Welcome back! So I hope you’ve enjoyed the first series of Tuesday’s Tip’s. This episode is a little long but please stays until the end where I’ve got a surprise for you, by way of a Thank You! So for your bonus tips of this series, I’d like to take a few steps back. As a Landlord, you’ll be assessing the success of your investment property by looking a profit, return on investment, impact on your lifestyle etc. A large part of this is going to be your ability to increase income and lower your costs.
So talking specifically about costs, your biggest recurring cost is likely to be when you’re refurbishing the property with new bathroom’s, new kitchens etc. So to use a bit of Investor Lingo! I’m going to call the time between refurbishments your property’s Lifecycle. The tip’s I’ve been giving you in this series has been about extending the property’s Lifecycle.
Bonus Tip One – To track the performance of your investment, you want the property’s Lifecycle to be no less than 10 years with no more than 4 tenancies. If the Lifecycle is shorter, you’ll end up paying too much in refurb costs. If you have more tenancies, the wear and tear will be too high and you’ll end up spending too much in refurb costs!
Bonus Tip Two – If your kitchen units start looking really tired and need replacing, consider having them professional re-finished. The video shows a kitchen I’ve just had refinished. This kitchen is nearly 9 years old and looks like new. A replacement kitchen was quoted at £4k – £5k. This re-finish cost me just over £1000!!
Bonus Tip Three – If it’s only been 5-6 years since the last refurb and the property already looks like it needs another, I would seriously consider allowing pets, specifically large dogs. If the property needs a refurb in the next year or so, what’s the problem/risk? You might even find they stay in your property for longer than the average family tenant.
So Thanks again for watching. I really hope you enjoyed the first series.
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