The first thing you must know as you redecorate the house as a landlord, is how often you need to redecorate? And that is exactly what we will tell you as this post continues, so keep reading!
If you think that by redecorating your property you can receive a higher rental price – you would be correct. You will need to take the opportunities when presented with them, to redecorate the property. This could be in a gap between tenants vacating and before new tenants arrive. You may choose to wait for an annual rent review, ask for more rent, and in return offer to invest the funds back into the property – interior work and possibly exterior/gardening.
If your property is occupied – leave your tenants in peace and perhaps even let them redecorate, especially if they are potentially long-term tenants. In our previous blog, we wrote that tenants these days are making the property they rent more homely than ever before. For example, in a recent landlord survey, it found that 63% of renters had redecorated their homes and 53% made changes to their garden with their landlord’s permission.
Now you might be enticed to redecorate your property now and then, considering that you might push the rent up – but do not overdo it. Anything at its extreme is detrimental. If you keep redecorating your property as a landlord every few weeks, then you must understand that you are only damaging your pocket, and nothing good is going to come out of it.
You must know how to follow trends. Trends consistently change. Apps such as Pinterest are useful in searching for redecorating and design ideas.
People once used to decorate walls with wallpaper, then magnolia, and now grey is the new popular style. One thing to consider is being early in the new trend and have a vision of what the finished property will look like.
2. Unbiased Opinions
We humans believe that whatever we have is the best, and the rest is below us. We think that our property is the best, our wardrobe is the best, and everything we own is the best – but you must know that the person coming to rent your house is not you; they won’t feel the same for your property until you give them reasons.
You must think rationally or even take advice from experts who are not associated with your property. Look for unbiased opinions and if they tell you that the property needs redecorating, then consider their advice and make changes in the house.
3. Observe and Analyze
The ability to observe and analyze is a must, and once you get involved in the property market, there will be many things that you will have to observe and analyze. You must look around and see the other surrounding properties. Speak with other local Landlords and seek their opinions and experiences in the local area.
Observe and analyze that what good do they have? Do those properties get tenants very easily? Do they look better? What features do they have? How do the room sizes compare? After doing this, try to incorporate those aspects and features in your property also. Maybe you can redecorate the patio, attic, garage, etc. Remember that the first impression is the most important when letting your property.
There are many factors to consider before you redecorate your property as a landlord, but the most important thing is to maintain a balance.