I have a property in Leeds that I will probably never move back into, so for the next 12 months I am going to be slowly renovating it in return for renting it out. I know there are a load of buy to let threads which mostly are bollocks, like the majority of thread on here but we persevere!
Does anyone have any direct experience of what to "do" to a house to get it ready to rent out? We are in a relatively OK area, ex council estate where 80% of houses have been privately bought or taken over by a local housing partnership so a lot of money has been thrown into the estate, new roads, new green space for children, new mini market and associated shops, close to 4 primary schools so I want to be pitching it at the family market. The house is a massive three double bedroom front and back garden, 1.5 bathrooms. First job is new kitchen, ripped the old one out, just re plastered and measuring up to get new carcasses, new fronts, new cooker already bought and installed. Other main "mini project" is the bathroom, installing new bath, pulling up the floor and sanding that down.
So my questions, firstly is magnolia still the color of choice for blanket decorating, I know its not to everyones taste but I assume any tenant will just paint over it anyway, and getting it back to magnolia won't be a big job. Secondly I have a washing machine, fridge, freezer and dishwasher which are all perfectly fine, if I leave them in I take it I could charge a little extra or are they considered required items even in an unfurnished property? I assume I would be liable if they breakdown etc? The garden at the moment is graveled over, decking on the back, if I am pitching to the family audience I take it I would need to lay some turf etc. Last but not least are the management companies worth the 8% or so they charge? I guess if the tennents are good then it will be a waste, but if some toerags to get in do they have much clout in getting things resolved?
Pricing similar house in my area rent's are about £550-£600 and my mortgage will be about £427 so if I throw £5k into a slush fund for any repairs then lump the extra once a year or so I think I can make it fully self sufficant so by the time I retire (hopefully at 50) this will give me a nice little pension of say £5k a year, my civil service pension will be about the same and then 20 years of throwing money into a SIPP will hopefully give me the rest for what I need to live off until I have a massive heart attack at 53.
Does anyone have any direct experience of what to "do" to a house to get it ready to rent out? We are in a relatively OK area, ex council estate where 80% of houses have been privately bought or taken over by a local housing partnership so a lot of money has been thrown into the estate, new roads, new green space for children, new mini market and associated shops, close to 4 primary schools so I want to be pitching it at the family market. The house is a massive three double bedroom front and back garden, 1.5 bathrooms. First job is new kitchen, ripped the old one out, just re plastered and measuring up to get new carcasses, new fronts, new cooker already bought and installed. Other main "mini project" is the bathroom, installing new bath, pulling up the floor and sanding that down.
So my questions, firstly is magnolia still the color of choice for blanket decorating, I know its not to everyones taste but I assume any tenant will just paint over it anyway, and getting it back to magnolia won't be a big job. Secondly I have a washing machine, fridge, freezer and dishwasher which are all perfectly fine, if I leave them in I take it I could charge a little extra or are they considered required items even in an unfurnished property? I assume I would be liable if they breakdown etc? The garden at the moment is graveled over, decking on the back, if I am pitching to the family audience I take it I would need to lay some turf etc. Last but not least are the management companies worth the 8% or so they charge? I guess if the tennents are good then it will be a waste, but if some toerags to get in do they have much clout in getting things resolved?
Pricing similar house in my area rent's are about £550-£600 and my mortgage will be about £427 so if I throw £5k into a slush fund for any repairs then lump the extra once a year or so I think I can make it fully self sufficant so by the time I retire (hopefully at 50) this will give me a nice little pension of say £5k a year, my civil service pension will be about the same and then 20 years of throwing money into a SIPP will hopefully give me the rest for what I need to live off until I have a massive heart attack at 53.
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