With all predictions in its favour, 2014 it’s being hailed as a fantastic year for the housing market and with it, many opportunities for landlords. Whether you are an experienced private landlord or you are dipping your toe in the thriving buy-to-let pool for the first time, don’t miss this opportunity.
This is a fabulous chance to make a good profit, so long as you do things correctly, spend your money wisely and don’t skimp on renovation costs.
What steps do I need to follow in the buy-to let process?
First of all, you should find a good priced property with good potential. Look for properties in areas under regeneration or expansion, they will potentially will turn into high(er) value areas and the properties achieve better returns.
Often when cheap property for the buy-to-let market is acquired, it tends to be in poor condition, and extensive renovation and refurbishment needs to be undertaken. If you are looking to ready your investment for the residential property market, that is one thing, but making converting it into an HMO is another. Do your research and make sure you follow the correct procedures and legislation to ensure your property complies.
Clearing and gutting your new purchase is usually the first vital task to be undertaken. Then comes the magnitude of actually starting the project and beginning the renovation! Apart of choosing the right professionals and the right builders, there are also the legal aspects to consider. Unfortunately there is a lot of ever-changing legal paperwork involved with building regulations and codes! It appears to become stricter by the day what with all the required building permissions and applications. The whole process can weeks to process, all the while your renovation project is halted.
Choosing the right contractors to carry out your planned work is an important decision. From, rip-out work to joinery, wiring, gas, electrics, plumbing, roofing work and plastering and decorating, that can add up to a lot of work, and a lot of expense! Knowing where to start and employing the right people for your renovation project is key. If it all sounds too difficult, don’t worry. Mistoria Renovations will make it easy! We offer a comprehensive renovation and building solution specifically designed and tailored to meet your individual needs and requirements. We also provide a complete ‘one-stop shop’ ensuring your ideas and dreams are transferred from the conceptual into reality, leaving you with a high quality, professional job.
Don’t miss the opportunity the housing market is now present us with. If you are a landlord with a portfolio of properties or a novice with your first investment property, Mistoria Renovations will take care of your renovation project from beginning to end including all the legal paperwork it will require.
If you haven’t got to the purchase stage yet but are thinking about investing in a buy-to-let property, speak to our dedicated sourcing and investment team about investing with Mistoria.
Call us today on 0800 500 3015 or contact us via our website with any questions about your project, we’d be happy to help.