Furnishing your property? 5 ways to maximise your rental income
Surprisingly, one of the most common mistakes a landlord can make is thinking that furnishing their buy-to-let property with "basic furniture" is the most cost-effective way to maximise their rental income quickly. MISTAKE. If you're going for "good enough" furniture, you simply can't expect to fulfil your property's best rental potential.
Having said this, we are not suggesting or encouraging you to spend a fortune on your properties in order to rent them out. (Note the difference between high-quality, effective furniture and high-end, over-the-top expensive furniture.)
Here's a quick guide to clever furniture investments that will help you get the best value from your rental property, whether you choose to rent to a family or sharers.
1. Wardrobe space
Wardrobes, wardrobes, wardrobes! If you're looking to maximise income, you might want to consider making sure your property has the potential for successful shared living. This means that every single bedroom needs to have enough storage space for an occupant (or couple of occupants) to be comfortable in. Big chunky wardrobes don't necessarily solve this problem. Invest in efficiently compartmentalised wardrobes - ideally in-built - where the space is fully utilised; this means hanging space, shelving space, shoe space and no dead space!
2. Sofa heaven
Chunky, cozy sofas where one can sink in after a hard day of work are fantastic if you have the space for them. If, however, you want to make sure you have enough space in your living room for a dining table (and for people to be able to move in) then think smart. Corner sofas are a brilliant way of giving a space more seating area without having two separate bulky units. They're also a great way of giving a living room character, and can help quickly turn a rental property into a home.
3. A Pop of Colour
Minimalist / Scandinavian style decors are becoming increasingly common. Whilst there is nothing wrong with that, and it's definitely a choice that you can't really go wrong with, it is also becoming a little bit...boring. Adding a pop of colour to your interior can really liven a space up. Choose simple additions; like painting one of the walls in a neutral, warm tone, or adding coloured bar stools to the kitchen counter. A printed rug, or bright curtains; all of these are non-permanent items that can really leave a mark on tenants' impressions. "The one with the green bar stools", "the one with the funky rug"; you get the gist.
It is such a shame when you have a wonderful, modern flat with harsh, unwelcoming lighting. It can really ruin the atmosphere of even the most perfect of perfect living rooms. But, not to worry, it is also one of the easiest problems to solve. A corner lamp with adjustable intensity is not only a solution to the problem of lighting, but it's also a great way to fill up a living room and make all the furniture come together. Alternatively, you could invest in a chandelier, or modern, hanging lights that will also serve as a piece of art. Who wouldn't love hosting a beautiful dinner under relaxing lamp light!
5. Bedroom furniture
Needless to say, in any home, one's bedroom is their "safe place"; their own little sanctuary to retreat in when they want some privacy, or let's face it, when we just want to avoid our spouses after a quarrel. A lot of landlords neglect this space when they decide on renting their property out, as they consider it less important than the living room space. For us, our evidence shows that bedroom furniture is the pinnacle of shared living success. A comfy, double bed complete with a headboard and a new, quality mattress is absolutely vital for new occupants moving in. It's not a bedroom without a bed, after all!
If the bedroom is large - we strongly advise adding more furniture to avoid the space looking empty and soul-less. A desk and chair and / or a nice armchair can fill up the space effectively whilst adding value to the room instantly. Bedside tables, cushions and a reading lamp will also transform it from "basically-furnished bedroom" to "move-in-today room".
Still unsure and in need of advice on how to furnish your property? We've beautifully furnished more than 90 properties to date and are always happy to help. Get in touch with us at email@example.com or call us at 020 3608 8442.