Each of your properties should be targeted at the relevant tenants. Whether or not you furnish your property and indeed whether you would buy in a certain development.
Most new apartment developments are being snapped up by young professional couples, each with a car, each with their own ideas on decor and each with little time to worry about buying crockery and washing up bowls. In this instant society, tenants expect instant living.
By furnishing your developments it also insures your long term tenancy. A customer that doesn`t need to buy furniture, appliances and the "lesser items" will be deterred from moving least they foot the bill of fully kitting out an unfurnished apartment. The ultimate captive audience. JL
Flooring: carpets v hard floors
Wooden floors, fad or the real deal?
Once again the targeting word appears, this time with the word decoration.
If your development follows the golden rule of neutrality, wooden floors could either set the decor alight or prove to chill the air. The colour of the laminate or wood you chose is critical. Personally, I would keep away from beech tints unless the room is lacking in natural light. Today there are so many colours available that would still give the room that air of warmth without laving you looking for the sauna door.
Always take a collection of A5 pieces of paper swatches showing your chosen wall colours.
When choosing carpets go for neutral biscuit tones and make sure the carpet has some wool content (50% wool 50% polypropylene) has the wool feel but is incredibly hard wearing. Many have made the mistake of skimping in carpet quality and suffered. JL
Where to buy?
Property hotspots are big news in the UK with companies dedicated to bringing you news of magic deals from Land`s End to John O`Groats. I feel our land still has a North South divide, or actually a South East / Rest of the country divide. Eventually (could take many years) I feel that divide will close somewhat as companies relocate, and house prices force the public away to new and affordable areas.
Maybe the question should be "how to buy". There are some fabulous companies such as Ashkey Property Investment who specialise in discounted purchase through bulk purchase. Property is available from Ashkey as no money down deals, with discounts of 20% commonplace. JP
Help Yourself
Why wait for an estate or letting`s agent rent your property. Why not contact local businesses that may require a furnished property. Many large corporations are now importing staff from Europe and the Indian sub-continent. Not only are these potential clients, but those tenants are generally replaced when work permits and contracts expire.
Contact the HR departments of these corporations and see if they are looking for furnished properties, You`ll save money on fees and have a dedicated source of tenants. JP
To Furnish or Not to Furnish?
Deciding whether or not to furnish can mean the difference between a let or an empty property, says David Salusbury, NLA Chairman. In a quieter market, when tenants are harder to attract, it often pays to spend a bit more time and effort on furnishings.
Although renting properties unfurnished can reduce the initial outlay, rental success is dependent on there being a demand for this, and his best advice for landlords is to investigate the local rental market.
Having done this, should a landlord decide to furnish the property, it is important that all furnishings comply with health and safety standards, advises David Salusbury.
It is also worth installing good quality, modern furniture and facilities, as it will show prospective tenants that you have taken care with the property, and could give you the edge over the competition.
Expert Advice
Concurring with these views is Nick Clark, Managing Director of The Property Investor Show, which takes place at ExCel in London in September. He comments:
"Furnishing your investment property correctly in a sluggish market is important. When supply of rental properties exceeds rental demand, anything you can do to make your property stand out above the competition, including furnishings, is bound to get your property noticed.
"We have a variety of furnishing specialists exhibiting at The Property Investor Show, who can provide information and advice on how best to furnish your investment property."
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