Property letting is a thriving business venture, and current events cannot dampen the growth of this market. Graham Norwood, an editor of two real estate blogs in the United Kingdom, supports this claim.
According to Lucy Morton, head of a residential rental agency in the same country, upper-class residents are becoming more interested in the transient industry. “Many purchasers are no longer happy to make multiple moves in the sale market, preferring to bide their time in the lettings market,” she remarked in an interview from one major website.
You might already know these as rental property owners or for those interested to become one.
The next question you will be faced with is, “How to get the most of the let property?”
Attract the fancy of interested buyers with this smart checklist!
What does let property mean?
Some confuse renting and letting a unit. Oftentimes, writers use these terms interchangeably. Worry not because the difference between these two is not big.
Rent refers to the payment given to the owner. Tenants perform this toward their landlords. In contrast, owners let friends, family members, or buyers stay in their property, under a signed contract.
How to make the property more attractive?
Enhancing this space’s potential needs an impersonal touch. This is unlike in residential homes or workspaces, where owners are free to design based on their tastes.
Personal items have no place in the let property because transients usually stay here temporarily. They may be families, students, employees, vacation-goers, etc.
Therefore, you only need to worry about two things:
- Economic considerations such as purchasing cost-efficient materials
- The “look” appeal
What are the 2 main ways to improve the let property?
This article provides two easy-to-follow considerations for increasing the potential and value of your investment.
1. Understand the space
- A successful business relies on an honest advertisement. First, determine if the unit is fully-, partly-furnished, or completely unfurnished before posting vacancy flyers or sharing photos online. This initial step will guide you in selecting what to include and exclude from your purchases.
- Carefully plan each room’s layout. Considering the tenants’ needs and movements does not necessarily mean they need to live in a large area.Yes, transients usually bring lots of bags and their shoes. Therefore, invest in modular storage and other space-saving furniture to avoid clutter in the limited space.
- Maximize every section of the let property, such as the exterior. Put evergreen, succulents, and other easy-to-tend plants to brighten the entrance, doorstep, and windowsills.
2. Strength in simplicity
According to Anwesha Barari, “Expect the worst and prepare in advance.” This mindset perfectly encapsulated this step’s point.
- Select furniture that is durable and user-friendly if the let property is fully-furnished. Assume that tenants will be unmindful of how they use drawers, tables, faucets, cabinets, and doorknobs. Buy dependable appliances to avoid wasting money for repairs.
- Install low-maintenance and easy-to-clean options in messy areas like the kitchen and bathroom. Examples are laminated works for the countertops, ceiling-level kitchen shelves, and epoxy flooring. This tip will save effort and time while sanitizing these rooms.
- Ensure the safety of your tenants by installing needed equipment like range hoods above the stoves, trusty plumbing, and bathroom accessories like toilet seat covers. These examples will make a big difference in the renters’ living experience.
- Let properties typically have white walls for inexpensive reapplication when peeled.As per Srishti Jain, enhance the rooms’ plain walls with cheap but effective tools like removable wallpapers, washi tapes, patterned carpets, and unique lighting. No need to buy expensive materials to satisfy your short-term tenants.
Cleaning and maintaining will be highly convenient with these two main suggestions. Spend wisely and do not cut corners when it comes to ensuring the safety and quality of your investment. Buying subpar materials will force you to waste money on frequent repairs, rather than saving this income.
Boost the value of your let property and satisfy tenants’ expectations through a well-planned design with gorgeous and high-quality furniture.