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Buy To Let may well work better if you buy a cheaper older property needing some renovation or remodelling. And aging housing stocks have increased the availability of mortgages and loans for people looking to renovate or remodel older homes.
Needed home improvement can involve house renovation or remodelling ranging from simple projects to breathe new life into a home, to major projects that involve gutting a house and redesigning the floor plan to customise it. It can mean adding a room, modernising a kitchen or improving the energy efficiency of a home by adding new windows and doors.
People generally are increasingly putting money into their houses to improve comfort, safety and resale value. And for Buy To Let a piece of home improvement can increase the rent it will achieve, and improve tenant retention and resale value.
Both UK and USA governments do support their own renovation or repair loans for essential repairs such as new plumbing, wiring, roof repair / replacement or structural repairs. Other mortgages and loans can also allow buyers to purchase and improve a property, to perhaps include luxury items like swimming pools, hot tubs and sun rooms - very good if you want the highest rent for a bigger property !
Home improvement is great for property owners and for community revitalisation. It contributes to the financial well-being of owners, and also certainly contributes to the financial well-being of a community by improving older homes and saving them from falling out of the housing stock.
Renovation and remodelling activity by homeowners generally, as well as by Buy To Let owners, will certainly continue increasing as rising home prices force more buyers to look for older, more affordable homes. The trick may lie in good DIY or in finding a good local contractor !
AND to get a real grip on BTL money issues, we do recommend our buy to let profit calculator !
(using this calculator does need access to a computer with Microsoft Office Excel.)
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