The buy to sell market can be extremely lucrative. Many people have turned buy to let properties into a profitable career. However, it isn’t something you can get into without having funds already in the bank. The saying ‘You have to spend money in order to make money’ is certainly true when it comes to renovating buy to let properties. There are many jobs you may need to undertake such as installing a boiler feed pump and installing a new heating system. If you have a tight budget, there are ways around it. Below you’ll discover great tips on how to cut the cost of renovation.
Knowing when to save and when to spend
One of the biggest lessons you need to learn with renovation is knowing where to spend your money and where to cut back. Some of the most common things owners try to save on include paint, nails, screws and tools. Sure you may save money initially, but cheap paint and tools won’t last very long. In fact, you’ll likely end up having to repaint with a better quality product after you find the cheaper one didn’t provide adequate coverage. Therefore you’ll end up spending more in the long run than you would have with a higher quality product.
Don’t focus on adding value
One of the best pieces of advice you can follow when renovating a buy to let property is to avoid doing things to add value to the home. As mentioned on MoneyWise.co.uk, if you’re working with a budget, trying to add value to the home isn’t going to work. The changes that you make won’t benefit you as you aren’t planning on selling the property anytime soon. The only upgrade that will increase the home’s selling price is if you do a garage or loft conversion. Even then it won’t add much value. So instead focus on the small details that will make the house feel like a home.
Dress to impressWhen shopping for hardware or appliances, what you wear can actually make a big difference. If you look like you know something about the products you’re buying, you are more likely to get a better deal. If you’re dressed in designer gear salespeople are going to be less likely to negotiate with you.
Have a clear budget in mind
Renovation projects have a habit of going over budget. It really helps if you know exactly what your budget is. As featured on UKTV, there are a number of pitfalls you could become victim to if you don’t keep an eye on your budget. Set a specific amount that you can spend for each job you plan on doing and do not go over it.
Overall renovating can be costly but there are ways to keep those costs down. Following the advice above will help you to save a lot of money. Remember, it’s also a good idea to shop around. Compare different suppliers and stores so you can identify the cheapest options available to y