Tips for landlords
Tips on how to furnish Buy-to-Let Investment Properties and Holiday Homes.
In my job as an interior stylist and furniture package provider, I am very often consulted by property owners and agents with regard to their villas and apartments that have been purchased as investments and are meant to be put on rent quickly, in order to maximize returns.
The Dubai Real Estate market is a highly competitive one, with many units vacant and readily available at attractive prices. To attract a tenant, owners need to think how to make their property stand out from the crowd. Tenants expect a home that is ready to move in; and if a property is well furnished, it attracts a better standard of tenants who tend to, on an average, remain in it for longer compared to an unfurnished unit.
Here are some tips on how to furnish your property the right way, based on my discussions with clients over the years.
Choose a style that will appeal to your target tenants
Before marketing your property, identify your target tenant market and make sure that your product appeals to them. For example, a single young professional will have different needs and expectations from those of a young family. If your property needs to be furnished for the holiday homes market, then the style should be suited for holiday makers. So it’s important that you choose the right design and furniture styles, depending on your chosen target tenants.
Opt for modern and durable finishes
Many owners hesitate to furnish a property, thinking of it as an additional expense; but in reality, it is an investment, since a furnished unit will always yield a higher rent. It is not necessary to buy the most expensive, high end furniture and fittings on the market; but on the other hand, sourcing the cheapest options to save cost might backfire. Cheap furniture and fittings will wear out quickly and need to be replaced often. Not only will you spend money on these replacements, you will lose rental income during the void periods while refurbishing. It makes sense to begin by sourcing durable and modern furniture that is cost effective as well as appropriate to your tenant type. For this, consulting a professional furniture package company is a good idea.
Don’t make it personal
Many times, landlords get carried away and wish to bring in their own personal style while furnishing their buy-to-let properties. Your personal taste might not appeal to your potential tenant, and might make the property more difficult to let. Keeping it modern, fresh, simple and, above all, well lit and warm are the key factors to furnishing your investment property right.
Don’t under-furnish or over-supply
Do not add unnecessary furniture and items to your property, especially if you wish to save on costs. Put yourself in your tenant’s shoes, and think of what they will actually need to live in that particular space. Most Dubai apartments are structured to fit in a standard furniture set; and adding too many extras may just end up creating clutter instead of attracting rentals. Apart from furniture, other necessary household items for daily use, such as kitchen and bathroom accessories, can be provided to help settle in new tenants. It would also be helpful to add some soft décor and artwork to make the apartment look inviting and complete. Keep the inventory useful and helpful, but simple. Also, keep in mind that short term rental apartments need to follow a set of guidelines regarding standard inventory, laid down by DTCM.
Windows – Curtains or not?
One of the most important factors that help to let your property quickly, is window dressing. It is a worthwhile investment to cover your windows with curtains or blinds. This adds substantially to how tenants perceive a property, Bare windows usually result in delayed decision making and hold up rental deals. Besides this, allowing tenants to install their own window dressing could result in damage to the walls that you cannot control, but which might result in repair costs when the apartment is vacated.
Timely upkeep and maintenance
Even if your property is furnished appropriately from the start it might be worth your while, after a few years, to refresh some part of it. Hard wood furniture might not need to change, but sofa fabric and old mattresses are best changed along with other over-used household items. Updating the décor and keeping up with the latest design trends is also helpful to attract better tenants.
At Kiana Interior stylist, we specialise in furniture packages, offering our clients a range of packages to suit every need. We also provide turn-key options to have your apartment furnished hassle-free and ready to move in. We import our furniture exclusively, and keep a stock with us at all times, that allows us to furnish our clients’ properties with delivery and installation in as little as 7 days.
Whether it’s a brand new development or an existing asset, you’re more than welcome to get in touch with me and ask me how we can help furnish your buy-to-let investments.