same. This is because space planning is at the heart of all our design decisions
redesign the bathroom layout so the space flows better
replace all the flooring. Downstairs we will lay luxury vinyl tiling, including in the bathroom upstairs. We will lay carpets on the stairs and upstairs which have easy clean features and long guarantee
remove then update the porch area
create kerb appeal at the front
create a neat, low maintenance and safe rear garden, ideal for entertaining and playing
replacing dated electrical sockets, pendants and switches and integrating them flush into the walls
Additionally, we will refurbish the brick fireplace wall so this becomes a welcome feature - this was not in the original scope of works although it will add significant appeal to the property.
Managing the Budget
A key consideration for our clients is budget. We deliver a high quality solution cost effectively and we regularly review the budget to ensure we're on track.
Another key consideration for our client, is how long is the renovation going to take? Rightly so, while we are renovating the property, the investor can't achieve any income. There are many moving parts when working on a renovation and to keep the project moving, we pay close attention to the timeline and regularly review this, so we deliver a high quality product within as short a time as possible.
For this particular client, the most significant timeline dependency is the manufacture of the external doors and windows. These take 5-6 weeks to be manufactured, delivered to site and installed. Our end-to-end timeline on this project therefore factors this in and we work to complete all other deliverables ahead of that.
Throughout the time we work with our client, we update you regularly on progress through calls and images (still and video).
The use of video calls has been particularly useful with this investor client for a number of reasons:
1. The client lives a long distance from the property
2. The client is incredibly busy with other commitments
Using video calls allows the client to see for themselves the progress and we can obtain their input as needed.
We understand that our clients may seek changes throughout the process. We work collaboratively with you to deliver any additional requirements you may have. For example, the original client brief we had from this client, was to reuse the existing kitchen appliances. During discussions with our client, they asked us to upgrade the existing kitchen appliances and in fact include more kitchen appliances such as a dishwasher and integrated microwave. We adjusted the design to include the additional client requirements.
Complimentary Virtual Staging
In addition to working swiftly and without compromising on quality, when we are nearing the end of the project, we provide our clients with complimentary virtual staging in a number of key rooms. This has a number of benefits including, it:
- ensures the property stands out in all the on-line marketing and for all the right reasons. Blank spaces are dull to the eye, however nicely and well thought out designed spaces attract buyer interest
- sells the lifestyle that tenants aspire towards
- allows tenants to see how to potentially use key rooms within the home
We look forward to sharing the final images with you.
Are you looking to Increase Your Rental Yield?
We can help you quickly and efficiently add value to your investment property so you attract your next tenant, increase your rental yield and add value to your investment more generally.
Reach out to us on firstname.lastname@example.org to arrange your complimentary 30 minute consultation.
#investmentproperty, #rentalproperty, #landlord, #higheryield, #renovation, #renovationproject, #interiors, #rentalyield