Property is a fantastic long term investment and can also provide short term financial stability if you can secure constant rental income. However, if the property is in need of renovation or decorated in loud colour schemes, then you may have trouble securing a long term tenant or getting the highest possible rental income.
Here are some fail safe ways to make your rental property appealing to tenants.
Check Out the Competition
Visit an estate agency as a potential tenant and ask to see rental properties that are of a similar size and within the same location. This may seem a little underhanded, but it is a great way to get a sense of what does and does not work. When you dress and decorate a property well, you will achieve a higher rent and secure tenants more quickly. Essentially, what you are trying to do is sell a lifestyle. If you have ever visited a show home on a new housing development, then you know exactly what this looks like.
This is twofold. Firstly, try not to let your personal tastes interfere when decorating. Secondly, make sure you stick to neutral tones. This does not mean you have to buy pots of magnolia paint, but do not use bold colours. Stick to pale browns, deep creams and light greys for a neutral palette that will work with any style.
One of the first things that greets viewers is the smell of the property. If it has been vacant for some time, it may smell musty. Or if your previous tenant had a pet, there may be a lingering dog smell. Make sure you clean carpets, check for damp and ensure there is enough ventilation to keep the property smelling fresh.
It is easy to focus on the interior and forget about the exterior. However, this is a costly mistake, as the outside is crucial to a viewer’s first impression. If you are renting a house, check exterior paint work, clean the windows and gutters. In the garden, cut the grass, trim any bushes and have a general tidy. If you are renting a flat, take the time to vacuum the communal area and paint the apartment door.
Kitchens and Bathrooms
Not only are these make or break areas when selling, but they also impact upon renters. Many landlords avoid updating these rooms, worrying about the time and cost. However, there are cheap and easy solutions. In the kitchen, paint cupboard doors, install new work surfaces and lay new lino flooring. If a new three piece suite is out of your price range, then retile, repaint and purchase new flooring. If you are unsure, here are some ideas for updating your bathroom on a budget.