Renting out your home is a great way to secure an extra stream of income. It’s reliable, and often very profitable. Lots of landlords make a healthy income from renting their properties out, but it takes work. Every cost must be carefully balanced and accounted for. There are lots of factors to consider here, not least, how to decorate the property.
If you’ve found great properties with rental potential, do your sums! Balance the mortgage payments against the potential rental income. Savvy landlords also keep aside half (yes half!) of all rental income for expenses. Everything from maintenance to management fees will eat into your profits. A key part of this is deciding how to decorate your property. Again, you need to keep the costs down, but boost the appeal of the home. It’s a tricky business! Here’s our expert advice on the topic.
Choose neutral, but warm colours
The paintwork is your first job. many landlords opt for a simple white colour. After all, it’s clean and easy to maintain. However, it’s not always the best choice for renters. It looks too clinical and empty. Instead, choose a warmer neutral shade. An off-white, beige or warm yellow colour is preferable here. It’s especially important in the living areas and the bedrooms.
Your flooring choices are much trickier than the walls! Costs fluctuate wildly, and the finishing touches are more important. We tend to advise carpets for the living room and bedrooms. Laminate is often a good choice for the kitchen because it’s easy to clean. For the carpets, look for a mid-level price range. You want a comfortable aesthetic, but there’s no need to overspend here.
To furnish, or not to furnish
There are benefits and drawbacks to furnishing your property. On the one hand, a furnished property will attract a quick renter, and get your property straight on the market. You may even get away with a higher rental price. However, you will have repair any damages and tend to maintenance issues. Furnished properties are more likely to attract long-term renters and a higher quality of tenant.
Kitchens and bathrooms
If you have a limited amount of money, then always start with the kitchens and bathrooms. Tenants are always hunting for modern, clean kitchens and bathrooms. By upgrading these areas, you can increase the rental price significantly. Start with new features like taps and accessories. If possible, install modern cabinets, showers, and appliances.
Know your audience
Finally, here’s our most valuable piece of advice: understand your audience. Who are you pitching your property to? If you plan to rent to students, you’ll need a very different approach to professional tenants. In this case, you’re looking for simplicity and ease of maintenance. With professional tenants, you’ll want to provide a little more style and comfort.
Of course, it’s all a matter of taste. You’re welcome to put your own touch on your buy-to-let property. However, it’s best to stick with neutral, universal decor. We’d love to hear from any landlords out there. What rules do you follow when decorating your properties?