With the current low interest rates tempting many investors to chance their arm in the property market for the first time it is important that such business propositions are treated cautiously. It is always advisable to learn to walk before you can run.
Nest egg should be nurtured delicately
It is not only the professional landlord that has seen the possibilities of profit in the demand for rented accommodation but also those who have been forced out of work by the job cuts. For these people, who will be putting redundancy or pension payments on the line, the prospect of buying cheap landlord insurance on a small property will be the first tentative step in providing a new income. It will be imperative that they don’t overspend when preparing for their first tenant.
If you plan to rent out a flat for an economy tenant or renovate it on a budget it is advisable to first arrange some suitable buy to let property insurance. Here are some ideas that can save you money.
Flooring
Wood flooring is worth considering if you really are after a good investment. It may cost a lot initially but it often lasts the lifetime of a house, is very low maintenance and adds value to the property. Unlike carpet you will never need to change it every 5-6 years nor will it need costly and time consuming stain removals and steam cleaning. There are many cheap woods available today such as parawood and fingerjoint, or you can even use laminate. Use it for bedrooms and living rooms, and use vinyl for kitchens and bathrooms. If you do not have the budget for wood flooring choose dark coloured carpet which hides stains and use it for the whole flat.
Walls
Use white paint for the whole flat. It will make the place look spacious and bigger than it is. White walls are very easy to coordinate and repaint. Use one coat paint for a quick renovation.
Furniture
IKEA, Homebase and Argos are good places to find bargain furniture. Choose flexible, multi-purpose furniture such as folding tables, chairs and flexible sofas. Students and young tenants will love bean chars instead of imposing, full sofa combinations. Do not put lots of furniture in a room; keep it simple and minimal in general.
Curtains
Blinds are generally cheaper and easier to look after. Bamboo roll up blinds look good and are very cost effective. Aluminium or polyester blinds are more durable and young tenants may prefer the minimalist, industrial look.
Lighting
You can also make the lighting minimal. Reduce the number of accessory lamps such as desk, floor or table lamps and cut the costs. Just a bedside table lamp and a study lamp will often be sufficient.