It’s a big question investors are asking themselves these days, but it’s unlikely we will know the answer for some considerable time.
In the meantime, however, here are some ideas about care and maintenance, which owners can use to protect their investment.
These ideas do not mean you have to spend heaps of cash. Instead, there are plenty of things you can do which don’t cost an arm and a leg but will still still ensure that the product you are offering to the market is of the highest standard. This in turn will mean you will be well positioned to attract great tenants, and your current tenants will thank you for providing them with a great place to live.
Also, it is worth remembering that most home improvements are tax-deductible.
PAINTWORK (INDOOR AND OUTDOOR)
Is it time to do a repaint? If so, make sure you use paint of a good standard, and that it is a trusted brand and durable enough to cope with regular washing to remove marks and grime.
When it comes to outdoor paintwork or staining timber fences and decks, choose a durable product that can withstand harsh weather conditions. This is especially important for those parts of the property that get exposed to the afternoon sun.
CURTAINS AND BLINDS
Always ensure that these are easy to operate and clean. An excellent choice would be a simple roller blind that blocks out light, is kept out of the way during the day and can be easily removed and cleaned.
As with curtains and blinds, always remember the KISS Principle (Keep It Simple Stupid). So choose low-pile carpets that are tough and don’t wear out quickly. Keep away from light colours as they show up marks and small stains. To make sure you’re on the right track, speak with a carpet specialist who will advise you on the best “tenant-proof” product that is still good quality.
Easy-care tiles which can be replaced and also laminate “floating floorboards” look great and wear well. So always have some spares stored away.
Softwood floorboards might look good, but the material easily dents and scratches. Again, talk to a specialist to clear up any doubts you might have and for advice on what products to buy.
If that old oven or dishwasher are looking a bit tatty, a new one will do wonders for the look of your property, especially if your current tenant is about to move on and you’re expecting a new one.
* This information does not constitute financial or legal advice. Please consult a professional financial and legal adviser before making any decisions.