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Our Refurb Strategy for 2024

As we enter into 2024, it's time to look ahead and shape our plans for the year. At Brentor, our ethos revolves around embracing low-maintenance and passive investing. We like to make property investing as simple and stress free as possible.


This is why we almost always do a full refurbishment on properties. Whatever the strategy is, it always makes sense for us to take this route. We’ve picked some of the most common investments strategies below and broken down the benefits of a full refurb for each of them.


BRRR | Buy, Refurbish, Refinance, Rent


As mentioned in a previous email (you can find it here), the whole point of this strategy is to add value to enable you to refinance and recycle your funds.


The most obvious way to add value to properties is to buy them below market value, refurbish them and significantly increase their market value.


If you’re then going to rent out the property to good, long-standing tenants, it absolutely pays for that refurbishment to be of a really good standard. Not only to achieve excellent rental income, but to ensure that your maintenance costs are kept to a minimum. By cutting corners or doing a superficial refurb, you’re leaving yourself wide open to potential issues such as boiler break downs, leaky radiators, loss of rent, insurance claims or remedial works.


HMOs


When they aren’t done correctly, HMOs can sometimes be quite a lot of work.


As part of the HMO conversion process we quite often go back to brick, install all new pipework (to ensure capacity for additional bathrooms etc.), new central heating/water tank, reconfiguration of walls and internal layouts.


Long term, this means that our maintenance costs are almost £0 for quite a few years after completion. HMOs have a higher tenant turnover than a standard BTL and the last thing you need is rising void costs with rooms sitting empty, requiring maintenance or remedial works.


Serviced Accommodation


So, you thought HMO turnover was high… With SA, you’ll likely have multiple guests per week!


The last thing you want to do is have a defective property, requiring constant maintenance and meaning you’re losing revenue, getting bad reviews or potentially ruining people’s holidays!


The key here is excellent refurb, low end maintenance. Think about your finishes. Are you going to be able to get a colour match for that premixed paint to touch up the scuffs? Do you need to consider replacing that shower that looks ok but is quite old… YES, you do! Out with the old and in with the new.


Our aim is always to get it right the first time and have no headaches further down the line.


Top tip: When you’re refurb is complete, register all of the appliances/new installations with the warranty provider. There’s another two years of £0 maintenance!


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