Property Refurbishment Tips For Rental Properties
There are lots of different ways that you can invest your money these days, yet property remains incredibly popular. In particular, investing in rental properties seems to be one of the most common ways that people invest in property. Of course, there are numerous benefits to investing in rental properties and, if this is something that you’re considering then it can be a great way to build wealth.
When investing in a rental property for the first time, you may be wondering if there is anything you can do to aid your investment and, the way you refurbish the property can make such a huge difference. So, to help anyone new to property investment or anyone who is looking to refurbish their current rental properties, our team here at Fielding Financial have put together a list of tips that may help with your investment.
Always decorate with your target occupant in mind
Depending on the type of property you buy and the area that the property is in, you will probably automatically have a target occupant. When you’re decorating, make sure you’re thinking of this occupant and what they will want to see. It can sometimes be impossible to please multiple demographics, so don’t waste your time and money by trying.
It is worth spending money on quality flooring
You can guarantee that the flooring in your property will go through a lot and wear and tear and, it is usually difficult to fix this without completely replacing the floor. So, spend a little bit more on some good quality flooring. You should also stick to tiles and laminate flooring where possible, you will thank yourself for doing so in the long run.
Try to ignore your own personal taste
When decorating a rental property you need to remember that you won’t be living in it. Avoid adding personal touches to the space and instead, provide potential tenants with a blank canvas that they can easily make their own. A general tip is that sticking to a neutral theme all round will help you to ensure you have maximum appeal.
Don’t forget about any outdoor space
It isn’t uncommon for people to spend so much time and money on the inside of a property and completely forget about any outdoor spaces. Whether there is a driveway, a garden or even a balcony, don’t overlook the work that this space will potentially require. Again, keep things relatively simple but make sure that you’re putting some effort into these spaces too.
Buy in bulk and keep any extras
When investing in a rental property, you will usually have more than one tenant and at the end of a contract, you may need to top up the paint or replace a tile. For this reason, when you refurbish the property, buy some extras and keep them in the loft at the property. This will make keeping on top of general wear and tear much easier.
Budget is important but be willing to spend
Of course, you need to ensure that investing in a rental property is financially beneficial and you may, therefore, have a budget in mind for the refurbishment. Whilst it is important to know how to stick to a budget, you also need to be willing to spend money where it needs to be spent. Simply put, If you cut costs on important things, you’ll end up spending more in the long run.
Refurbishing your rental property
All in all, it goes without saying that there are lots of things you can do to improve a property when you’re investing with renting in mind. Hopefully, some of the refurbishment tips mentioned above can help you to transform your rental property and you will go on to reap the benefits of doing so. In general, all of these tips will apply to any type of rental property that you invest in so, they are handy to have.
If you’re looking for some advice when investing in rental properties, or any other type of property for that matter, visit the Fielding Financial website today. Across our site, you will find lots of information that will be beneficial to you, as well as numerous courses that can help you expand your knowledge about property investing. If you have a question or would like to get in contact, we’d love to hear from you and our team are always happy to help.