What’s Your Market?
If you’re renting out a property, the street, area and size of the flat or house will, to some extent, dictate what type of tenant you’ll be getting. For example, a scruffy street probably won’t attract young professionals or families, but will be a haven for students.
However, if your buy to let is in an area that could please just about anyone, the way you decorate and furnish your it can influence the type of tenant you can aim at. For example, a cheaply furnished blank canvas is ideal for students, while a more trendy approach could attract young professionals.
So, what decor should you go for?
Aiming At A Market
Which markets might you want to aim at? There are at least five obvious ones: students, social (not all landlords will take this type of let on), company lets, young professionals and families.
Talk to your local letting agents to see which type of tenant your house is likely to attract. Once you’ve nailed this, you can set about tailoring the house to the tenants’ needs and tastes.
Who Expects What?
Students generally go for houses with more than three bedrooms so that they can split the rent. Ideally, they need a blank canvas they can add their own character to and usually require furniture.
Families are more than likely going to have their own furniture and will expect the house to be much more than just basic – it should be well-presented, in good decorative order and clean.
Young professionals might not expect the garden that a family would, but may want the basics when it comes to furniture. This should be, if not trendy, then not unfashionable. Just as families would, they will want the decor to be plain, but smart.
A company let will expect a recently furnished, well-presented space that’s clean and finished properly. They may provide their own furniture, but be prepared to do so yourself.
Social lets may bring their own furniture, but otherwise, you should look to furnish it with cheap but sturdy pieces. The decor should be easy to redo between lets.
It should go without saying that any property you rent out should conform to the current building regulations and that you should, as a landlord, be meeting all your legal requirements. So, if you’re making major changes to your property – or you’ve bought one that’s in a poor state, ensure it’s actually up to the right standard to be let out in the first place.