February 5, 2018

By: Cooper Klein

Having a second home in your property portfolio can be a great investment, provided you have the means to take care of the upkeep costs and taxes that go with it. Renting can be a lucrative way of keeping the home as an asset. But why not raise the stakes? Instead of renting to regular working folks, why not try and attract renters with deeper pockets who don’t have to worry about paying the rent on time. The best part is that creating a space that feels and looks expensive doesn’t need to cost a lot of money.

Renovations

Tenants with cash have options. And one of the options is to move on if they like the other place better. And as with all people, tenants like the feel of the new. Deep down they know that renting means that someone has lived in the place they’re about to call home. But they don’t want to see or feel that. It’s pretty much with every new thing you buy. A pair of shoes or the latest issue of National Geographic – what makes them special is that they’re new and yours only. Crisp, clean and unused. In the same way, they want to feel special about the rental. And what better way to achieve that than by renovating it. Kitchen and bathroom remodels are especially popular.

Avoid Matching

It’s easy to get caught up in matching everything in a room. There’s an OCD bug in every one of us, whether we’re talking about the colour, texture, pattern or material. However, if you want your rental to look rich, save matching for your kid’s bedroom. The ‘chicest’ interiors actually make use of different furniture styles and eras. Regency chairs around a Saarinen-style neo-futuristic dining table show off the owners’ eclectic tastes and courage them not to live by the rules.

Except in Kitchen

Stainless steel appliances are reminiscent of professional catering and effectiveness. Unless you can afford stainless steel appliances, you can also sell appliances that have a stainless look. Also, regardless of the finish on your appliances, it’s important they match. A jet-black stove, an ochre refrigerator and a white dishwasher look more like a bunch of mismatched heirlooms than a set bought by the same person.  

Layer Textures

Just like a well-dressed person would layer clothing, you should look into layering textures and materials in your rental home. One way of making the home look rich on the inside is by incorporating a variety of materials. Here you can find some great tips on layering for more inviting interiors like throwing a leather rug on top of sisal and playing with objects of different sizes. And always remember the golden rule of layering – when in doubt, add a plant.

Invest In a Prime Furniture Set

When designing a living room, you should turn to a statement furniture set, like a pair of luxury sofas or a rustic media console cabinet. Aim for the largest and most utilized pieces of the room, and make sure they are both functional and stylish. In other words, stay clear of anything too bulky, rounded and trendy. Try to invest in timeless pieces that can evolve as the trends come and go.

Or at Least an Accent Piece

On the other hand, living room furniture doesn’t have to be a big investment. If you already have an inexpensive piece or inheritance you don’t want to part with, you can elevate the overall look with a couple of high-quality accent pieces such as pillows and throw blankets. With an expensive throw, even a thrifts store recliner can look like a designer’s piece.

While many homeowners choose neutral decor to appeal to the broader audience, you can use these tips and create a chic crib for renters who value good taste and are ready to pay for it. Remember, it isn’t about buying everything new, but rather about mixing high and low, going for quality but staying within your budget line.

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