Landlords how often are you refreshing properties
Discussion
One of our properties is coming up for a refresh. Its been rented for 2 years. Prior to that we lived in it for 10 years give or take.
We are a bit shocked how much W&T renting out is causing. I am starting to think a light refresh (painting and new carpets) is going to be due every 5-6 years and more serious work (bathrooms replacing, perhaps kitchen makeover etc) every 10.
Does that sound about right?
I am trying to calculate a long term budget and its looking like W&T is costing us about 2 months rent a year. In addition fees, insurances etc another month. So we are losing around 3 months a year. Again does that sound about right?
We are a bit shocked how much W&T renting out is causing. I am starting to think a light refresh (painting and new carpets) is going to be due every 5-6 years and more serious work (bathrooms replacing, perhaps kitchen makeover etc) every 10.
Does that sound about right?
I am trying to calculate a long term budget and its looking like W&T is costing us about 2 months rent a year. In addition fees, insurances etc another month. So we are losing around 3 months a year. Again does that sound about right?
That sounds expensive. My tenants tend to last 3-4 years will decorate themselves during that time but have to return to magnolia at the end of their tenancy so it gets refreshed naturally through this process kitchen was a hard wearing one B@Q glossy easily cleaned non scratch doors fake wooden top 10 years later and it still shows no sign of wear one small burn mark on the work surface from memory which isn’t that big so we let that go. Bathroom is also tiled and B&Q suite so easy and cheap to replace. I’d be surprised if it cost us 1 months rent every changeover 3-4 years and the cost would probably be a deep clean rather than replacing a kitchen.
Tenants, it seems, just don’t treat a place as an owner would.
It’s the same with friends and family, I think. We’ve items round the house that are wearing a tiny bit loose, or getting a tiny bit rattle, for which a replacement would mean replacing everything else that matches, so we don’t, and we are just careful.
My dad visited recently and pulled the front off a drawer, a handle off a door, and a shelf off a wall, and it’s not as though he does not care about other people’s things, it is just different when it’s yours.
So anyway, yes, I expect to redecorate after every tenant leaves.
It’s the same with friends and family, I think. We’ve items round the house that are wearing a tiny bit loose, or getting a tiny bit rattle, for which a replacement would mean replacing everything else that matches, so we don’t, and we are just careful.
My dad visited recently and pulled the front off a drawer, a handle off a door, and a shelf off a wall, and it’s not as though he does not care about other people’s things, it is just different when it’s yours.
So anyway, yes, I expect to redecorate after every tenant leaves.
Just had a change in tenant after 3 years. The last property inspection suggested that if/when they moved out a full redecoration would be required. To be fair when we did the final inspection the place had been returned to original condition as far as the paintwork was concerned. The living room carpet was definitely 'end of life' (they had had it cleaned) but as the new tenant had a dog it was agreed that he could have the dog but no new carpets.
My expectation is that in 2 years a full redecorate, new carpets and probably new kitchen will be required. That's when I'll sell as I don't think I'll get a return on that level of investment.
My expectation is that in 2 years a full redecorate, new carpets and probably new kitchen will be required. That's when I'll sell as I don't think I'll get a return on that level of investment.
More often than you would your own home.
You don't move in and out of your own home every two years. You don't put pictures up and then move them again within that time, whereas when a tenant leaves all the walls will look like they need attention from mirrors and photos and whatever else was put up.
You're also likely to be making constant minor improvements in your own home without thinking about it, whereas a tenant will often do nothing because they worry that they'll lose their deposit if anything changes - A lot of tenancies will state that the property must be redecorated in the exact colour it was first let in. While many people might realise that this is unreasonable and choosing "Eggshell" over "Jade Cream" is no big deal, most tenants don't want to run that risk (or shell out for the work themselves) and would prefer to just have the deposit deduction pro-rata for the areas that need doing.
I budget for every time a tenant changes that the walls will need a lick of paint and new carpets every 5 years or so (although laminate seems to last much better). Not yet had to replace a kitchen or bathroom, oldest is 9 years old and seems pretty decent.
You don't move in and out of your own home every two years. You don't put pictures up and then move them again within that time, whereas when a tenant leaves all the walls will look like they need attention from mirrors and photos and whatever else was put up.
You're also likely to be making constant minor improvements in your own home without thinking about it, whereas a tenant will often do nothing because they worry that they'll lose their deposit if anything changes - A lot of tenancies will state that the property must be redecorated in the exact colour it was first let in. While many people might realise that this is unreasonable and choosing "Eggshell" over "Jade Cream" is no big deal, most tenants don't want to run that risk (or shell out for the work themselves) and would prefer to just have the deposit deduction pro-rata for the areas that need doing.
I budget for every time a tenant changes that the walls will need a lick of paint and new carpets every 5 years or so (although laminate seems to last much better). Not yet had to replace a kitchen or bathroom, oldest is 9 years old and seems pretty decent.
caiss4 said:
My expectation is that in 2 years a full redecorate, new carpets and probably new kitchen will be required. That's when I'll sell as I don't think I'll get a return on that level of investment.
That's where we are at. If we put more tenants in for say 2-3 years I think both bathrooms are in need of replacement. (£4k each easily)Carpets another £3k. Kitchen could do with new oven, worktop and sink. £2k ish? Painting top to bottom £2k if not £3k.
We are at about £16k doing it all pretty cheap. (the boiler is coming up for 15 years old too..)
That's most of the rental we have made for the last 2 years.. so I am not sure I see the value. Property price has gone up slightly in those 2 years but market seems fairly flat so not confident of any major rises in the next 2-3 years. I think we are looking max £5k increase per year. On top of that the hassle of holding their hands all the time.
Part of me is tempted to sell and just see what the market does the next couple of years and maybe start again with a couple of cheap 2 up 2 downs and put new bathroom and kitchens in the hope we would get 10 years out of them. IYSWIM.
In my experience it completely depends on the tenant. I have properties that will take a fair beating after just 2 or 3 years and others where even after 5 or 6 im struggling to find anything apart from the odd blemish in the paintwork.
Id say on average a kitchen should be reaching 10 -15 years, even the ikea ones i tend to go for.
Bathrooms 15 years, fully tiled, steel baths and decent taps. Out of all the rooms, bathrooms should last the longest.
Flooring can be anything from 5-10 years, mosty laminate flooring and carpet on stairs and landings.
Redecoration, a quick lick between tenancies, with a full redecoration on average every 5-8 years depending on tenant.
It certainly helps the larger the portfolio and spreading the risk of damage out. Having 1 property and 1 bad tenant and your very quickly into losing money territory
Id say on average a kitchen should be reaching 10 -15 years, even the ikea ones i tend to go for.
Bathrooms 15 years, fully tiled, steel baths and decent taps. Out of all the rooms, bathrooms should last the longest.
Flooring can be anything from 5-10 years, mosty laminate flooring and carpet on stairs and landings.
Redecoration, a quick lick between tenancies, with a full redecoration on average every 5-8 years depending on tenant.
It certainly helps the larger the portfolio and spreading the risk of damage out. Having 1 property and 1 bad tenant and your very quickly into losing money territory
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