Holiday let property refurbishment costs
Here are some potential costs from our expert holiday home management team
Potential living room costs
- Flooring: £800 – £2,000 (varies based on the material, such as hardwood, laminate, or carpet)
- Furniture and Decor: £1,000 – £3,000 (sofas, coffee tables, entertainment units, and decorative items)
- Lighting: £200 – £500 (chandeliers, floor lamps, and wall sconces)
Bedrooms (per room, for multiple rooms)
- Flooring: £600 – £1,500
- Furniture: £800 – £2,500 (bed, wardrobe, bedside table, and desk if applicable)
- Bedding and Linens: £300 – £800 (mattresses, pillows, bed sheets, and towels)
- Window Treatments: £200 – £600 (curtains or blinds)
- Lighting: £150 – £400 (ceiling lights or bedside lamps)
Kitchen costs to refurbish
- Cabinetry and countertops: £2,000 – £5,000
- Appliances: £1,500 – £4,000 (oven, refrigerator, dishwasher, and microwave)
- Flooring: £600 – £1,500
- Lighting: £200 – £500 (ceiling lights or under-cabinet lights)
- Dining table and chairs: £500 – £1,500
Bathrooms (per bathroom, for multiple bathrooms)
- Fixtures (sink, toilet, shower/bathtub): £1,500 – £3,500
- Tiling and Flooring: £600 – £1,500
- Lighting: £100 – £300
- Mirrors and Accessories: £100 – £300
Outdoor space (if applicable)
- Patio or decking: £1,000 – £3,000
- Outdoor furniture: £500 – £1,500
- Landscaping: £500 – £2,000
General improvements and decor
- Painting and wallpaper: £800 – £2,000 (for the entire property)
- Electrics and plumbing: £1,000 – £3,000 (if significant updates are required)
- Miscellaneous (decorative items, cleaning supplies, etc.): £500 – £1,000
Overall estimated cost to refurbish a holiday home
It is important to note that these costs are rough estimates and can vary depending on the size of the property, the quality of materials and furnishings chosen, and the scope of the refurbishment project. Get our ideas for holiday home improvements here.
Student let property refurbishment costs
Our St Andrews student letting agents have broken down the potential costs to refurbish below:
Bedrooms (per room, for multiple rooms)
- Flooring: £500 – £1,200
- Furniture: £500 – £1,500 (bed, wardrobe, desk, and chair)
- Bedding and linens: £200 – £500 (mattresses, pillows, bed sheets, and towels)
- Window treatments: £100 – £300 (curtains or blinds)
- Lighting: £100 – £300 (ceiling lights or desk lamps)
Communal area costs (Living room)
- Flooring: £800 – £2,000
- Furniture and decor: £800 – £2,500 (sofas, coffee table, entertainment unit, and decorative items)
- Lighting: £200 – £500 (chandeliers, floor lamps, and wall sconces)
Costs to refurbish a student kitchen
- Cabinetry and countertops: £1,500 – £3,500
- Appliances: £1,000 – £3,000 (oven, refrigerator, dishwasher, and microwave)
- Flooring: £600 – £1,200
- Lighting: £100 – £300 (ceiling lights or under-cabinet lights)
- Dining table and chairs: £300 – £800
Bathrooms (per bathroom, for multiple bathrooms)
- Fixtures (sink, toilet, shower/bathtub): £800 – £2,000
- Tiling and flooring: £400 – £1,000
- Lighting: £100 – £300
- Mirrors and accessories: £50 – £150
Outdoor space (if applicable):
- Patio or decking: £800 – £2,000
- Outdoor furniture: £300 – £800
- Landscaping: £200 – £500
General improvements and decor:
- Painting and wallpaper: £800 – £2,000 (for the entire property)
- Electrics and plumbing: £1,000 – £3,000 (if significant updates are required)
- Miscellaneous (cleaning supplies, notice boards, etc.): £300 – £800
Overall estimated costs to refurbish a student let property
Again, these student let refurbishment costs are rough estimates and can vary based on various factors, including the property’s size, location, and the quality of materials and furnishings used. Get ideas for student home improvements here.
How much value can property refurbishment add?
The value that property refurbishment can add to your rental income depends on various factors, including the location of the property, the quality of the refurbishment, and the demand in the rental market.
Generally, a well-executed refurbishment can lead to increased rental rates, decreased vacancy periods, and higher occupancy rates, ultimately boosting your rental property income.
Let’s explore how the estimated costs of refurbishing a holiday let property and a student let property could impact your potential rental income:
Holiday let property refurbishment
A well-refurbished holiday let property can attract more holiday makers and justify higher rental rates.
With improved amenities, modern furnishings, and a visually appealing interior, your property can stand out in a competitive market. Additionally, a positive guest experience can lead to repeat bookings and positive reviews, which further enhance your property’s reputation.
Assuming your current holiday let property generates £2,000 per month in rental income, and you invest £20,000 in the refurbishment, here’s a hypothetical scenario:
Before refurbishment
Monthly rental income: £2,000
After refurbishment
Potential monthly rental income: £2,500
With the refurbishment, your rental income could potentially increase by £500 per month. Over a year, this would translate to an additional £6,000 in rental income.
Student let property refurbishment
As with a holiday home, refurbishing a student let property can attract more tenants and justify higher rental rates.
Student tenants often prioritize practicality and modern amenities, a well-designed living space can make your property more appealing to them.
Assuming your current student let property generates £1,500 per month in rental income, and you invest £15,000 in the refurbishment, here’s a hypothetical scenario:
Before refurbishment
Monthly rental income: £1,500
After refurbishment
Potential monthly rental income: £1,800
With the refurbishment, your rental income could potentially increase by £300 per month. Over a year, this would translate to an additional £3,600 in rental income.
Considerations on adding value
- These estimates are hypothetical and based on rough calculations. Actual rental income can vary depending on market conditions, demand, and the quality of the refurbishment.
- A property refurbishment is an investment, and the return on investment may not be immediate. It may take some time to recoup the refurbishment costs through increased rental income.
- Market research and studying comparable properties in your area will help you determine realistic rental rates after refurbishment.
Summarising the costs of rental property refurbishment
Refurbishing a holiday let property and a student let property both require careful planning and budgeting.
While a holiday let may demand higher-quality finishes and furnishings to attract vacationers, a student let property should prioritize functionality and durability.
Understanding the estimated costs and breaking them down by room allows you to make informed decisions and ensures that your refurbishment project proceeds smoothly.
Whether you choose to transform your property into an idyllic holiday getaway or a comfortable student abode, careful attention to detail and investing in a well-thought-out refurbishment can ultimately lead to a successful and profitable venture.
Investing in property refurbishment can potentially add value to your rental property income. A well-executed refurbishment can attract higher-paying tenants, increase occupancy rates, and lead to a more profitable rental property in the long run.
However, it is essential to carefully assess the costs, rental market trends, and your target tenant demographic to make informed decisions about the potential return on your refurbishment investment.
