where to spend my 3k?

Euphoria1z

hi

i have a 1 bed buy to let that i bought 2 yrs ago for 105k with a 15% deposit. my tennants will be leaving at the end of may when my fixed rate also runs out. the flat requires refurbishment/modernisation. My max budget is 3k.

do i

a> spend the money on a new kitchen/bathroom and paint/carpets?

b> it has no central heating and i would like it to have central heating, do i spend 3k (i think thats how much it may cost) on central heating/combi boiler?

or

c> keep the 3k spare for cashflow as i havent cashflowed the property and thats number one for an investor (to cashflow the property). this will cashflow/cover any shortfall in rent for say 2-3 yrs.

or poss

d> pay off 3k of the mortgage (but i dont think that will make a huge difference as itl probably be eaten up on fees and things etc

or even perhaps

e> keep it as savings full stop.
what you guys think??

Loughtonlad

Euphoria1z wrote: »

hi

i have a 1 bed buy to let that i bought 2 yrs ago for 105k with a 15% deposit. my tennants will be leaving at the end of may when my fixed rate also runs out. the flat requires refurbishment/modernisation. My max budget is 3k.

do i

a> spend the money on a new kitchen/bathroom and paint/carpets?

b> it has no central heating and i would like it to have central heating, do i spend 3k (i think thats how much it may cost) on central heating/combi boiler?

or

c> keep the 3k spare for cashflow as i havent cashflowed the property and thats number one for an investor (to cashflow the property). this will cashflow/cover any shortfall in rent for say 2-3 yrs.

or poss

d> pay off 3k of the mortgage (but i dont think that will make a huge difference as itl probably be eaten up on fees and things etc

or even perhaps

e> keep it as savings full stop.
what you guys think??

f> give it to me :d


jk, I think you should try to get the central heating /boiler etc done as that will increse the value of house and should also help you saving on utility bills

Piggles12345

Get your central heating done!!

As a tenant I wouldn't even book a viewing at a place without central heating.

ginvzt

Another vote for central heating!!!!!

morg_monster

yes central heating here too. you'll get more interest and rent for a property with central heating as opposed to none, compared to a property with a niceish new kitchen and bathroom (cos for £3k it will just be niceish, not taht great, I presume) as opposed to an okish older kitchen and bathroom (which might be better quality than the new one even if a bit dated).

if you have any change from your 3k maybe give the walls a lick of paint if they need them, fresh paint i think always adds something to a house and a for a 1 bed flat won't cost too much.

sacol4940

central heating!

Robert_Sterling_3

Cash flow the property ... whatever that means.
It sounds a bit like flushing the loo.

Euphoria1z

thanks guys, central heating it is then! doubt it ill have any change left.

the kitchen and bathroom is pretty outdated tho.

any recomendations on which company to supply and fit the central heating that wont cost an arm and a leg?

cheers!

pinkshoes

If it doesn't have central heating, what does it have?

As for the kitchen and bathroom, outdated will come in fashion again at some point... If they're clean and functional they're fine.

poppysarah

Look in the local paper or ring trading standards and ask for their tradesafe list.

Euphoria1z

it has a old gas fire type heater in livingroom, it has huge water tanks for hot water, and i have provided electric heaters for the bedroom.

ta.