Home Repairs You Can`t Ignore

Whether you’re looking to flip houses for profit, or simply invest to let them out to tenants, you’re bound to come across a laundry list of repairs and improvements that you could make at any given time. Rather than fixing them all and possibly spending thousands of pounds on fixes that shouldn’t be considered priority, the ideal way to handle it is to go for what’s important and prioritize the repairs in order of importance. If you’re facing a list that seems like it could be more work than your buy to let property investment is worth, take into account this list of known common property issues that must be fixed before selling or letting your property out.

Electrical

Leaving electrical issues untouched in your property is going to set you up for legal trouble. Unless properly handled, electric problems can cause serious injury, if not death when problems arise. Make sure to see to it that the wiring in your building is up to code, especially within areas surrounding plumbing, like the kitchen or bathroom, or you may end up with more problems than you signed up for.

Plumbing

Leaking or corroded pipes are only going to lead to worse problems in your investment. Whether you’re looking to keep the value of your property up, or let it out to tenants for profit on your mortgage, lingering plumbing problems can cause further damage to your property, costing you potentially thousands in repairs that you never needed to make in the first place. Fix the smaller problem now, and you’ll avoid a bigger problem later.

Roofing

An issue with the roof is a serious cause for alarm, that like plumbing, can lead to bigger issues. You may not have a leak in your roof now, but if you happen to spot an issue, you’ll need to at least have the problem point patched up before you go turning it around for profit, regardless of how you plan to do so. This is another investment for the future that can protect you from having bigger problems down the line.
h2> Insulation For both the walls and windows of your property, you’ll want to make sure you have no problems with insulation. Insulation helps to keep energy bills down in your property, so repairing any issues you might have is especially important if you’re going to be handling payment of any energy bills on the building. Insulation is generally an inexpensive job that can save you hundreds of dollars per year on your electric and gas bills.

Homeowner Secured Loans 9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Unsecured Personal Loans REPRESENTATIVE 49.9% APR (VARIABLE) First Choice are tied to certain unsecured lenders.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on immovable property.

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

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