How to Maximise Space in Your Rental Property
When furnishing a rental property, it’s important to think about how you can maximise your income and really make the most out of your investment. In a competitive rental market, you can stand out against the competition by taking advantage of simple and low cost interior design tricks that can maximise both the space and value of your rental property.
A new study by the home buying platform, Yes Homebuyers, has shown that in London the average home currently stands at 705 square feet and the average property costs over £513,997, which calculates to an average cost per square foot of £729. This means that considering the current English average house price, homebuyers would be able to secure a London property of just 366 square feet, by far the smallest of all regions throughout the UK.
It’s no surprise when London is one of the most desirable places to live in the world, that many properties come with a high price tag and less space. Therefore, it’s key for landlords to use space-saving solutions to turn their snug buy-to-let properties into clutter-free homes. A versatile rental property that feels spacious and provides plenty of storage is sure to be a big hit with prospective tenants.
Read our guide below for our top tips to enhance the space in your buy-to-let property and maximise the return on your investment.
White paint is popular for a reason – it creates a light and airy vibe, that will never go out of style. Neutral tones will appeal to a multitude of prospective tenants, allowing them to envisage how they can put their personal touch on the place through furniture and accessories. In comparison to dark colours, bright and neutral tones will always help your space to look brighter, bigger and cleaner.
However, it’s important to bear in mind that the lighter the colour the more frequent the touch-up jobs or even repainting the space entirely, are to be. Although repainting can be time-consuming, keep costs down by using inexpensive paint.
Bare walls can be one of the most underutilised spaces however there’s a fine line between creating more storage and adding wall clutter that can actually make the room appear smaller. Shy away from bulky cabinets or cupboards and instead try hooks, pegs and shelving units to increase the storage potential.
Mirrors are a great way that to create the illusion of space, especially if positioned opposite a window as this will reflect the natural light from outside and add more depth to the room. Choose mirrors with lightweight frames and stylish features which can also serve as a decorative piece.
Multi-purpose furniture enhances efficiency in your property, creating more space while adding practical and sleek furnishings. It’s also one of the easiest ways to implement a more minimalist look into your property whilst increasing storage space for your prospective tenants. Popular options include beds with drawers underneath, shelving that doubles up as wall decoration, and ottoman footstools with storage space underneath.
In a crowded rental market, it’s imperative to know who you can rely on to maximise your return on property rental. If you choose ZFA Group, we will handle the management of your property with expertise and experience to offer you the highest quality service.
If you’re interested in upgrading your buy-to-let property, chat to one of our friendly knowledgeable employees – we can help you with a range of services, from rent guarantee London and property management, estate agency and property investment, and commercial letting.
Contact us today if you have any questions and we’ll take care of the rest.
I have been working with ZFA for 4 years and they manage my full portfolio. I don't need to worry about a thing, they manage every aspect of my properties - highly recommended.
Mr Stephen Jones