Now that you have decided to keep your property for 10+ years, you can be comfortable that you will recover the cost of a full renovation.
Again, before starting any works you should take some time to do some planning. Here are 5 things to consider:
- Do you have a current tenant? If so, it’s best to give them notice (60 days minimum) that at the end of their lease you will not be renewing.
- Will you engage a professional service provider to manage your renovation? Or do you have the time on weekends and during the week to spend doing the renovation yourself? (A full renovation of a 1 bedroom flat will take a minimum of 6 weeks if work is completed Mon-Fri).
- Can you afford not to have the rental income coming in for up to 12 weeks? (6 weeks of renovations plus 4-6 weeks whilst advertising for a tenant).
- What type of person is likely to rent your property? A couple, single male or female, a professional or a student? This helps to understand their needs, which will help you with your design and fittings.
- What is a comparable rental rate for a renovated property like yours in the area?
Once you have answered these questions you are one step closer to starting your renovation.
For a full list of MaC Consultants services please visit our Services page.