5 Flooring Tips for Investment Properties
Designing, renovating or building your own home requires a very different approach to that of an investment property. If you’re hoping to rent out your property, there are certain design tips to keep in mind. Don’t worry, you can still add your own sense of style and taste to the project! If the home or apartment is being renovated for on-sale, this also requires certain consideration which may be different to how you would design a space for yourself to live in.
Keep it simple
It’s important to try and reach a broad demographic, whether this is for on-sale properties or investment. By broad demographic, we mean steering clear of “bolder” flooring choices. Try to stick to a neutral palette which won’t put anyone off. While you may love the green shag-pile carpet in your bedroom, it may be the next person’s nightmare. Even if the more colourful finish is only applied in a small way, it can subconsciously make prospective buyers or renters, not like the property in its entirety. Neutral palettes also have the benefit of staying in fashion longer while pops of colours tend to age an interior quickly. Save the fun splashes of colour for your own home and let the new owners or renters make this their own.
Do some market research
Understanding the market is a good place to start when you’re deciding on a palette of materials. Who do you think will purchase or rent the property? If you’ve engaged a real estate agent, ask for their opinion. The location can also give us clues to what to select. For example, an inner-city one-bedroom apartment will likely appeal to a single person or younger professional couple. The small space teamed with a younger demographic can lead us to a clean and simple palette of timber-look vinyl planks (low maintenance) throughout the entire space, or possibly installing a contemporary shorter pile carpet in the bedroom. If the property is likely to appeal to a family in a more suburban area, think durability and maintenance. Again, vinyl planks and engineered boards are a good option and darker carpets hide pesky spills and marks that undoubtedly follow children and pets. Attending a few open for inspections in the area or looking online for homes for sale, close by, can also give you some inspiration of what is often done in the area.
Weighing up the costs
Every project has a budget and you really need to crunch the numbers and decide where to spend your money to maximise return on your investment. Try to buy the best possible quality that your budget will allow and this includes the flooring. Remember, you can save money in other areas such as simple white wall tiles in the bathroom and fashionable fittings which can be sourced from your local hardware store. You can also purchase seconds and end-of-the-line products or excess building materials online from eBay, Gumtree or other places by doing a bit of research. Lastly, sometimes space requires a little bit of a feature. Gorgeous light fittings, cabinetry handles or tap-ware can be found affordably to lift a room and make it stand out from the others.
Durability is key
If you’re renting the property, the budget should also include that of regular maintenance. Therefore, choosing fittings, fixtures and equipment with higher warranties is a good idea. The flooring is a really big element of the interior and it’s worth investing money here. Hybrid flooring is hard-wearing, doesn’t show marks as prominently as hard-woods and are low maintenance. This is all good news for rental properties. Hardwood flooring can steal the show however and if the budget allows, can be a real point of difference in a home which you’re selling. worthwhile.
Focus on the positives
Really evaluate what you think the positives and negatives are about the properties interior. Ask the agent if they have been engaged by this stage. These “positive” and “not-so-positive” aspects can impact our flooring decisions. If the spaces feel small, cramped and dark, we should move away from darker, heavier flooring choices. Keep it light and fresh to create the illusion of space. If the spaces feel large and there is generous natural light, you have more options to choose a darker or lighter palette. Generally speaking, most prospective buyers or renters will find light and space appealing which is good to keep in mind.
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