Buying a house for the rental market is both a terrifying and exciting venture. It’s taken a lot to get to this point, and there may still be some things you need to do the property. In a perfect world, a property will be in perfect condition to attract renters, but that is rarely the case, or good business sense. Ideally, a property may need to be in less than desirable condition, as this depresses the price and makes it a bargain for savvy property developers.
First-time property developers have a lot more to think about than seasoned property developers, and no doubt budget will be a big concern. Below are some great tips to get you thinking about how to keep your costs down but still create an attractive rental property.
First, Think about the Market You’re Aiming For
Before you start knocking in walls and changing the tiles in the bathroom, you have to think about the type of person you want to rent to. If it’s a student-rich area, then you may need neutral decor, or if it’s a retirement flat, you may want to consider a certain decor style or specific features. If you’re looking to attract high-end clients, then it’s worth investing in fixtures that are practical but also luxurious.
Opt for Quality Items, Such as Paint
As the saying goes, buy cheap, buy twice. There are many great value items out there that do just as good a job as the branded product. However, when it comes to durable things like paint, sometimes going for a quality, well-known brand such as Dulux can make a difference. Cheaper paint can flake off over time, or be difficult to apply. Higher-quality paints can come with different features, such as wipe-clean and longer-lasting colour compared to budget paint.
Spend Extra on Quality Flooring, Especially for High Traffic Areas
Regardless of the type of tenant you want to attract or sell to, quality flooring will speak for itself. As a first-time property developer, it can be hard to justify the costs of luxury items. However, there are clever ways of getting great quality flooring at a good price.
Carpet roll ends are an ideal way to get top quality carpet at a low cost for your first renovation project.
Ensure Quality of Installation
It’s the quality of work that makes all the difference with your first property renovation. Whilst you may be a keen diyer, it’s important to be confident about the quality of work to be carried out. This also counts for tiling, electrics, and carpet fitting. Poorly-fitted items can break or wear away more quickly, giving you something else to replace earlier than you’d like.
We offer a quality carpet fitting service for all of our West Yorkshire customers. We also offer free fitting on some carpets purchased, as well as giving you an allotted time so you’re not waiting in all day.