As you age and mature into your life, it’s a good idea to consider developing and growing your wealth. At an age where retirement is on the horizon, you’ll no doubt want to ensure financial security for the future – but the question is, what is the savviest way to invest your money to create a valuable nest egg?
Savings accounts are one way of safely securing your hard-earned cash, but with interest rates at record lows thanks to the ongoing Covid-19 pandemic, it’s no longer the sensible option it once was. In fact, even before the global crisis began, it wouldn’t have offered you nearly as much in returns as some of the other options available to you – so if you’re looking to make a sizeable amount of interest then this is unlikely to be the right choice.
Investing in stocks and shares, on the other hand, is an option that can offer considerably larger returns – but with this comes a substantial amount of uncertainty. If the market crashes, then you could stand to lose your money, which is a risk that not everyone is willing to take.
So, what’s the alternative – and is there such thing as a middle ground? Fortunately, the answer is yes. Investing in property will give you the best of both worlds, promising a regular stream of passive income as well as being a low risk investment, and one that could make you a tidy profit in the long-term, too.
If you’ve always liked the idea of investing in a rental property but are worried about the kind of tenants you might attract, then the good news is that you can get exactly the right ones – you just need to take the right approach. For starters, you’ll want to choose a high-end property, which will likely attract high-net individuals, too. And, to garner a decent amount of interest and create the right first impression, you’ll need to style it for viewing, too.
If you’re new to property styling, then you may well be unsure where exactly to start – so read on to find out more about the best approach, and how to get your property filled fast.
Focus on the living room first
The living room is considered the heart of any home, and is the place where your tenants will spend the majority of their time. With this in mind, you’ll want to make it as appealing as possible, which can be easily achieved with a few simple aesthetic tweaks.
Start by choosing a statement feature, which will become the focal point of the room – and style the rest of it around it. A marble coffee table, for example, is a great choice and will instantly inject a little luxury into the set-up. Surround it with some high-quality designer furniture – sofas and armchairs will make for a comfortable-looking space – and tastefully arrange some books on the table for display purposes. Art, interior design and homewares are all topics that will appeal to your ideal tenant – and if they can see themselves living in your property the moment they set foot in the door, then you’re already onto a winner.
Keep the garden maintained
The front garden is the first thing prospective tenants will see when they arrive to view your property, so you’ll want to ensure it is immaculate. First impressions last, after all – and your garden will make one before they get anywhere near the thresh-hold of your front door.
Make sure that the yard is kept free from weeds, and that any shrubbery and bushes are well maintained, too. If anything is starting to look a little overgrown or wild, then it’s time to get out there and do the trimming – the neater and tidier, the better.
Keep your lawn mown and edged immaculately, too, as this is usually one of the largest spaces in your garden and will have the biggest visual impact on viewers. If you have the time and inclination, you could do this yourself in your spare time, although busy landlords usually opt to hire a professional gardener to take care of their outdoor spaces for them.
Less is more
As with most things in life, less is usually more – so opt for a minimalist overall feel throughout your property to create the best aesthetic feel. As mentioned earlier, your prospective tenants need to be able to see themselves living in the property in order for it to appeal, but although clutter and personal belongings might give it a homely feel, it can detract from the impact you’re trying to create. The key here is about balance; go too minimalistic, and you risk creating a cold and stark environment that could put viewers off. The idea is to give them a blank canvas, but with subtle elements that allude to homeliness. So, minimalistic décor, accented with a few carefully chosen pieces of furniture and art will do the trick.
A scent filled tip
Styling isn’t all about the aesthetics – and appealing to all senses will get you far. Consider placing essential oil diffusers, scented candles, or scented soy wax melts in the main areas of the home to create a pleasant scent to greet potential tenants as they enter the property. Nice smells can create immediate positive associations – while unpleasant ones can do quite the opposite!
Don’t pick anything too strong though – you don’t want to overwhelm or turn anyone off. Some good choices are lavender, sandalwood or a mild citrus scent.
The bottom line
Investing in property is a savvy way to create a steady stream of income in your life for years to come – and best of all, if you deal with the right agent then it will also be hassle free. To attract your ideal tenant, you’ll need to appeal to their needs and wants – so take the extra time to style your property to suit them, and you’ll have them moving in before you know it.