Do you know the upgrades to your Buy-To-Let property that would cost more than they’re worth?

Luckily, you’ve had the chance to read our previous article about some of the best upgrades for your Residential Property (if you haven’t click here.) But on this occasion, we thought it might be worth highlighting some upgrades that might not help your Buy-To-Let property increase its monthly rental profit, and can cost more than they are worth.

Some of them include:

1. Converting a garage – often does not appeal to renters, as many people find the space to park their car as important. For something that costs over £5,000, it might not help to increase your rental income for those that prefer the parking.
2. Upgrading the utilities – such as a boiler, electrical wiring, or new plumbing are considered house maintenance and not value-adding upgrades. Possible expenses can get to over £10,000 and it is unlikely that will add much to the total possible rental income (unless of course anything is actually broken!)
3. Interior decorative trends – can certainly make your property look very stylish, but it does not guarantee that your would-be renters will like your taste as much as you do! Interior fashions don’t really last very long, and green bathrooms are not for everyone, especially as potential expenditure can be over £3,000.

As every residential property owner wants to receive the best possible monthly rental income, investing in the interiors should be well-thought and upgrades should also be considered in terms of their financial impact. We often see that whilst seasoned developers and landlords have their system in place that works, others who are newer to these markets can get more carried away. Take a step back and see what savings can be made.

Here at ASC, we are able to secure finance for your residential property projects, upgrades or any other financial investment. Get in touch with your local ASC office to find out more information.