There is no point in renting out a property if you cannot make a good return on your investment. In an increasingly competitive market, it makes sense to do all you can to make sure that your property stands out from the crowd.
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However, the last thing you want to do is spend a lot of money that you don’t have to. Here are some practical ways in which you can freshen up your rental property on a budget.
Investing your money in rental property
Buy-to-let property can be a good investment but it is not a guaranteed way to make money. According to money advice website The Money Advice Service, they are great for people who prefer investments that are more ‘real’ than bonds and stocks. They also only suit those who are willing to tie up their money for many years.
Protect your investment
Once you have spent a lot of time and effort making your property perfect you need to protect it. The first way to do this is via comprehensive landlord’s insurance. The second is to clearly record what is in the property and what condition it is in using an inventory. You can get a management agency to prepare this or you can do it yourself using property inventory software such as that supplied by https://inventorybase.co.uk/. This can save you time and money.
Enhance your investment
You can make the property more stylish and appear more spacious by clearing out any clutter. If you are providing furnished accommodation, invest in a few high-quality pieces rather than filling it up with cheap furniture.
Don’t get carried away with elaborate interior décor schemes. Stick to neutral colours that the tenants can put their own stamp on.
The property must look clean and fresh and a lick of paint can go a long way to achieving this. It costs very little but is effective.
The bathroom and kitchen are very high on a tenant’s priority lists. Scrub the tiles and use a mould remover if necessary. Replace stained and damaged floor covering with a mid-range linoleum. Glass shower panels look a lot better than a mouldy curtain too.
With just a few minor touches you can freshen up any rental property and offer it back to market quickly to start receiving your rental income.