Buy to Let
Renovation Projects

Benefits of renovating your investment property

There is a shortage of rental stock available across Edinburgh, however, the real issue is the lack of high-quality properties available. Today tenants tend to rent for longer – for various reasons, including being priced out of the sales market – so are looking to find a quality home to settle down. Newly renovated properties are in high demand across the city, often commanding higher rents and encouraging tenants to rent for longer.

Renovating your property

Once you have secured a buy to let property we can provide a detailed report of any renovation works required to bring your property up to standard. We will project manage any improvement works, working closely with our team of trusted, local contractors. Example renovation works include:

  • Replace kitchen or bathroom
  • Redecoration
  • Replace/ refurbish windows
  • Change of internal layout
  • Upgrade heating system
  • New furnishings

Our aim at Clan Gordon is always to provide quality homes for tenants, whilst simultaneously maximising return on investment for our clients. Contact us if you would like to discuss local investment opportunities or for advice on renovating your buy to let property.

Before renovation
Valuation£250,000
Rent£850pcm
Yield (gross)4%

Although this flat was spacious, and in a great location, it was failing to maximise rental income due to a tired appearance and ineffective use of the space. We worked with our in-house Architect and team of local contractors to upgrade the property and help our client to increase their return on investment. Renovation work included:

  • Building warrant including removing structural walls, adding new structural beams.
  • Roofing and structural work to create new Velux windows for additional light in kitchen and bathroom
  • Converting the existing living room and box room into an open plan kitchen living area.
  • Converting the existing kitchen into a new third double bedroom.
  • Reducing the size of largest bedroom to create a new bathroom including shower.
  • Redecoration throughout.
  • New flooring throughout.
  • New furnishings.
  • All requirements to meet HMO standards.
After renovation
Valuation£250,000 (+ £50,000 cost of renovation)
Rent£1,800pcm
Yield (gross)7.2%

In Edinburgh there is a lack of high-quality student and HMO accommodation, creating a gap in the market for landlords who are willing to upgrade their existing investment properties. Below is a recent renovation that our team carried out, turning a three bedroom flat on Findhorn Place into a high quality, three bedroom HMO property.

Before renovation
Valuation£350,000
Rent£995pcm
Yield3.4%

The property consisted of:

  • Kitchen/ dining room
  • Living room
  • Two double bedrooms
  • Single bedroom
  • Bathroom
  • Shower room

 

Although the property already had three bedrooms, it did not meet the specifications to qualify for an HMO licence as the third bedroom was too small. Our client wanted to convert the property to be eligible for an HMO licence, so our in-house Architect drew up plans that included changing the living room to a bedroom and using the single bedroom as a snug so that tenants still have a living room. The renovation work included:

  • Converting the existing living room into a bedroom.
  • Converting the existing single bedroom into a snug.
  • Upgrading the bathroom and shower room.
  • Redecoration throughout.
  • New flooring throughout.
  • New furnishings.
  • All requirements to meet HMO standards.

 

The HMO licence has now been granted and, along with upgrading the bathroom, shower room, decoration and furnishings, has generated an increased rental income of £1,500pcm for our client.

After renovation
Valuation£350,000 (+ £20,000 renovation costs)
Rent£1,500pcm
Yield4.8%

Contact us if you would like to discuss local investment opportunities or for advice on renovating your buy to let property.

Rent: £525pcm

The average rent for one-bedroom flats on Dunedin Street is £572pcm, and £715pcm for the wider EH7 4 postcode area so, at £525pcm, this property was achieving lower than average rent. The flat is a good size – comprising of large double bedroom, living room, kitchen, WC and separate shower room – so had potential for improvement.

After

Rent: £675pcm

Our aim was to transform this flat into a quality home. Refurbishment work included:

  • Repainted throughout
  • New carpets
  • Replaced furniture
  • New window coverings

 

The total cost of renovation was around £3,000 and the flat was rented for £675pcm.

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