If you’re a property investor specialising in fully furnished places, or if you’re thinking about doing so – then here are a few tips to help you on the road to riches.
First off – get to grips with DIY projects. If you really aren’t any good at DIY, this may not be the business for you unless you’re really doing it on a large scale; the more you can do yourself, the more lucrative your operation will be.
But if you aren’t and you want to do this anyway, then buy modern places which will be less likely to have major problems and will simply need redecorating from time to time.
It will be essential to get to grips with the basics of decorating – and not to be too much of a perfectionist. No-one else will inspect the work as closely as you do when you’re painting and filling etc., so don’t sweat the detail too much. Prospective tenants take in the whole picture in a few minutes only – and will be more concerned about overall cleanliness than anything else. So keep all the furnishings and colour schemes light and neutral.
Furnishings are part of your legitimate business expenses. These days, sofas in the sofas sale can be incredibly cheap and hard-wearing if you choose carefully.
It’s the same with beds and a durable but cheap dining table along with smart curtains can really make a place look fantastic.
Remember not to use wallpaper that can’t be painted over. Emulsion talks minutes to “wash over” with a re-coat, whereas papering is a slow process. Plaster walls are best of all.
Overall, think about how quickly and easily you’ll be able to redecorate, replace, renovate or clean – try and keep it simple. Also, try and follow the same colour schemes with each new rental you add. This will make life a lot simpler.