Senior Property Investment & Market Advisor, Rhys, explains how we can help you create a 7-year property plan...
"Reveal its hidden potential" is a phrase we hear in many walks of life, but probably none more so than in the property industry. Many landlords are sitting on a buy-to-let investment with the potential to make them more money – they either haven’t realised it yet, or they have but they don’t believe they’re in the financial position to make it happen.
Sensible improvements don’t have to cost the earth and they don’t have to be done in one big swoop. We regularly produce dynamic, short and long-term plans with landlords where the work is done in phases over several years.
Developing a development plan
Based on the type and number of tenants you let to, you may have already budgeted for how often you intend to change the carpets and redecorate, but what about the bigger elements?
Bathrooms, kitchens, even woodwork and ceiling finishes: these are the items that tend to catch landlords unawares, as they have a tendency to sneak up. We often have conversations with clients who remember a bathroom/kitchen as being “new” or “newish” when they first bought the property, but we have to remind them they actually bought the property quite some time ago… sometimes a decade ago! Time flies, as does life.
We believe a good approach is to visit your rental property annually and produce 6-month, 3, 5 and 7-year plans. For example, we might book a decorator for six months’ time, to coincide with advertising the property to new tenants. Being able to market it with a new, light grey decoration throughout is going to help achieve the best income.
You/we may agree that very little additional work will be required in the next 3 or 5 years, but things can and do change, so we’re happy to visit with you again the year after. That way, costs don’t creep up unexpectedly.
If you'd like to hear more, get in touch today to discuss a bespoke plan tailored to you. You can reach me via firstname.lastname@example.org or give me a ring on 02920 668585.
20 June 2022