Whether you are a seasoned professional or new to the rental business, your largest concerns will be finding a solid investment, suitable tenants and securing a stable income. There are many factors that can affect these, but carrying out a makeover can help you get the best rental yield. In most cases, a tenant would rather pay a little extra to live in well maintained property than one that was last decorated a decade ago. As well as carrying out landlord obligated repairs, invest a little time and money to reap financial rewards.
Walls and Colour Palettes
Neutral colours are best for a rental property as your tenant can happily move in, no matter what colour their furniture or bedding. Landlords tend to buy vast quantities of Magnolia and paint the property from floor to ceiling. However, such a light shade will inevitably suffer from wear and tear in a short period of time. Consider light greys, mochas and deeper shades of cream so your renovation will last longer.
The golden rule here is to think about longevity and suitability. When it comes to choosing flooring, the same rule applies. The life span of a cream carpet in a rental property is relatively short. Instead, choose a carpet that contains a weave of different coloured threads. In kitchens and bathrooms, go for hard wearing tiles over laminate flooring.
Consider Your Demographic
Is the property in a suburb close to a school? Or an apartment in a financial district? Different types of property will require different types of decoration. For a large home, consider the needs of a family, or for a city centre apartment, think about the needs of a professional lifestyle.
Think carefully about rental value, too. There is no point in a £5000 renovation for a property that rents for £250pcm. Budget and spend money wisely to ensure that you see the financial benefits. Research rental properties in the local area if you are unsure.
Kitchens and Bathrooms
There is nothing worse than walking into the bathroom of a rental property to find mould and an old avocado suite. Invest and install a white three piece bathroom suite and a modern kitchen. There are a wide range of inexpensive options so you can stick to a budget. However, finish with more expensive details such as decent taps, handles and a heated towel rail.
Low Maintenance Garden
If your property comes with outside space, make sure you keep it simple and easy to maintain. In a professional property, opt for a patio or decked space. Or for a family home, choose grass and keep plants to a minimum. Whether the property has a large garden or a balcony, make the most of the space and make it functional with garden furniture.