According to most economic experts, the buy-to-let market in the UK is braced for a sustained decline through 2021. This will unfold against a backdrop of more stringent tax levies and higher mortgage rates, while it may actually increase the supply of houses available for sale on the market.
While professional landlords may be a little more cautious about buy-to-let properties, renting out your property remains an excellent source of passive income for most. This is particularly true if you have multiple debts that are difficult to manage, as in this instance there may be a pressing need to reduce your living costs and boost your earning potential.
The question that remains is how should you dress your home before positioning it on the rental market? Here’s some tips to bear in mind.
Understand your Market
Every decision is better when it’s made with data in mind and deciding how to decorate your property for the rental market is no exception.
More specifically, you’ll need to decorate or remodel the space with a precise target market in mind, based on the size of the property and its geographical location.
In general terms, larger properties are likely to be coveted by young families, while those in popular commuter regions such as Rugby or Northampton may well be in demand among young professionals.
By taking the time to understand the audience that your home will appeal to, you can make informed decisions that help you to rent the property quicker.
Maintain a Neutral Interior Where Possible
While determining a primary target market may inform some of your decisions, it’s unlikely to provide any insight into the type of furnishings or colour schemes that you should use when decorating.
This is why you should largely adhere to a neutral colour scheme and interior when preparing your home for the rental market, as this will ensure that you appeal to as many potential tenants as possible.
At the very least, it will minimise the risk of alienating interested parties with unusual or unnecessarily vivid colour combinations.
Pay Attention to the Front of the Property
Did you know that it only takes around seven seconds to make a first impression on others? The same principle can be applied when marketing your property to potential tenants, as they’re likely to form an initial impression within moments of pulling up outside.
With this in mind, you’ll need to pay attention to the kerb appeal of your home and the way in which the front of the property is presented.
When attempting to make the most of your exterior space, you should start by removing any clutter or unsightly debris. Then take the time to clean your windows and pressure wash the driveway, while removing any dead plants and replacing these with vibrant and seasonal alternatives.
If you have the time, we’d also recommend adding a fresh lick of paint to your front door, as this can make a big difference in the mind of visitors.
The Last Word
Ultimately, people balancing multiple debts tend to pursue consolidation loans, as these products help to combine a number of outstanding balances into a single and easy to manage monthly repayment.
However, renting our your home to tenants may also help to improve your financial circumstances, particularly in terms of reducing living costs and creating an additional source of income.