Let The Right One Out! Why Scrimping And Saving Can Harm Your Buy-To-Let Income

Renovating a home to let can be difficult. No, scratch that, it is difficult. It takes time, money and effort, and all of this comes with an additional helping of stress. It’s worth it, in the end, to have a home that you can let out or sell on for a good price. But while you’re among it, the strain can have very noticeable effects on you and those close to you.

Among those effects is the impact it has on your decision making. This is a time when every decision you make has an impact not only on your end result, but also your bank balance. And whether you’re letting it to tenants or end up moving in yourself, you need to make sure that those decisions are the right ones. After all, one way or another you’ll be living with, or in, the consequences.

What is vital above all else is that, sleep-deprived and desperate to finish as you may be, you make a decision for the right reasons. Although saving money is always an attractive prospect, sometimes lower prices are bargains. Sometimes, they are false economies. Dont pick something thats worth less if it will hurt your rental income.

In The Bathroom – Pick The Right Flooring

hc-bedroom

The bathroom, the smallest room in most houses, is an area where you don’t need to spend a lot of money. Weirdly, this makes some people feel like it’s an area where they can make cuts. The logic goes that you’re not spending much there anyway, so a little cut won’t be missed. Well, maybe not – so long as it is a little one.

For example, don’t invest in cheaper flooring for the bathroom to cut some money from the budget. Cheap flooring has a habit of showing its lack of quality very soon after installation. In a room that is going to be wet for a lot of the time, this will look awful after not too long at all. If someone is renting this place for six months, will you just have to redo it when they move out?

In The Bedroom – Protect The Key Pieces

There are many spots in a bedroom where a little bit of a saving can be made. If you’re handy with a sewing machine, you can potentially run up your own curtains and save some cash that way. Going with less vaunted suppliers for bedroom furniture can help too. Even high-end vendors tend to sell flat-pack these days, so is it worth splashing out? Maybe, maybe not.

Make sure that areas like the bed itself are taken care of, though. It’s not much extra expense to go with bed linen from Richard Haworth or a similar supplier, and the bed will look and feel so much better for it.

In The Kitchen – Don’t Overdo The Appliances

kitchen

If there is one room in the house where even penny-pinchers are prone to profligacy, it’s the kitchen. You need to bear in mind that just because there is scope for an appliance, and it’s a nice one, it doesn’t mean you have to have it. Have all the usual – cooker, washer, etc. – and then maybe one “Wow” addition such as a great coffee machine. Otherwise, they become too much expense for a lot of clutter and not much function. And if youre renting the place out, the tenant will add most of what they want anyway.

About the author  ⁄ Mike

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