It’s no easy feat being a property developer, when purchasing a house to renovate and sell on there are so many factors to consider. Not to mention the costs involved in the refurbishment process.
That’s where our bridging loans come in, as we can provide a loan of up to £1m on residential properties nationwide, which can be used for renovation purposes.
As profitability is the main goal for most investors, we know it’s key to save money wherever you can during a property makeover, so we have put together our top tips to help you utilise your bridging loan effectively when renovating:
Ensure the property is in full working order
To a tenant, it doesn’t matter how aesthetically pleasing a property is if its basic facilities aren’t working properly. So before initiating a redesign, it’s key that property developers ensure the heating, plumbing and electrics are all in working order. As faults with any of these facilities can cause problems to both the house and the decor later down the line.
Have a proposal in place
To ease the design process and estimate costs, it’s important that developers put a plan in place before commencing the renovation.
A proposal of all the work that will take place will outline what is required and when it’s required, for optimum efficiency. Changing your mind about fixed furnishings or room layout mid-renovation can end up adding a hefty price tag to your budget.
Upcycle where you can!
Outdated houses with archaic fixtures are less sought after than properties that have been modernised. In this day and age, property modernisation doesn’t need to break the bank – tiles, doors and windows can all be brought to their former glory via a steam clean, while a lick of paint can make the world of difference in making a property look more appealing and homely.
Other ways to renovate on a budget is through upcycling – using apps like Facebook marketplace and Gumtree you can often pick up a treasure trove of chic and sustainable interior finds for a small percentage of their retail price.
Are you a property investor? Discuss your bridging loan options with Velocity Bridging on 01704 339588 or info@velocitybridging.com so you can get a tailor-made loan directly for your purposes.