Those who are experienced in the buy-to-let property market know that buying a run-down house can be the best way to increase your rental income without breaking the bank. It is a buyer’s market, but there is still money to be made from purchasing a house which needs a lot of work. This is particularly true when you are buying in the South East of England, or in places where space is at a premium.
Renovation projects are often the perfect opportunity to get on the rental career path, as they allow a great return if you are prepared to put in the time and money. Choosing a house which has the essentials – four walls and a roof, preferably with working plumbing and electrics – and then adding features is often the best way to go. Sometimes a very run-down house can be greatly improved with a few coats of paint and new carpets, which doesn’t require much in the way of commitment, but can give your rental income a big boost. Look out for homes which are considerably lower in price than the surrounding houses, and then calculate the amount of money it will cost to renovate. This simple method of improving rents by improving the condition of the home has helped many people get started in the buy-to-let market.