Renovation Projects – Obtaining the necessary finance

This should really be at the top of the list, because obviously if you can’t get the finance you need to first purchase and then improve the property you have in mind, everything else is a moot point.

Ideally, you’ll be able to use existing equity in a property investment that you’ve held in your portfolio for a little while before deciding to carry out improvements, rather than digging into your own pocket.

To this end, I like to purchase dwellings that are liveable as is but will generate a better rental income and attract stronger capital growth with a few cosmetic tweaks as time and finances allow.

Just be aware that if your project becomes a larger-scale undertaking and you need to seek additional funding from your lender, you may have to do a bit of debt restructuring to make the figures work.

RealRenta has all the tools that a property manager has but for less than ¼ the cost of a property manager.

You can now manage your Residential, Commercial or share/student accommodation property

Join now and the cost is less than a cup of coffee a week to manage your rental property.

RealRenta also has a free vision, so why not check it out.

Jason Gwerder
Thursday, 25 April 2024

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