Decorating Your Rental Property – When you buy a new property to let, the chances are it will need a little TLC to get it looking its best and ready to rent out. The better your property looks inside, the more appealing it will be to your market, meaning higher rents and less risk of void periods. But does it all have to be magnolia walls and blue carpets? Or is there a little more room for invention?
Know your market
Tenants do generally want relatively neutral décor so that they can put their own stamp on the place, whether that’s the ubiquitous magnolia or another neutral shade. White tends to work well in more modern properties, while a creamier, warmer shade is often best for older properties and family homes. When thinking about style, keep it subtle and simple, but make sure it fits the market you are trying to attract. If you are decorating a new-build apartment aimed at young professionals, you can go for a crisper, cleaner look, especially for kitchens and bathrooms. The family market varies, but go for easy to clean surfaces and consider hard flooring in communal areas, rather than carpets that could be easily stained. For student properties, keep it hard-wearing and simple.
Letting furnished property
If you are letting your property furnished, just apply the same thought process as you would to the décor. Go for the best quality you can afford without breaking your budget – if you are willing to pay more for furniture, it is likely to last longer and be better value for money. If you are letting a shared property (whether to students or professionals) it will usually be easier to let if there is at least basic furnishing. Neutral colours and simple designs are usually the best option, although at the luxury end of the market, you might find that you can command a premium by putting in the latest modern designer furniture, or perhaps going for an antique look. If you go for this approach, make sure you do your market research first.
Don’t forget about the exterior of your property. While students will probably be quite happy with a simple paved garden, families will probably be looking for a garden with some life and colour in it, and a lawn for children to play on. Let your tenants put their own plants in if they like – there is little to lose from your point of view.
Planning
Make sure you account for décor and fixtures when you put your budget together. If you can do the work yourself, then so much the better – but only do it if you know you can do a professional standard job. Whatever you spend, remember to take account of it when choosing your landlords insurance, and cover yourself for damage.