We’re delighted to feature the guest blog below from Darren Lester, founder of SpecifiedBy, a product specification platform for self-builders, architects, and contractors.
Finding the right rental property to invest in with a view to letting can be tricky. There’s the price, current condition and location of the property all to consider amongst a whole host of other factors. Finding all of the right factors for you within a pre-existing property can be difficult and that’s why many would-be landlords are deciding to self-build their own properties for the purpose of renting. This is a pretty novel concept to some so let’s take a look at if this could be the right option for you.
Self-Build With Your Tenants In Mind
One of the main advantages of self-building a rental property is that you can tailor it to meet the exact needs and desires of your target tenants. Haven’t got a target tenant yet? You should spend some time figuring out who your ideal tenant is and create a profile for them – that way you can tailor the size, style and overall quality of the building to appeal to them. It goes without saying that more expensive materials and an overall higher-end spec would appeal more to a professional tenant whereas a lower-end spec aimed at convenience and more value for money would be more likely to appeal to students.
Choosing Your Self-Build Specifications
One of the biggest challenges you will face when building your own property is the wide array of decisions that you will be faced with. You will, of course, have architects and builders to help you through the process but you will want to remain hands on to make decisions on materials and fixtures to ensure that you remain on budget. While you’re choosing your specifications it’s important to keep the future tenants in mind when making your choices and to remember to base them on their preferences rather than your own.
Interiors Are Everything
When preparing any property for rental you will want to ensure that there is an instant wow factor for any would-be tenant as soon as they walk through the door. You may think that the old estate agent cliché of kitchens and bathrooms selling houses may be out-dated but they actually do remain the most influential rooms when it comes to choosing a property for rental. Therefore it’s always a good idea to spend a little extra time and money in these rooms. Baths and basins are big house sellers so installing high-quality bathroom fixtures could well reap future dividends for you.