Could home staging be this year’s simple way to make a property more desirable and deliver a higher rental yield?
Home staging goes past interior design to become a marketing tool to ensure that their rental property appeals to a bigger audience as possible.
There are a lot of measures that can be taken in order to improve the internal makeup of a property: Think furniture, lighting and bedding for example. Making your rental property appear more homely and effectively utilising space will attract more would-be tenants.
Furnishings
However, the furnishing of rental properties has been an afterthought for buy-to-let investors for a number of years. That is the view of Robert Walker, founder and managing director of Alexander James Interiors.
Mr Walker notes: ‘Often let unfurnished or at best, let with the bare minimum of items collected on a quick dash to Ikea, soulless properties have been presented to prospective tenants with the expectation of securing a tenancy.’[1]
Could home staging be a simple way of improving yields?
‘With more people than ever living within the private rented sector, the expectations of tenants have never been higher-and that includes not only a safe and functioning home but an appealing interior also,’ he continued.[1]
Walker said that 2017 has been predicted to be an ‘annus horribilis’ for buy-to-let investors, given changes to mortgage interest tax relief and tougher mortgage lending criteria. He feels that savvy landlords should be taking whatever simple steps they can in order to maximise their yields.
Lucrative
‘From a landlords perspective, dressing a rental property can also prove lucrative,’ Walker added. ‘Alexander James Interiors has seen a significant rise in demand from landlords, both individual or accidental landlords and professional, multi-unit landlords, for the furnishing of rental properties over the last 18 months as property owners seek to increase their yields.’[1]
[1] https://www.landlordtoday.co.uk/breaking-news/2017/1/dress-to-impress-to-achieve-a-higher-rental-yield