For anyone new to property investment, tenanting property can seem like a daunting task. There are a lot of people writing about how difficult it can be: the 'baffling' myriad of rental regulations, costs of damage and upkeep and furnishing your property could easily dissuade a potential investor - but this isn't the true story.
For starters, in April, the Government put into place new Pension reform that has given everyone greater access to their money. The informed investor would be wise to put this money into property. Despite the pre-election market slow down, and the difficult economic climate of the recession, the housing market has stayed resilient, giving a 132 per cent return over 14 years on property investment. This is just taking into account capital uplift, and not the monthly rental income that this property would have accumulated.
'Doing more' doesn't always mean working harder. A typical downfall of new investors and landlords is the false economy of flat-pack furniture. Poorly designed, not fit for purpose and made of substandard materials. These items not only have a time cost associated with assembly, they frequently have missing parts; rarely properly fit in rooms; and easily become damaged, having a short life expectancy. This means buying more furniture, which reduces your potential profit.
Showing prospective tenants around a new property full of tired-looking furniture isn't going to attract anyone that is going to respect your investment. At David Phillips, we expertly design our furniture to fit perfectly into unique spaces, or through smaller doors. Our furniture is always made to the highest manufacturing standards, and the most important part: we have an installation service, which makes your life hassle free.
As leaders of the market, we've had a surge in our staging and replenishment enquiries since the May election, and we are committed to helping you make your property investment a first-time success.
Our extensive knowledge and experience to help you furnish your property to an exceptionally high standard, whilst being aware of making your investment as economically viable as possible. We support you with insight into any changes in regulations both at home andabroad, and keep track of ongoing industry trends.
A proportional cash investment into furnishing your property can bring you greater monthly rental income over renting unfurnished, while a small investment can actually be detrimental to profits versus unfurnished over the long term.
Don't just rely on the long term investment and capital uplift - by selling a 'life style', you're going to attract a better clientele that look after your property, but also want to stay in a longer term tenancy agreement, securing you regular, higher, and more secure monthly rental income.
For tips and advice on investing in rental property, contact our award-winning team on 08451 088 088, or visit www.davidphillips.com