Light Refurbishment & Letting Agent

When purchasing investment property it is important you factor into your projections any monies to be spent on the refurbishment, as this will need to be paid with cash and can’t be included in the mortgage.

There are many learning curves to over-come as property investors and two common refurbishing mistakes made by inexperienced investors are;

(1) Under estimating the cost of the refurbishment – as discussed in the Financial analysis and Negotiation section, ‘the devil is in the detail’ as the odd £50 here and £40 there, all add up!
(2) Not refurbishing for an investment property– think of your ‘end point customer’. Remember this is not a property that they are going to live in; it is an investment property and should be refurbished as such.

We have all heard horror stories of builders starting jobs, not to finish them, or charging uncompetitive rates. You need to feel confident that you have being charged correctly and that you can trust that the work will be completed, in your absence, unless of course you planning to be there every step of the way to project manage the work. If you are, do your homework, to ensure you bring the trades people into your property in the right order, so you do not incur double costs.

 

Once your property is ready for tenants the key priority it to get it rented out and minimise the voids. Most successful property investors do not manage the letting themselves, as they want the passive income, not the hassle. Remember, if you have allowed for the Managing Costs in your Financial Calculations you will know the property is a financially sound investment and you can leave the Letting Agent to manage it for you.

A Letting Agent receives their steady income only when the property is occupied, so it is in their interests to have it full, however business is based on relationships, so the better your relationship with the Letting Agent the more likely your property is to be full.

How can I help?

Refurbishment
As active investors we understand the importance of the refurbishment element of the process. Through our own investing and network connections, we have created a trust worthy, competitive refurbishment team who are managed by my Refurbishment Manager, and who liase with our Chartered Surveyor team member. Between them they are able to supply and fit competitively priced items and bring the Trades-people into the property at the right time, to minimise the refurbishment costs and turn around time.

Experience has taught us how to deliver an attractive, tenantable house following a competitive refurbishment process.

Letting Agent
Our Alton Property Partner Portfolio Building Service also offers our investors the connection with a Letting Agent. We keep the Letting Agent fully up to date with the progression of our refurbishment work, removing the need for our investors to get involved with this. All they need to do is sign the paperwork with the Letting Agent. We then work together with the Agent so they market the property, to achieve a seamless process between completion of the refurbishment and tenants moving in.

Once the property is fully refurbished, your relationship will be direct with the Letting Agent.

Step 1: Consultation & Strategy

Step 2: Sourcing Property

Step 3: Financial Analysis & Negotiation

Step 4: Mortgage Application & Conveyancing

Step 5: Exchange & Complete Contracts

Step 6: Light Refurbishment & Letting Agent