Thinking of buying a Rental Properties?
Do you want to have a rental property? Should you decide that is what you want to do, the fun begins in finding the ideal property for a rental. Do you buy a property in good condition or do you refurbish a property. If you have the time to allow a month or two for refurbishing maybe buying a cheaper property and doing it up would be the way to go.
We decided to choose a duplex which had been built in the 1980’s and had had the same owners for 19 years. In that time I am sure that very little updating had been done over those years. The original wallpaper was there, a different floral paper in every room. The bathroom was in the original condition but had been well looked after. As far as the kitchen it looked like it had been replaced at some time but the appliances were the originals, not safe at all. The flooring was vinyl in the living, kitchen, bathroom and laundry and the two large bedrooms had old fashioned shag pile carpet. The outside of the property was is good condition as it was a brick and tile unit with a garage between the other duplex at the back.
The decision now was how much to do before putting in tenants. We allowed up to two months to do up the property to a good standard for tenants. We decided that the appliances in the kitchen definitely needed to be replaced, so we brought new stove, hob and range hood. The wallpaper had to go and we chose to paint all the walls and ceilings rather than use wallpaper again. A nutual colour was chosen for the walls, the colour being ‘Hog Bristle’ and we used a 1/4 strength of that colour for the doors, door frames and ceilings. What a nightmare it was removing all the wallpaper, we were lucky they had painted the gibboard underneath which made the job a little easier. With the painting all completed the unit started looking more modern and liveable.
Lastly we had to make a decision on the flooring, do we replace or not. We decided to replace all the floor covering while the unit was empty, so the job of getting prices and quotes started. What to have in the living and wet areas was hard as there are so many types of flooring you can get these days. Do you go for vinyl, tiles or timber floors. As the property is to be rented we felt a flooring that was hard wearing would be the way to go, it also depended on your budget. We looked very hard at timber flooring especially as there is such a varied to choose from now. You can get timber floors in solid wood or laminate which takes on the appearance of solid wood. Laminates are cheaper, easy to look after, they instantly add value and with the correct maintenance they will last you a life time. High quality laminate flooring resists staining, wear and fading. They are durable and water resistant, unlike most hardwoods laminates are quite dent resistant. Solid wood flooring is easy to look after, they instantly add value and with the correct maintenance they will last you a life time. Due to the budget we went for a laminate floor.
Next came the bedrooms we had to make up our minds on what type of carpet would be suitable. The types of carpet seem endless; wool, wool blends, nylon, polypropylene and solution dyed nylon. They also come in all different textures, blends, patterns and colours to choose from. All these decisions can be daunting so get some expert advise through a flooring company and of course you have the convenience of the mobile carpet showroom that comes to you. We decided on a polypropylene carpet in a earthy colour that was not too pale in colour. Polypropylene carpets are great for rental properties as they are strong, resist wear and permanent stains and are easy to clean. They also resist fading, static electricity and best of all they are favourably priced.
Floor coverings are finished, new appliances in and the new paint looks great. Now the property is in good condition ready for it’s tenants.