Budget-friendly decorating ideas for property investments
The first impression always counts, especially when you stage a house for rent. Decorating a rental space is a challenging task, but we promise the effort will pay off when you find renters happy to pay the price you ask.
18/11/2020
How many times have you walked in with a potential tenant, only for them to tell you they’re not happy with the aesthetics of the place, once they see it? It’s stressful and overwhelming because when you fail to find a tenant, you lose money. You would like, for once, to walk into your investment property and be in awe of the way it looks. But you lack interior design knowledge; therefore, you have no idea how to decorate the space to make it more inviting for a potential tenant. And you don’t afford to hire a professional who may ask over $6k to style an entire property. So what do you do? You research and educate yourself on how to renovate and decorate a house to make it look more appealing and attract renters.
Here is a guide that may help you style an investment property. Have a look!
Set priorities
When decorating an investment property, your goal is to transform it into a warm and inviting home for possible tenants. But your modest budget may not allow a complete makeover, so you need a return on every dollar you spend.
Sometimes you don’t afford to do a total revamping, so for each property, you purchase to rent, create a list of priorities. Walk through the house, and ask yourself “Is there something that looks damaged in this room? Do I need to repair something here? Is there a furniture piece that desperately requires replacement? Are there spots that look cold and void?” Treat the property like the one you’d like to rent and be objective when you set the list of priorities.
The average investment property needs the following improvements to achieve a warm and cosy look.
- - A rug in nude tones in the living room to make the space look more welcoming and soften the furniture
- - Wall artwork that makes the place feel homier and less hotely
- - Fluffy cushions on the living room couch and bedroom bed to complement the overall aesthetics
- - Outdoor furniture if the house features a garden or terrace
Each house comes with a unique list of priorities, and you must learn to evaluate properties with a detached eye to understand what your tenants may look for.
Make mood boards for each property
Whether you’re renovating a space from scratch or it needs only some fixing touches, it’s best to create a mood board to organise the elements and determine how they mix and match. Even experienced interior designers use mood boards because they help them avoid costly mistakes. If two parts don’t go well together on the mood board, they won’t work in real life, but you have time to change elements and shop for pieces that mix seamlessly.
Mood boards are valuable tools during the renovation process because they help you define the aesthetics of the house, and create a cohesive design that appeals to the average tenant. If you have never worked with mood boards before, here are some tips on how you can create one. Pinterest is also a fantastic resource for inspiration on how to create welcoming spaces.
Refrain yourself from compulsively buying home decorations
When you browse through online stores, it’s easy to add items to the cart and pull out the credit card to pay them, especially when you find lamps at less than ten bucks and cushions cheaper than $5. Stop from what you’re doing. Exit the website and rethink your strategy.
This method makes your budget disappear in a couple of minutes, and you end up with decorations you don’t need or don’t work with the interior design.
Check your priority list, compare offers from different retailers, and make sure the items you purchase, match your mood board. The Internet has luxe or less ostentatious versions for each product you want to buy, and they both have ups and downs. For example, it’s worth buying a more expensive high-quality couch because it’s the central element of a living room. Still, there’s no reason to get luxury cushions or rugs because they tend to wear and tear, especially if the tenants have children or pets. But the Internet provides you with choices, and you should check them all and pick the ones that fit your budget. If you have never prepared a house for renting, you should check the property investment pros and cons to make sure this side gig is right for you.
Use your creativity
If you’ve got the time, register on Pinterest and look for inspiration because the platform is a rich source of design insight. Make separate folders for each room of the house and look for spaces similar to yours to understand what elements work together. You’re not the first homeowner who decorates a house for rent, so check what others did and it worked for them to attract tenants.
During Black Friday season, hunt for offers and deals on websites like eBay and Facebook marketplace. You should also take a look at vintage stores to see if they have any piece of furniture that may jazz up the space. A bold coloured coffee table in the living room can add personality to the area and attract a tenant’s attention. To make your investment property as inviting as possible add furniture pieces and decorations that bring texture and cosiness to the space. Use organic textures like natural timber to bring the room to life.
Natural flowers and greenery can cheer the place up and make it look more eco-friendly for Millennials who prefer houses that lower the carbon footprint. If you don’t visit the home regularly to care for the plants, opt for artificial ones that require less maintenance and work. Place them in ceramic vessels to create an organic and traditional look.