Renting a home shouldn’t make you care less about it. If you don’t look after your space, you can’t expect the tenants to do the same. Empty property and a loss of income is something no landlord wants. A well-kept one is not likely to receive such fate, and aesthetically pleasing homes will make it easier for tenants to accept the rental price. Hence, go ahead and decorate with style, aiming at those groups who might be your most likely customers.
Image source: www.houzz.se
Rental facts and figures
More and more people are giving up on owning a property, and rents have risen rapidly in recent years. It is estimated that there are 11 million private renters in England alone and by 2032 private landlords will own one in every three homes in the whole UK. Half of the 25 to 34 years-old population rent their homes, which is why the university towns are a fertile ground for investment. There, tenants often bid against each other and push the rents up.
Being a landlord comes with both many benefits and responsibilities indeed, and you need to be aware of your legal rights and obligations. Rental property must be, for example, safe to live in and free from potential health hazards. Still, many landlords fail to give accurate information on things like decoration to tenants and this gives rise to redecoration disputes. On the other hand, a thorough account of the décor and a clearly defined tenancy agreement prevent disputes and other unpleasant situations.
Image source: homesick.nu
A long-lasting investment
According to industry guidelines, the landlords should make an effort to redecorate every three to five years. The responsibility, at least the financial one, lies with them, unless a tenant has caused damage that calls for redecoration. Keep in mind that what many students and younger generations want is a neutral blank canvas they can add their own personality to. It means that you should refrain from turning the place into your personal retreat full of statement pieces.
The focus should be on practical and durable solutions. A long-lasting property that endures all the trials and temptations of tenants is the best investment there is. Thus, a healthy balance between durability and visual appeal spurs best long term benefits for landlords.
Don’t go overboard with furnishing and stocking the property, because it won’t add much value to it. Your decorating budget should depend on your monthly income from rents. Yet, don’t get discouraged by high up-front costs and avoid things like shinny but cheap fittings- they are a false economy. The same goes for bathroom fittings- this is not the area where you should try to cut the costs.
A bulk of landlords tends to ignore the flooring because it’s costly, but it’s the part of the home that is most prone to damage due to physical contact. Bear in mind that floor tiles are sturdier than paint or laminate, and should be the only solution in moist rooms like bathrooms and kitchens. They are also easy to maintain, even more so if they are dark-coloured.
Furthermore, note that unlike most families, students don’t bring their own furniture. It should be in a good decorative order and kept clean. Not every piece can be trendy, but try to replace the unfashionable ones. It’s best if the furniture is versatile and can fit in a variety of places. Also, don’t forget that as a landlord, you are responsible for the fire safety of all the furniture and furnishings. If it was made before 1989, it probably doesn’t meet the safety regulations.
Image source: decoholic.org
Light paints and carpets might give the illusion that the space is bigger and cleaner, but this trick has a short lifespan. It’s quite difficult to keep light walls and carpets clean, and they are most likely to become murky in a matter of months. Then you would have to come up with some money for repainting or replacing, something your budget could do without.
Go for mid-toned greys or browns which go excellent with most of the other colours, and remember that natural lighting complements them well. Apart from the blessings of the Mother Nature, make good use of other sources of light. Proper lighting is crucial for every living space, so invest in lamps and funky lampshades, or brighten up your space with some pendant light. Led lighting products are always a smart solution, since they are economical, yet trendy.
An alternative for bringing life into outdated rooms with poor colour palette is fabric. Use wall coverings to give a fresh look to the place, and you can easily remove them if you are not overly satisfied with the results. This inexpensive solution sure can save landlords the headaches and provide tenants with a more pleasing living environment.
Image source: decoholic.org
Safe and sound
Rising house prices create a great demand for rental spaces, but tenants still want to see some style and substance. Spend your pennies wisely, and stick to your decorating budget. At the same time, have in mind that redecoration increases the rental’s property value and makes it easier to rent the space. It’s thus in every landlord’s best interest to treat the rental space as his own living area. Create a safe and visually appealing living environment that will please your target audience and make sure you enjoy the perks of being a landlord for many years to come.