Sunday, January 19, 2014

Follow These Rules for Decorating Your Investment Property and Do It Right the First Time

If you've ever owned an investment property, you'll know that re-decorating between tenancies can be a major hassle, as well as a major drain on the budget. But if you're smart about decorating your property right the first time, you'll seriously cut down on the work you have to do and the money you have to spend every time you have to find new tenants. Here are some basic rules to follow to help you protect your investment and attract the right renters.

Consider What Type of Renter Your Want to Attract

What sort of renter are you looking for? Whether you're hoping to attract students, young professionals, or families, your property should be decorated accordingly. Students can be easier to attract, but usually have a lower rental budget, and move in and out often. Young professionals can be great renters, but in order to attract them, you'll have to create a much higher-end rental space. Consider the pros and cons of each renter and decorate your place to attract whichever demographic suits you best.

Demonstrate the Real Potential of the Space

Even if you're not planning on renting your investment property fully furnished, adding furnishings when you stage the property can really help people to see the full potential of the space. You can also look beyond the furniture and add other elements to your space that show its real potential. Want to accentuate the elegance of a formal dining space? Set the table as you would for a formal occasion. Want to show that an office nook would make a comfortable work environment? Set up the area as you would a real home office. Proper staging can help you rent the property quicker to a higher-quality tenant, and could even help you rent the property for a higher price.

Make Good Color (and Paint) Choices

As a general rule, tenants prefer neutral colors in rental spaces. But don't make the mistake of thinking that "neutral" simply means "white." For many people, white walls make a space feel cold, boring, and institutional. So when you're painting, opt instead for warmer neutral tones like off-whites and pale yellows. And when you're choosing paint, it's also a good idea to look for higher-durability paints that contain latex or acrylic. That way, you won't have to completely repaint your property every time you want to rent it out.

Think About Short-Term and Long-Term Investments

Cheaper furnishings may be easier to afford in the short-term, but could end up hurting you in the long term. If you want your investment property to have longevity, think about durable furnishings like hardwood floors and high-quality countertops. You may end up paying more up front, but you'll avoid having to fix or replace these items between every tenancy.

Louisville is a great place to own an investment property. There are plenty of renters of all descriptions looking for a great place to live. If you're smart about how you set up your Louisville investment property, you can attract great renters and protect your investment at the same time.

About the Author:  Joe Hayden is the Team Owner and Manager of the Joe Hayden Real Estate Team - !

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