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Extending an Investment Property

phoca thumb m SeaburyLane Malahide001When considering extending a property, that isn’t your primary principal residence, it is imperative to consider who will be living in the house.

If you are looking at extending a property and then renting it out, who is your prospective tenant? If it’s a young family, a clean, fresh, easy to manage house with well defined zones would be ideal. If you are considering renting your house out on a room by room basis, several ensuite bedrooms will put your house on the top of the estate agents list.

Perhaps you have bought an older property and you want to renovate and then sell it on. The same principle applies as for prospective rental properties. Who do you think will buy your house? Do your research, talk to agents and find out the demographics of the area your house is in. Is it mostly families or young single types? Are the houses owner occupied or rented out?

If your house is currently tenanted, you will need to inform your tenant that work is taking place. It might also be a good idea to get some feedback from your tenant as to where the problem areas in the property are. Maybe one room is very dark and would benefit from a larger window or a skylight, or maybe there is a persistent damp issue that you can rectify during the build.

Always remember, this property is not your home and you need to put personal tastes aside and make decisions for materials with a keen eye on the budget. If the property is to be rented out, you may decide against top of the line granite worktops when easily cleaned and maintained laminated wood varieties are more cost effective.

Once you have decided on the plan of work for your house, construction can begin. If the property is vacant, work may progress at a faster pace but if the place is empty, you have no rent coming in, so this all has to be weighed up when you are completing your budget.