Tips for decorating to rent


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Tips for decorating to rent

Decorating to suit your tenants' needs rather than your personal taste can add value to your investment and improve your property's attractiveness to rentersi.

A well thought out interior design for your investment property can go a long way towards increasing the rental income you can expect to receiveii. Owning a rental property is an investment in your future so it's important to make design decisions with the bottom line in mind.

Neutral colours and clean, simple designs can help increase the income potential of your rental property.

Design decisions

Thinking about the characteristics of your property such as location, average rental prices in the area and the types of tenants you would like to have when making design and redecoration decisions can help increase the profitability of your property. Specifically, keeping your potential tenants in mind can help you appeal to what they may want in a rental homei. For example, if your property is in the inner city, chances are you will be renting to professionals, who will have different wants and needs in a rental property than a family would. Being conservative with your colour choices for paint and window treatments is a safe choice for many tastes and preferencesiii.

The property's value and the rental market are also important factors to consider. Keeping your budget in line with the market and treating your investment property as a business can help ensure that it remains profitableiv.

Since flooring, appliances and furniture which are used heavily by tenants can quickly begin to show signs of wear and tear, spending a bit more on the quality of these products can pay off in the long runi. Poor quality items may mean they need replacing regularly, which can increase maintenance costsi. A poorly maintained rental property can lower its income potential and deter prospective tenants. Fresh paint, up-to-date appliances and adequate repairs can go a long way in maintaining your property's value and competitiveness in the marketv.

Avoiding interior design choices that may not be to everyone's taste can make your property easier to rent.

When it comes to landscaping, a good idea is to keep it simple, easy to maintain and budget friendly, while creating an outdoor area can make your property more appealingvi. If your property is not fenced, installing fencing can give a greater sense of security to prospective tenantsvi. Designing a drought-resistant garden can help to keep the property looking good throughout the year with minimal effort required from you or the tenantvi.



iHomeLet 2014, Decorating for Landlords: 4 key considerations before you begin, viewed 4 December 2014,
http://homelet.co.uk/news/article/decorating-for-landlords-4-key-considerations

iiFarmer, R 2014, 'Top 10 Mistakes of New Landlords', Brilliant Money Solutions, viewed 8 December 2014,
http://www.brilliantmoneysolutions.com.au/a/Rental-Properties/Top-10-Mistakes-of-New-Landlords

iiiMahon, J 2014, '7 tips for new landlords', Residential Property Manager, 29 July, viewed 5 December 2014,
http://www.rpmonline.com.au/blogs/12671-7-tips-for-new-landlords

iv'Property tips for landlords' 2013, Telegraph, 9 August, viewed 5 December 2014,
http://www.telegraph.co.uk/property/property-club/9870793/phil-spencer-property-tips.html

vMABOS, Laying MABOS, viewed 11 December 2014, vi'Landscaping For Landlords' 2013, LJ Hooker, 16 August, viewed 5 December 2014,
http://glenorchy.ljhooker.com.au/our-blog/landscaping-for-landlords?post=520daadf7dd719700c000099