The majority of landlords have brought a rental property as an investment. They are looking for the house, flat or bungalow to provide them with an income and to increase in value, so that they can eventually sell it for a profit. At times when the property is empty, it is costing the landlord money as it is when they have to pay out for furnishing, repairs, advertising and other property costs.
Many landlords may therefore be tempted to cut costs and undertake the work themselves or look to cheap ways to furnish their rental property. Is this a good idea? Generally the answer is no and this article aims to explain why.
DIY Repairs and Maintenance
If you decide to undertake all the household repairs, maintenance and decoration yourself, you can certainly save on the cost of professional trades. The challenge is that unless you have a number of good friends with trade skills, you are not going to have the knowledge or experience to do a good job. Shoddy workmanship is clear for potential renters to see and it puts people off, where as a professional finish will reassure renters that this is a property that feels like home.
In addition, the work is likely to take considerably longer than those with trade skills. If they can be employed to get the job done in a week, you can get on with viewings and securing renters. Do it yourself and you could be missing out on several months of income before the property is ready to be inhabited.
Second Hand Furniture
In a rental property, all upholstered furniture must comply with Furniture and Furnishing (Fire) (Safety) Regulations 1988. This applies to beds, headboards, mattresses, sofa beds, sofas and chairs, as well as nursery furniture, cushions, pillows and covers for furnishings. These products need to have a label to state their compliance. Glass furniture including cabinets and mirrors also need to comply with BS7449:1991. Cheap second hand furniture is less likely to meet these legal requirements.
Flat Pack Furniture
Flat pack and other cheaper items of new furniture may well comply with regulations and be lower cost to purchase, however they can take a considerable investment in time to assemble the multitude of pieces! Spending days getting frustrated as you try to follow the instructions isn’t often the best use of your time. Add to this that flat pack furniture may be less durable and more easily damaged and therefore may need replacing more quickly than a quality item of furniture.
Investing in some high quality items will cost you more, but it also attracts a higher rental costs. A beautifully furnished and decorated property will attract professionals who want to keep the property in top condition, who want to invite friends over for dinner parties and who are willing to pay a little extra for a high standard of living.
So cutting costs seldom results in the best outcome, whilst spending a little more could deliver the best return on investment.
As a landlord you may have a need to store furniture and furnishings in a dry, clean and secure environment. This could be whilst renovation, repairs and decoration are taking place, or when items such as nursery furniture are not required by a current renter. Self Storage units could provide the ideal place to keep these items in top condition. If you are a landlord in Oxfordshire looking for Self Storage, Oxford based Barretts offer great value solutions for short and longer term rent.