As a landlord, one of the considerations you may be keeping in mind with regard to your rental property is renovation and redecoration. There really are no hard and fast rules about how frequently rental properties should be redecorated; however, it’s often considered good practice for landlords to take time between tenancies to give the property a refresh and prepare it for the new tenant to move in. When the property is empty, it’s possible to see more clearly how much redecoration or renovation work will be required, and it’s an excellent opportunity to carry out all major renovations without any interruptions.
If you need some tips or advice about when and how to redecorate or renovate your rental properties, read on to learn more.
Draw Up A Schedule
Whether you’re a landlord who has allowed your tenants to decorate their rental property themselves while they’re living in it but after the tenant has left, you then want to return it to its original condition. Alternatively, you may have just purchased a new property that you intend to rent out and want to get it into a suitable condition to list on the rental market. Either way, you need to assess all the tasks that have to be carried out in order to prioritise the jobs effectively. Any areas that could be deemed to be hazardous or that are in a particular state of disrepair should be managed first instead of working on cosmetic issues which could wait.
Once you know what you need to do as well as the order that you need to do it in, the next step is to determine what you’ll be able to do yourself as well as what you’re required skilled tradespeople to do. Landlords have a legal responsibility to ensure their rental property is always safe for their tenants to live in, therefore using qualified tradespeople to do the work is often the best investment to give you complete peace of mind.
Create A Budget
You’ll need to be sure that you’re always on top of the cost of refurbishing or renovating a property. Therefore, you need to come up with a budget that you can stick to. You’ll need to plan for how the works will be funded, whether you’ll be taking a loan out or using savings.
Think about what you’ll be spending the money on before you take the plunge. Think carefully about all of the options and carry out extensive research before beginning to spend any money on booking a contractor or materials. It’s important to be sure you’ll be making a profit before you spend anything.
Consider Trends And Styles
It’s never a good idea to go for any outlandish interior styles for a rental property. After all, you’re trying to make the property appealing to prospective tenants, and therefore going for a more neutral style could be the best course of action in order to attract as many people to the property as possible. You may not know what kind of tenants you’ll be attracting at first, so you may want to decorate the property with neutrality firmly in mind.
Avoid unusual wallpapers and bright colours that people may find off-putting and choose neutral shades like beige, cream, and white instead. This doesn’t just make it simpler for possible tenants to visualise themselves living in your property since they can easily put their own touches on the place by choosing their own soft furnishings and furniture, but it will also make maintaining the property in the long term much quicker and easier. Colour matching won’t be an issue if the wall becomes scuffed, and you won’t need to try to track down a matching wallpaper if it becomes damaged. Neutrals can be easily matched so your property will stay looking its best for years to come.
Nevertheless, it’s always a good idea to consider the features and details that tenants want in rental properties. Think about the kind of tenants that you’re keen to attract before redecorating. For example, if you want to appeal to young tenants, smart home features like video doorbells or smart thermostats could be a good idea since they are often looking for features like these that make their home more convenient and efficient.
You may also want to consider whether an EV charging point could make the property more attractive, especially if it’s in a central location where many people have invested in electric cars. Home offices are also popular these days with more people working remotely or following hybrid working patterns. Therefore, when you’re considering which renovations to do, think about which features are likely to both appeal to your future tenants and offer you long-term future benefits.
Consider Durability Of Materials
Landlords always want the cash that they spend on their rental properties to go as far as possible. That involves making decisions that are guaranteed to last a long time. Which areas of your property could you update in order to make them more robust and durable for future tenants?
Carpets may be a popular choice in rental properties, but they’re more difficult for your tenant to maintain. Over time, they can look unattractive and dingy too. Laminate or vinyl floors are quicker and easier to care for and they’re less likely to become damaged or stained. If you really want to go for carpets, opt for a dark colour that can stay looking good for longer.
Worktops that are made from laminate are also affordable but low maintenance, or if you’re looking for a little more character, a wood countertop will only require occasional oiling to stay looking good.
While saving money is often a priority, remember that cheap doesn’t always mean long lasting, and therefore you should avoid false economy and choose items that will stand the test of time, even if they cost a little more. It’s worth it in the long run and you’ll end up saving money.