Property and Business

In order to maximise the profitability of your rental apartment, along with having a great location, it is essential that you carefully consider how you will be decorating and furnishing it. The rental market is extremely competitive, so you need to make your property stand out for all the right reasons. So, take a look at this guide in order to make your rental property as appealing as possible!

 

Neutral Colour Palette

Your life will be much easier if you decide on a colour palette early on in the renovation process. This will be an easy job, as the best choice is a neutral colour palette. All potential renters have completely different preferences when it comes to interior design, so providing them with a blank canvas that they can make their own is the best way to draw people in and increase the demand for your property. Not only this, but neutral colours help to draw light into any room which will work in your favour, as many people look for bright, airy living spaces when they’re wanting to rent. 

 

Wooden Flooring

Now your walls and ceilings are nice and bright, it’s time to focus on the floors. You don’t want the apartment to look sterile, so it’s important to balance out the walls with warm wooden flooring. You might want to opt for stone or grey coloured carpets in bedrooms (cream is never a good idea), but in the kitchen and living areas, a wooden floor is the best option both aesthetically and practically. The tenant can still put their touch on the flat easily with simple wooden floors. 

 

Clean Fixtures

When it’s time to choose things like the kitchen and bathroom, you should still keep things simple. For the kitchen, stainless steel appliances such as the fridge and oven are the best options. Go for an electric hob as they are much easier to clean and maintain than gas hobs. For the sink, a large stainless steel stink will be practical and will complement the appliances. Stick to simple, modern cupboards and a warm wooden countertop works well. If you have the money in your budget, go for a subway style white backsplash as it will be extremely easy to clean and it will offer something different. 

 

For the bathroom, again, stick to neutral colours. Stone, light grey or white tiles around the bathroom are the best option. If you can avoid paint in the bathroom, apart from on the ceiling, it is advisable to do so. Tiles last for years and years, whereas paint has a tendency to peel in the humid environment, particularly in flats that have poor ventilation. For the bathroom suite, a simple white bath, toilet and sink will look clean and fresh.

 

Cohesive Furnishings

You may not decide to offer your flat furnished, as it will depend on your target audience. If you are wanting to target families, it’s probably best not to furnish the property as they are likely to have built up their own collection of furniture. However, for city centre apartments targeting young professionals, a furnished property is definitely the way to go. The most important thing here is that everything looks cohesive. If you have a black tv stand, a white coffee table and a wooden dining table, it simply won’t be appealing. So, stick to either white or wooden furniture. When it comes to soft furnishings, there’s no need to invest in a designer sofa or expensive curtains. Once again, keep things simple in terms of colour and style and you’ll be good to go.

 

With everything that has been going on in the residential buy-to-let market in recent years, it’s not surprising to see that some investors have taken a whole new interest in commercial property. If you’re new to property investing, there here are some tips to get you started.

 

Do Your Homework On The Sector

The principles of investment tend to apply across most sectors, but each industry area tends to have its own characteristics which you will need to understand in order to be successful. Much of what you may have learned in residential property will also apply directly to commercial property. However, there are some differences which you will need to grasp.

 

A good approach to take is to do some general reading and research, focusing on understanding the necessary jargon. Then, look at networking with other industry experts to further test your understanding and develop it even further.

 

Choose A Preferred Commercial Property Niche

Much like its residential counterpart, the market for commercial property contains a large number of different specialist niches, with each one carrying its own set of distinct traits. When you are starting out in commercial property, you might find that it is best to choose a niche which has a lot in common with the residential market, such as hotels, care homes or student halls.

 

This may make the learning curve easier for those who are new to commercial property but, as a side note, it may be best to stick to a niche to begin with so that you can fully understand it in depth and then diversify it later on if there is a need to.

 

Get To Grips With Financial Statements

If you decide to buy a property and directly let it to tenants, then you will need to understand corporate financial statements in order to be able to properly judge a prospective tenant’s financial health. If you do choose to buy a property as an investor in a company or niche which depends on the use of other management companies, then you will need to fully understand corporate financial statements in order to be able to judge the health of prospective investment partners. In short, if you want to invest in commercial property, then it is highly unlikely that you are going to find a way around getting to grips with these financial statements.

 

Learn How The Numbers Work For Your Niche

When you purchase residential property, you tend to buy a whole property, have ownership of its management (even if you do choose to delegate with an agent) and decide for yourself which rates you want to charge tenants.

When you purchase commercial property, perhaps with a loan or commercial bridge loan, it is more likely that you will buy a unit as a whole and the investors are then mandated to use a specific management company. This will then guarantee them with an income for a fixed-period and have a process in place in which investors are able to exit the scheme after a certain period by selling back their units to the vendor for an agreed price.