HOW TO PRESENT YOUR RENTAL PROPERTY TO MAXIMISE YOUR BUY-TO-LET INVESTMENT “side-valuation-button"

07 Apr 2016

HOW TO PRESENT YOUR RENTAL PROPERTY TO MAXIMISE YOUR BUY-TO-LET INVESTMENT

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Compact Laminate Floors

With demand for rental property at all-time high, how should you present your investment to give yourself the edge when it comes to renting out your property?

Firstly, decide what type of tenant you are targeting. Some tenants are willing to compromise and are happy to live in a property that isn’t pristine in order to save money on the rent. Whereas others are happy to pay top rent, but expect the property to be immaculately presented inside and out.

Without a doubt, well-presented properties generate a higher rental and usually attract the best quality tenants. This adds up to a better return on your investment, together with fewer and shorter void periods.

PLAN AHEAD

The first thing to do is to plan the decorating and to set a budget and schedule. Keeping within a budget is important when you are preparing a buy-to-let property. Decide whether you are able to do the work yourself and if you realistically have the time to do it; or whether you would be better off hiring a professional.floo

compact laminate

The property should be decorated in a style to attract your potential target market rather than tailored to your own personal preferences. Stick to a neutral design to give yourself the best possible chance of attracting the right tenants. Light colours provide the illusion of space and cleanliness.

Plain emulsioned walls are usually best as they can be easily refreshed between tenancies. Decorate the property to a high standard to reflect the rental fee you’re hoping to command. Cutting corners will put many tenants off.

The compact laminate floors are the biggest victim of wear and tear in any property because they receive the most physical contact. If you choose carpeting for your rental property, make sure it’s hard wearing and opt for a neutral colour. Busy or patterned designs could be a turn off for prospective tenants if the design is not to their taste. You’ll need to be prepared to have carpets cleaned professionally between tenancies and replaced every three to four years.

Wood flooring is ideal for rental properties because it is modern and easy to care for. With wood flooring, tenants can make the space their own a little more by adding rugs etc.

Short answer – it depends on the type of tenant you’re looking to attract. Families and mature tenants often prefer unfurnished properties as they tend to own their own furniture and won’t want to pay a third party to have it stored. Students or groups of sharers are more likely to want fully furnished properties.

If you are planning to let the property furnished, make sure that all furnishings comply with fire safety regulations. Most tenants would expect landlords to provide white goods such as a fridge freezer, washing machine and oven as a minimum. Bear in mind that the annual 10% wear and tear allowance for furnished properties is going to be scrapped from April 2016. This will be replaced with a new allowance that will only enable landlords to deduct the costs they actually incur on replacing furnishings in the property.

Tend to the gardens, mow the lawns and clean the paths, gutters and outside paintwork. Improving the kerb appeal will help to ensure that prospective tenants won’t dismiss the property before getting to the front door.

GENERAL APPEARANCE

  • If it’s broken, fix it! - Don’t overlook the things you don’t mind
  • Keep it simple - Clutter free always
  • Light and bright – Install good lighting and clean the windows
  • Make sure it smells great – Bad odours put people off so ensure that your property smells clean and fresh
The better presented your investment is; the higher calibre of tenant you are likely to attract. Even if someone’s just looking to rent, they will still want to see that it’s a place they could call home.

Whether you’re buying your first investment property or you are already a landlord just seeking some advice, we can help. Contact your nearest Gibbs Gillespie office today.




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