Where would you spend the money?

[pepsipuss]

Agree Enid - really important to maintain and update your letting properties at least as much as you would your own house, which means spending money EVERY year, or if something expensive needs doing, save this year's budget and do it next year.

I once tried to help a 'friend of a friend' who was not getting the revenue he used to. I could not believe it when I saw the property. It actually a small two storey block comprising four large apartments, in a truly fabulous location right on the beach. However I don't think a penny had been spent on either the building or the furniture since it was built 20 years previously apart from painting the rejas (window grilles) most years because they used to rust.

I struggled on for three years but in the end I threw in the towel. I was so tired of fielding complaints from the clients, who had nearly all been coming for years just because of the position, but who moaned constantly about the state of it despite the fact that they were paying less than half of what it would have been worth in decent order and properly equipped. I couldn't bring myself to let it to anyone who hadn't seen it because I could see myself looking for new accommodation for them when they arrived!

It would have been worth a huge sum (both in capital and revenue terms) in good condition, but it needed gutting and starting again - kitchens, bathrooms, electrics, windows, plasterwork - EVERYTHING - and all I ever persuaded them to do was to buy some matching bed linen and towels and a few bits of kitchen equipment.

In this instance, despite its size, it was regarded by the owner as just his own holiday home - they used to come in June and September and lots of friends and familiy would come with them. I think that one of the traps that it is easy to fall into if you are letting out a property which is really your own holiday home is to be happy with it as it is has always been because in our own homes we tend to be less critical.