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How to Budget for Summer BTL Renovations

If you’re new to renting student accommodation, you’re probably wondering how to go about planning a renovation budget. Each generation of students has different requirements from the last. Your HMO will need the occasional spruce to keep the students coming back. Here is how you set out a plan and deliver efficient and required upgrades.

 

How Much Do Landlords Spend?

According to a report by Endsleigh Insurance in 2015, the average landlord spends between £200 and £1000 in the year 2015. This included general population rental property as well as student accommodation. That was then, this is now, during which time there has been a substantial amount of stock added to the country’s supply of buy to let property. With this oversupply, landlords have realised the need to make their property stand out. The same is true for student property due to the ongoing need for places for students to live.

 

Budgeting

It’s one of the most important summer tasks and while you’re courting students for next year, you should consider the upgrades you will need to make to ensure those students sign the contract with you rather than anybody else. Most tenants now expect minimum wear and tear, clean and contemporary furniture and speed at resolving maintenance complaints. The third is little to do with your budget, but the first two require money set aside but not necessarily great expense.

List all the things that might need looking at every year. The following is a good guide. When you identify the problem areas, spend some time shopping around.

 

Paint

Always use bright colours. Magnolia is a great shade to keep your HMO looking bright and airy, but it’s not inspired. Aim for off-white, shades of yellow or cream for a pleasant environment. Paint costs between £10 and £20 for a 10L tin at present.

 

Furniture

We recommend not putting off changing the furniture if it needs doing, especially if it is old and tired. Students are not fussy – they want clean and comfortable, but nice furniture draws the eye and could make all the difference to students considering your property.

 

Check the Exterior Structure

This includes any damaged exterior brickwork, missing roof tiles, signs of exterior damp or rot, problems with subsidence, windows, exterior doors and fencing. All of this comes under the landlord’s responsibility. Also, set aside money and time to clear guttering and replace damaged parts.

 

Gas Service and Electrics

Typically, a gas boiler needs servicing every two years. This is not expensive and you’re required to ensure the person who carries out the service is CORGI registered. Also check the wiring every so often to ensure they are safe; every two years should be sufficient.

Setting aside around £500 every year to cover the cost of the above should be more than adequate.