How to get the most from your rental investment
You have found the perfect rental investment, now you need to get it ready for your first tenants. Here are five top preparation tips to help you achieve better than the competition because renting out a property isn’t as easy as most people think.
Decoration
Is very much going to depend on who will be renting the property but neutral (not magnolia!) is the best option. If you totally redecorate the property, set out a rota of works for the future. Heavy usage areas will need to be repainted sooner than lower usage ones.
As an example, we tend to set the following rota for our properties, but this very much depends on the length of tenancies :
- Kitchen / bedroom/ bathroom – every five years
- Living area – every four years
- Stairs and landing – every three years
It’s also a very good idea to work out what allowances you can claim back on next year’s tax return (so remember to keep all of your receipts).
Floor coverings
The worst thing you could do is to buy the cheapest carpet or laminate you can find on the basis that it is ‘only a rental’. It will not last and start to look very tatty after the first clean. The most important thing is that you want your investment to stand out from the competition. The best underlay you can afford will make so much difference to the feel of the floor and who it will attract.
Light fittings and curtains
I get asked this one quite a bit. You must see the property through the eyes of your customer – your tenant. What is the first impression they get? Empty windows and sad little light bulbs will not make you stand out from the crowd. It is an effort, but by making sure that you have curtains in place and light shades make so much difference. Again, neutral is the best option.
Garden
When you have spent ages (and money!) on redecorating, the garden can sometimes be forgotten. Bad mistake! Not everyone likes gardening so don’t think that you must aim for a shrub-filled cottage garden. A space for the kids to play, somewhere to lay out the garden furniture and place the BBQ with a bit of green are all that is needed.
Bathrooms and kitchens
Are the most expensive areas to update and you are not going to change these regularly! By making sure that you have a modern feel and, most importantly, that any masticking/sealing is carried out by a profession and not slathered on. Believe it or not, this will make all of the difference.
The more you put into your investment the more you will get out. Prepare a budget and consider the cost of renting including any renovations that will need to be made to the property. You also need to ensure you have enough savings to cover any possible void periods that occur.
If you need any help or have any questions – just get in touch with us
Happy renting!
