8 helpful tips when renovating your landlord property on a budget.
When it comes to renovating or decorating your rental property especially on a budget you certainly need to make sure you get your monies worth. We at Click4quote.com know that sometimes tenants don't take as much care of your property and contents as you would like, resulting in additional expenditure replacing and repairing items that have become too dirty or damaged.
But you don't have to spend the earth to get a good standard of décor. We've put together some simple ideas to help you keep your costs down whilst still providing a good level of decoration.
- Before you start know your target tenant audience and try to cater for that market. For instance if you are aiming for students then you may want 'clean but basic', whereas young professionals may be looking for modern and contemporary.
- Where possible simply paint walls rather than hang wallpaper. It can be a lot quicker and cheaper. If you do put up wallpaper, why not make sure that you can paint it in the future. You may want to refresh the walls between tenants and painting will be quicker than stripping off old paper and hanging new.
- Keep your inner interior designer under control – you may put off potential tenants if your décor is bizarre, brightly coloured or has bold patterns. Simple soft shades or neutral colours allow your tenants to add their own style.
- Furniture and white goods – Check out local auction houses, charity shops or house clearance companies as you may find some bargains. Don't forget those online auction sites like eBay and gumtree, although you will need to take into account collection costs. Obviously you need to be sure that all electrical and gas appliances, furniture and soft furnishing complies with all the necessary gas, electrical and fire safety regulations (https://www.gov.uk/private-renting/your-landlords-safety-responsibilities) and are fit for purpose – shabby chic also needs to be safe chic!
- The garden. You can spend a fortune on designer decking or water features and exotic plants, but unless your tenants have green fingers you will probably be wasting your money. Go for something plain and easy to maintain. Working tenants may not have the time to spend on tending to lots of plants. To add colour why not have pots or hanging baskets.
- Some jobs should only be undertaken by someone who is qualified, so be realistic in the amount of work you can successfully carry out yourself. Check out our guide on the 6 DIY Jobs You Should Never Do Yourself. Don't forget that the longer you take to renovate your property the longer it will remain unoccupied and not be earning you a rental income.
- Bear in mind that sometimes going for the cheapest option is not always the best one – there's no point in having to replace cheap items because they are not fit for purpose.
- Landlord Property Insurance. If your property is undergoing standard renovations then check your current property policy to ensure that any work is covered and if it is empty for an extended period of time whilst being renovated you may need to get specialist unoccupied property insurance. Click4quote.com offers this type of cover for properties undergoing standard renovations.
Overall, look at your property from a tenant's perspective; think about ease of maintenance and cleaning. It may not be to your taste but don't forget it's not you who will be living there.
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