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Are you planning to rent out your property? If so, you will need to consider renovation costs and how you’re going to relocate without breaking the bank. These are important considerations, as you will want to receive extensive profits from your investment while also attracting prospective tenants.
To reap the benefits of renting out your property, you must figure out a decor budget which will enable you to understand what needs to be done and what you can afford. In line with your budget, you should follow these top decor tips which will help you achieve success as a landlord.
1. Keep it simple
When renting out your property, it is vital that you consider what your tenants want. This may seem impossible, as you may receive interest from all different types of people. The best way to resolve this issue is by keeping it simple, as it offers you tenants a blank canvas which enables them to decorate their property how they want, as long as the changes are approved by you.
Keep it simple by using neutral shades, such as beige and cream on the walls and floor, which will work as a blank canvas for your tenant – especially if your property is unfurnished. These colours are also ideal if you own a number of rental properties, as you can use any leftover paint to touch up your walls whenever you need to.
2. Quality furnishings
When choosing decor, you should always make sure you select quality items such as kitchen appliances, white goods, and more. Although you may pay out a bit more initially, this will allow you to increase rental demand and up the rental fee, as you’re offering tenants a fully-equipped and top-quality property.
If you’re struggling to find high-quality furnishings, you should take a look at the North West development sites recommended by property experts RW Invest. Their luxurious apartments are furnished with some of the best quality items – which will offer you the inspiration you need to transform for your property and ensure both you and your tenants are satisfied.
3. Cost-effective renovations
When installing flooring, you should make sure that you select affordable furnishings while also keeping in mind how long they will last. For example, if you choose light carpet for your property’s living area, then this may not as long as you want. This is because light-coloured carpet tends to show stains and damages, which is not ideal if you plan to rent out your property for several years. This works the same with wallpaper or paints, as you should try to choose water-resistant wall decor that will prevent any structural damage and the costs associated with the repairs.
Another great way to save money is by installing a bath with a shower instead of a shower tray, as this helps to reduce water waste and also prevents leaks. This will also make sure that your tenant does not file multiple complaints, which will make your role as a landlord much easier. It will also help you save on multiple repair costs, allowing you to gain extensive investment profits.