Value of renovations debated in buy-to-let sector
The importance of conducting extensive renovations and improvements in the buy-to-let sector as a way to increase the rental property’s value and attractiveness in the eyes of tenants is being debated by some in the industry. While it is certainly important to conduct essential repairs and renovations, some believe that restoration is a much more effective alternative to replacement. Melanie Griffiths serves as the assistant editor of a magazine entitled Homebuilding and Renovating, and she notes that both landlords and property owners should be aware of a phenomena referred to as the “false economy.” This means that spending large amounts of money replacing windows and doors on a buy-to-let property may not necessarily make financial sense.
For example, removing old sash windows and replacing them with a more modern variant may serve as a decisively counterproductive move in the case of older, Victorian or Edwardian homes, for two reasons. First, doing so will take away from the charm of an older, heritage property and may actually be unappealing to both prospective tenants as well as future buyers. Second, many of the newer windows available today are of poorer quality than window frames that are comprised of timber. Therefore, landlords can expect them to have a shorter life-span than wood and may also have to replace the entire window in the case problems, as it is often impossible to simply repair these structures.
Griffiths argues that repairs to a home may be very useful, but also cautions landlords to think twice before choosing to replace, rather than to repair.