Home Repairs You Can`t Ignore

Home Repairs You Can`t Ignore

Prioritising your home repairs, see what work is needing when buying any buy to let property

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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
Rates From 7.1% APRC Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property. First Choice are tied to certain loan providers.

Mortgages & Remortgages
4.5% APRC
Representative Example: Borrow £80,000 over 25 years At 4.6% Variable, £461.95 for 300 months.
Total Payable £138,585. Total Cost Of Credit £58,585 (incl £1360 fee).


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.



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