Want to make the most of your buy-to-let property? There are a few things you need to think about if you want to wow prospective tenants, while at the same time, keep things durable and practical.
There’s a happy balance you need to strike, which can be tough. After all, people want to live in a beautiful home, but they are also only human.
There will be times when they come through the door without taking off their muddy shoes. Or., when their kids scrawl their best artwork over the wallpaper. And, in general, it’s fair to say that tenants don’t have quite the same love for your property as you do.
So, here are some suggestions for you to consider when you are decorating and renovating your buy-to-let property.
Finding the right property
Above everything else, the location of your property is going to be vital to enticing the right tenants. Have a think about the sort of tenant you want, and use this to inform your decision.
If you are looking for short-term lets and maximizing your returns, then picking a home in a student area might be a wise move. You can then think about splitting large rooms into two, to allow for more rental payments every month.
However, if you prefer the longevity of family tenants, then you need to look for a location with lots of great facilities. The best rental apartments, for example, tend to be in safe areas near schools, with plenty of community areas for children.
Save money where possible
As you will already know, I’m a keen proponent of DIY, so try and do what you can. However, don’t attempt anything that you aren’t sure about, as it will only cost you more in the long-term.
Use professional services when you need to – the cost of which can come off your tax bill. There are other ways to save money for your decorating materials, too. Try using a cashback credit card to pay for everything, which will give you a discount of sorts – up to 5% in some cases.
Choose color schemes wisely
Most people will go for lighter shades such as Magnolia when they decorate their buy-to-let. But, in truth, this is only going to cost you in the long term.
Light hues and tones are magnets for dirt and stains, and it’s unlikely your tenants are going to be too fussed. So, unless you want to spend a fortune on painting every six months, go for mid-tone browns and grays for a more practical effect.
Invest in flooring
Finally, always spend money on good quality flooring. There will be more wear and tear in this area than any other, and if you go cheap, you will end up replacing it a couple of times a year.
Speak to your carpet supplier about some of your most durable options and consider laminate flooring if you allow pets. However, make sure that you let your tenants know that they shouldn’t clean them with a wet mop. If they do, it can lead to expansion issues, which can cost a fortune to fix.
Do you have a buy-to-let property? If so, how do you decorate it? Let us know in the comments section below?
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