Once you have invested in a buy to let property, your next task is to prepare it for tenants. In an ideal world, the property would be in excellent condition with brand new flooring, a nice kitchen and bathroom. Unfortunately, this is not always the case, so you may need to do a bit of restoration work to make the property habitable for tenants. The question we are asking here is whether it is worth the expense of installing a nice, new modern bathroom?
Installing a bathroom is not a cheap job. You won’t have to spend as much on a bathroom as you would a kitchen, but nevertheless, the cost can easily run into several thousands, even if you do some of the work yourself. It is possible to save money by using Big Bathroom shop vouchers or buying a discount bathroom suite, but since this property is not yours to live in, you might be questioning spending that kind of money.
Before you carry out any kind of renovation work, think about what type of tenant you want to attract. For example, if you are targeting the family market, a bathroom with a bath is a better choice than a walk-in shower. At the opposite end of the scale, if you have invested in a luxury apartment with the hope of attracting executives or young professionals, they will expect a top quality bathroom with luxury fixtures and fittings.
Once you have your target tenant in mind, you can start planning the bathroom.
A new bathroom will help you attract quality tenants. Good tenants make a landlord’s life a lot easier whereas bad tenants are a living nightmare. Good tenants pay the rent on time, look after a property and generally treat it as their own. Bad tenants don’t pay the rent, abuse the property and cause all kinds of mess.
If your property is in excellent condition, you can charge more rent, which means you attract a better quality of tenant. This doesn’t guarantee you won’t end up with the tenant from hell, but it does minimise the likelihood.
The last thing any landlord wants is for their property to be empty for an extended period of time. An empty property costs you money. You may have monthly mortgage payments to make, plus other bills to pay, so any problems you have finding a new tenant will adversely affect your cash flow.
A nice new bathroom is attractive to prospective tenants, so it should be easier to find a replacement tenant when the old one moves out. Most landlords advertise their properties online these days and great photos of a stylish new bathroom are a major selling point.
When renovating a bathroom, remember to keep it nice and neutral, as this will appeal to the largest number of tenants. For this reason, stick to white or neutral colours.