What Does it Take to Successfully Manage BTL Property refurbishment?

While most people may ignore refurbishment, it's one idea that crosses a property developer's mind or a landlord in providing a practical living space for their tenants. Refurbishing a property can increase its value.  Managing a BTL property refurbishment successfully can be challenging given the diverse amount of aspects to refurbishing a property. From what colour kitchen to choose all the way to finding the right plumber or builder.

A Buy-To-Let property refers to purchased property mainly to let it or rent out. Such properties are mostly residential but could also be used as investments for students' occupancy and hotel rooms. Below are some important tips one needs to manage a Buy-To successfully -Let-Property refurbishment. 

1. Get 3 different quotes for pieces of work

getting different quotes has many benefits. one being that it enables you to establish a realistic price for the works. This in. turn enables you to compare against different tradesman which will prevent you from being ripped off!

2. Be patient

I'm sure you are all aware, but for those who are not, property refurbishments do not always go according to your time-schedule. This can easily become frustrating especially if you are working with a Joint Venture partner. It is important to find a good balance between being patient and being pushy. Being overly pushy/strict with your tradesman can arose resentment and being too patient can result in nothing progressing. Find the right balance for the task at hand and most importantly... YOU!

3. Maintain your focus & organisation

Property refurbishments can take an extremely long time. Despite this, it is extremely important that your focus and organisation does not dwindle with the time. Effective management of a property refurbishment is achieved through direct organisation and a high maintenance of focus towards each task at hand.

Property refurbishment can cost a tremendous amount of money so I thought it may be beneficial to you if I provider you with some tips on how to save money during the property refurbishment process... so here we go:

1. Sweat-equity

Money can be saved by by putting your own sweat-equity into the property. This involves you doing some of the easier work yourself. One thing you could do is painting the walls.. this could save a few hundred pounds. 

2. Payment methods

I have learnt in my previous experience that you can save a lot of money by paying the tradesman in full for the quote relative to paying them on a day rate. 

• For more detailed refurbishment videos please remember to check out my YouTube channel:   

https://youtube.com/c/LNCapital