Rental properties can represent a great investment, but there are plenty of pitfalls to avoid if you’re to make your real estate ventures a success. For example, when it comes to kitting out the apartments or houses, it’s really important that you adopt a practical approach. Remember, you’re not decorating and furnishing the premises for yourself. Instead, the products and finishes you choose must suit your tenants – and this might mean please quite a few different people over the years!
As a general rule, it makes sense to opt for durable home furniture items, such as sturdy drawers and wardrobes. It’s also important to resist the urge to over-furnish properties. Before you go ahead and buy items, consider how much money - if any - the products will add to the rent you can charge. Bear in mind that people don’t tend to choose rental properties on the basis of how many high-tech gadgets or trendy pieces of furniture there are inside. Instead, they focus on issues such as location and space for all their existing possessions.
It’s also savvy to select resilient flooring. For instance, there is little point in splashing your cash on pale carpets that can quickly become stained and worn out. Wooden or laminate surfaces can be much more long-lasting and can be adapted by tenants via use of rugs, if they wish.
When it comes to interior design schemes, it’s a good idea to select neutral colors that will not put potential tenants off. That said, it may pay off to incorporate one or two accent walls in areas like master bedrooms and living rooms. This does not not take much time or money to achieve, but it can help to give your property a more modern, stylish appearance. It’s also important to dress your rental properties effectively. The addition of a few inexpensive cushions and items of artwork can help bring rooms to life and make them appear more like a home than a vacant space.
By applying cost-benefit analyses to each decision you make and prioritizing practicality over aesthetics, you stand to achieve the best possible results. Though the big decisions like where to buy and who to target in the buy-to-let market are initially more important, don’t forget the little details that will allow a potential tenant to imagine themselves actually living in your property.