New landlord needs development advice for new letting

[FedorKing]

Hi All,

I’m a 24 year old guy that works in Central London a novice investor, property developer and landlord. I have recently inherited a property that needs some work. I’m quite capable of re-developing certain parts of the property myself. However since you all have experience in this field I would like some advice as to what course of action I should take.

The property has two floors. On the ground floor there is a small front room and a large backroom. There is also a small kitchen.

On the first floor there is one large sized bedroom a medium sized bedroom and a bathroom.

The property also has a small garden out back. Apologies I don’t have dimensions at the moment.

Location wise the property is excellent. It is a 2 minute walk from a Piccadilly line tube station which is approximately 45 minutes from Central London (Leicester Square).

My opinion is that with some development the property will rent to three young professionals. I feel the back room will make a good sized bedroom. That would give two large bedrooms, one small one, one bathroom, a kitchen and a nice garden.

Since I have inherited this property and due to solicitors no doubt it will be some time before I have complete control and access to developing it. Therefore it may take some time before I can start developing it, however I intend to keep you all updated with my progress with pics and information e.t.c.

I hope you can help with the following issues:-

I have opened a flickr account, you can view the photos here (follow the link)

http://www.flickr.com/photos/24548525@N00/

The Bathroom. (bathroom)

As you can see a good lick of paint is necessary. I intend to change the lino and change the tiles. Taking down the tiles and putting new ones up may be quite strenuous, does anyone have any ideas as any cheaper solutions? Furthermore as you can see the bathroom has just a bath. I intend to install a shower curtain rail or some sort of enclosure. Since the bathroom will be used by three I’d imagine this is key to getting the young professional market. Has anyone got any tips and tricks for a cheaper solution?

The Hall. (hall)

Naturally some point work is needed on the walls and the door frames. I intend to install a laminate flooring for the hallway, can anyone advice good brands that they have used previously? Furthermore I would need some advice regarding the stairs. As you can see the staircase is bare, I need to find a solution that is cheap, easy to install, doesn’t deteriorate quickly. Since this will be rented by young professionals, can anybody offer some advice as to what you would do?

The backroom. (backroom - bedroom)

This will be the third bedroom. Naturally pain work is necessary. The floor is actually a lino. Do you think this would put potential renters off? Should I change this to a laminate?

The Kitchen.

This is where the major problem lies! This is a kitchen that is likely to service three renters. It is a problematic shape and is in need of repair. There are some photos below, please offer advice as to what you would do?

The Kitchen ceiling and units.

(kitchen1)

The kitchen floor and units.

(Kitchen2)

The Kitchen walls, tiles and units.

(kitchen3)

The kitchen from another view.

(kitchen4)

Thanks for taking your time to read this. I will take all advice on board, I’m sure I have lots to learn from you all! In return I will keep you updated on my progress with reports and pics as often as something changes.

Regards,

FedorKing

[FedorKing]

Unfortunately i had a technical issue at my end and this reposted 3 times, any admin feel free to delete the two others.

My apologies,

-FedorKing

[cmack]

how lucky are you. thats a lovely looking home ( potentially) your location sounds fab, im not from the smoke but know it a little so should be a good renter.
the hall stairs are screaming out to me to be sanded down and stained/ varnished and the hall floor id tile. keep some of the character of the old place? people and this does include tennants love a bit of character alongside there mod cons. even if youve never done much in way of diy previously give yourself a weekend and a visit to a tool hire shop and do this yourself.
Tiling the floor thats your call but if really not your cup of tea id say its worth getting a profesional to do it.
the bath id completely remove and have a shower only. one of the new sealed unit types (big brother house)
hope thats an idea for you.
Id love to get my hands on that as im between projects at the moment so im green with envy!
you enjoy yourself with it!

[Poppy]

Always include a bath in a bathroom where space permits. If you do not, you will potentially put off most women and certainly people with children.

[FedorKing]

Thanks for all your advice and kind comments.

@cmack - Great idea for the wood. I will definitely sand and varnish accordingly. Cheapest and most stylish solution.

@cmack & @Poppy - Thanks for your comments on the bathroom. I would love to just throw a shower in there, but i really don't want to cut my market and i feel that young female professionals would be amongst the best renters out there. So i will definitely have a bath in there, but i would like a solution for those wanting showers, since they are likely to be professionals e.t.c and time is of the essence. If the window wasn't so close on one side, i would just install a head unit and a shower curtain/screen. So i may have to do just that on the side nearest us, which would allow for some storage space behind the bath. I guess there is the option of moving the bath up against the wall closest to the door. Can anyone give adivce on the expense of moving a bath? It's just a yard or so.

Any advice on the kitchen?

thanks,

-FedorKing

[cmack]

kitchens an easy one! take your measurements and note on a rough sketch where your cooker points, sink, windows etc are and take them to a kitchen fitter, Ikea, MFI, B&Q etc. theywill do you a free plan and be able to show you a computor mock up. then its just down to budget. I fit my own now but if youre not wanting that much bother its always worth seeing what a local chippy will fit it for as the company you buy froms fitting costs can sometimes double the cost.

[FedorKing]

Thanks again cmack.

That sounds great, i'll do that then.

I've just started reading this website, particularly about regulations! WOW i didn't realise how much there was to know.. I think i am going to dedicate this weekend to reading up!!

-FedorKing