View all articles
As landlords across the country know all too well, keeping your property appealing and up-to-date with the latest energy solutions and aesthetics is key when it comes to attracting prospective tenants.
However, it is also common knowledge that making such adjustments can constitute a significant expense. That is why you will want to cut corners wherever possible, without compromising the quality of the changes you’re making.
A money-saving strategy that is often overlooked by property owners when it comes to home improvement projects is working with the seasons. Stick around if you want to learn more about how to time your property renovations wisely to avoid overspending.
What does it mean to work with the seasons?
Similar to supply and demand in other aspects of the market, home improvement project costs fluctuate throughout the year. This is because manufacturers, installers, and workers have seasonal factors to consider.
For instance, landlords or homeowners will be less likely to think about making changes to their properties during holiday periods. On the other hand, when temperatures drop, people will be drawn to the idea of upgrading their outdated heating systems.
As a result, those offering products and services connected to home improvement will charge more or less based on demand in the market. However, all it takes is a little planning to bypass the high costs of property renovation.
When is the best time to improve my property?
The answer to this question varies depending on the kind of changes you want to make to your property. For example, renovations such as kitchen or bathroom updates tend to be expensive year-round due to the use of high-end materials and specialised labour. However, even here there are ways to cut down on your costs, like working with local installers and opting for lower-cost materials.
In other cases, you can take on property improvement projects either in summer or winter. This is because costs for certain appliances, materials, and services will be lower during these parts of the year.
What kind of renovations can I make for less?
If you want to invest in upgrades connected to energy efficiency, such as solar panels or central heating, your best bet is to keep an eye on when demand for these technologies is at its lowest.
For solar panels, this would be during the winter months, when most buyers are put off by cloudy conditions and do not find it worth spending money on an energy system that relies on sunlight to function. So, installing your solar panels in winter will not only cost you less due to lower demand, but it will also prepare your property for summer when your tenants can enjoy the numerous benefits of such an energy system.
Renovations that involve construction work will also cost you less in winter. That is when most people who would make use of these services prioritise staying indoors, which becomes complicated when you have workers disrupting the comfort of your home. As a landlord, you can avoid overspending on such improvement projects by taking advantage of the overall low demand for renovation materials and labour.
On the other hand, when it comes to home heating, the cost of a new boiler in the UK will be lower during warmer months. Planning to upgrade the heating system in your property in June or July will be cheaper and can make your property extremely attractive to tenants planning to move in closer to the colder months.
Other tips to reduce your renovation costs
- Plan your budget carefully
While this advice may seem obvious, its importance cannot be overstated. Before getting to work on your property, make sure that you have a detailed plan outlining the scope of your project and the costs of the materials and services you will require to complete it. You should also compare several manufacturers and installers before committing to any products or services.
- Consider DIY projects
If you have the time and the means, it might be worth considering doing some of the renovation work on your property yourself. This way, you will not only cut down on your expenses, but you will also be able to get a better sense of what work has been done.
It is advisable to keep the projects you do yourself realistic to ensure that they are completed. You can start small – paint some walls or replace fixtures. You can then decide whether you are up for some bigger tasks or if it’s time to call a professional.
- Repurpose or recycle whenever possible
This tip might not be possible for all renovation types, but it is worth considering, nonetheless. Instead of purchasing new materials, try to think of ways to repurpose existing items or recycle materials from other projects. Or, if you do end up investing in new products, you can aim to get ones made from recycled materials.
Not only could this practice end up saving you money, but it is also an environmentally-conscious way of improving your property. This might make it more attractive to tenants for whom the environment is a great concern.
Hopefully, you now have a better idea of how to make the most of the seasons to reduce the costs of your property renovation projects. With a little planning, you can spare your bank account the blow of investing in products and services, while making your property more appealing to potential tenants.
