The multifaceted nature of becoming a landlord has much appeal, and yet a lot of work goes into making the career work, elements that many may not even consider. Take for example future tenants, it can be hard preparing a property for new renters when you’re uncertain of what type of people are moving in, or what style will appeal to them. This is when playing to decorating traditions and tips becomes essential to your potential success; when you can’t be sure of what the client is looking for, you need to be proactive not reactive.
One of the first hurdles to overcome is the style of the home, do you go for practical and durable designs, or do you lay on a fancy show for your renters? As most of you will undoubtedly know, while contemporary finishes and styles are deemed quite popular, opting for a neutral palette and style is ultimately the best way forward. This is because it provides a blank canvas on which the renters can inject their own personality. What is more, the upkeep of such a decision tends to be a lot cheaper on your wallet, as the whole design is simple and elegant, rather than extravagant.
Another way of decorating for that future tenant is to budget wisely. This may sound like an obvious tip to give, but you’d be surprised how many people are guilty of overspending, which can hurt them, financially, in the long run. The best way of tackling this is to be realistic about what you intend to make per month on your property – is it going to be towards £600 or a more basic £300. Once you know what price range you’re aiming for, you can decorate accordingly. As stated on a property investment blog, you don’t want to spend thousands on a property when you’re not going to get that back per month, it would simply be a waste of your time, money and resources. All of which are precious.
In addition to the above, you also need to ensure you don’t skimp on any element of the process, especially when it comes to insurance. We can appreciate that the cost of such requirements are rather daunting, but they’re designed to protect you in the long run, and so they’re a necessity. Additionally, many don’t realize just how much coverage they can get for such a small fee, and so shopping around and investigating deals is all part and parcel of the renovation process. This also links to skimping on reliable appliances and fittings; they’ll cost you if you go for the cheapest of the cheap, so make sure to invest wisely.
Last but not least, you also need to consider whether you should furnish the property or not. We find when it comes to this piece of advice, you seriously have to weigh up all the pros and cons, and truly consider who your target audience is. You see, on one hand, letting a furnished home will mean money is saved for the renters moving in. However, it may also mean they don’t stay in the property as long because the furniture isn’t theirs. To combat this, you can always opt for part furnished, which is largely seen as the best of both worlds.
All of the above information is helpful in its own way, but one of the best rules of thumb is to ask yourself whether you’d live where you’re renting out. If the answer is yes, then it’s likely you’ve done an excellent job, however if you reply no, then you need to look over some of the suggestions and make changes.