In recent months we’ve talked more and more about whether to invest in a rental property. I need a little security as a self employed freelancer, and this could be a good long term financial investment. This guest article has some good advice for landlords on how to decorate and dress their properties to maximise return. If you own a rental home, I’m sure this will be useful. Enjoy!
In the current economic climate, more people are choosing to rent out properties instead of committing to buy them. Furthermore, recent statistics have shown that an increasing number of people are also seeking to rent out for longer periods of time, with the current average tenancy standing at 19.2 months.
Therefore, it is absolutely crucial for landlords to make their properties stand out and be noticed in this competitive market. Here is a look at some of the top tips you can implement to help your accommodation get snapped up in no time and guarantee the best rental income.
Know your Target Market
Before embarking on any DIY or investing in new furnishings, it is important to know your market. You need to know exactly who you are trying to attract, whether it is working professionals, young families, or students.
Students will probably look for basic and functional accommodation with desks to work at and plenty of seating areas for socialising. Young professionals, on the other hand, are more inclined to be swayed by the overall interior design of the property and may be more attracted to high-end fixtures and fittings.
By identifying your key market, you’ll be better prepared to tailor your property to your desired cohort. If you are unsure how to approach this, investing in the services of a property management firm like Hamilton King is a good way to cut corners. They can identify target markets on your behalf and then market your property accordingly. This can help you attract the right kind of tenants.
Bland, Boring and Bare
A good thing to keep in mind when you are planning to rent out a property is that you should not “dare to bare”. It can be tempting to decorate rooms with “safe” neutral colours, but too much plain decor with cheap furnishings can look uninspiring, stark and austere to potential tenants who may have trouble imagining themselves living there. Ultimately, you want to sell a certain lifestyle, and you will need to add some personality and charm in order to do that.
- Feature walls with patterned wallpaper are a great way to add character to a room whilst being relatively cheap and easy to implement.
- A statement rug on laminate or wooden flooring can add a splash of colour.
- The right lighting can create atmosphere and ambience.
- Bold coloured curtains and blinds can brighten up an otherwise drab room.
Dress to Impress:
It is all about the little touches and making a house feel like a home to potential renters.
- Place candles around the property and light one just before your viewer arrives. This is also a good tip if you want to quickly eliminate any bad smells such as tobacco, pet odour or lingering cooking smells.
- Dress the bed with crisp, clean and decorative cushions and throws.
- Flowers and plants can instantly cheer up a space; purchase artificial ones for low maintenance.
- Set the dining table to add that welcoming feel.
- Place pictures and mirrors on walls.
- Fill empty shelves with ornaments and books.
- Clean windows and mow the lawn; first impressions count!
- Be sure to de-clutter. Rooms that are stacked with other people’s belongings can put potential tenants off.
- Take high-resolution photos of your property at its best. More than 80 per cent of property searches are conducted online.
Putting the time and effort in at the beginning will pay off in the long run by adding value and intrigue to your property. Check out these tips and ideas for some more unique interior design looks.