With popular daytime TV shows increasingly putting the spotlight on what goes into buying and renovating a property, it can seem like all the answers you need are there. There are other considerations to take into account however, such as sourcing appropriate landlord insurance. The kind offered at Simple Landlords Insurance for example offers comprehensive cover from as little as £104 per year and there is also a dedicated account manager for every customer.
When all those details have been ironed out, you’re good to go. But don’t rush in and paint the walls mint-green because that’s your favourite colour! Remember that the property isn’t for you and there are certain considerations to take when you decorate.
Preparation and planning are the key to success, so early on set a decorating budget and a time frame for when you want to be finished and stick to it. It might be tempting to cut corners and save money by doing a lot of the work yourself but be honest – in the long run it may be more cost effective and less stressful to employ a contractor, especially if you will be renovating in your spare time.
When it comes to style, simply put the more stylish your property is the more rent you can charge. So you want to make sure the decor is a high standard and well maintained, as well as tailoring the layout of the property to the type of tenant you wish to attract. Psychological tricks such as painting with light colours to make rooms appear larger and brighter helps but also encourages cleanliness in your prospective tenants.
Paint is preferable to wallpaper in your property for the simple fact it is easier to maintain – you want to use a durable acrylic paint that can withstand wear and tear from furniture as well as items like pushchairs, bikes etc. A mold/water-resistant paint in the bathroom and kitchen is a must and it’s a good idea to make a note of the colour and brand of paint you have used for when you need to do any redecoration or touch-ups.
There are plenty of questions to ask when it comes to furnishing your rental property and these depend on the type of tenants you wish to attract – this can depend on factors such as where the property is situated and what the market is like. Providing furniture may increase your rental income but if it doesn’t then it might not be worth your while. As stated earlier you need to consider your tenants requirements – students will need a desk, bed and storage space for example. It’s a given that supplying key appliances such as a cooker, washing machine and fridge-freezer is more likely to attract tenants too.
If your property is decorated and maintained regularly then the sky’s the limit for you as a property owner – you’ll increase your chances of attracting and keeping tenants which ensures a regular rental income for you.
