Ways to Save When Furnishing a Rental Property
After investing in a rental property, you have already spent a lot of money. Money that you will hopefully get back through proper management and good tenants. However, there usually is another step that you have to take before you’re ready to start profiting. That step is properly furnishing your new property. Even if you invested in a small apartment, filling it with the right furnishings and housewares can get expensive fast. This is why we have compiled this list of ways to save when furnishing a rental property. We hope these tips will help you shop smarter and more frugally so that you can turn a positive ROI as soon as possible. Aside from doing your best to be frugal and cut costs when furnishing a rental property, you should also work to avoid some of the more common rental furnishing mistakes.
Buy adaptable furniture
One of the best ways to prepare your rental property for multiple future tenants will all have their own needs and wants with the space is to invest in adaptable furniture. And this will help you save when furnishing a rental property in two main ways.
Firstly, you’ll get more bang for your buck. For example, if you’re working with a small space, you can easily get away with buying a futon instead of a separate bed and sofa. This way you’ll only have spent money on one piece of furniture instead of two.
Secondly, it’ll save you money in the long run since adaptable pieces will be able to “adapt” to the needs of any future tenant. Going back to the example of a futon, your first tenant might want to use the extra bedroom as a guest room. This tenant will almost always be using the futon as a bed. However, if they leave after a couple of years and a new tenant, who doesn’t expect many guests, moves in, they’ll have a completely different idea for that room. Maybe they could use the futon as a sofa in an extra entertainment room, leaving no need for new furniture and negotiations about who will buy that furniture.
Choose quality over quantity
While this tip might sound a bit counterintuitive at first since most high-quality furniture can get pretty expensive, if you think about it a bit further, you’ll quickly realize how much money you’ll be saving further down the line. However, something important to note here is that there is no need to buy expensive, high-quality plates. This step should only extend to the most important and most used pieces you’ll have in your rental property.
For example, investing in a good quality sofa made of a chew-proof material is a great way to pet-proof your rental property. This way, even though you spent a bit more on higher quality furniture, you can now rent to pet owners without worrying about having to buy a new one down the line because the current one was destroyed by a renter’s pet.
Make use of yard and estate sales
You would be shocked at how much money it’s possible to save when furnishing a rental property by engaging in the yard and estate sales. Of course, this tip largely depends on whether any are available in your area. However, if they are, make sure you do visit them. You may find a gold mine there since most people conducting these sales are usually more motivated to get rid of their things than to make much of a profit.
Making use of postseason and clearance sales is a great way to save money on expensive furniture. If the holiday season is around the corner and you need to buy a bed for your property, it’s better to wait a few weeks and get it for half the usual retail price. And this also extends to small things like lampshades and bedsheets. These are fairly cheap all year round, and if you’re in a hurry, you can get them now. However, it’s still better to get two for the price of one than to let those small expenses build up.
Make use of good deals
Aside from the sales that most stores organize throughout the year, it’s also possible to find some good deals when it’s not sale season. And if you do find these good deals, make sure to get the most out of them. For example, if you find a set of plates for half the price, you would usually find a set like that for it’s better to just spend a little extra money and get backups.
When it comes to smaller items and decorations, a great way to save when furnishing a rental property is to shop locally. Chances are that the neighborhood your rental property is in has several great thrift stores and antique stores where you can get things like decorations and small items like plates and cutlery for a great deal. Not only will this save you money, but you’ll also be investing in your rental property’s community.
Rent a short-term storage unit
Experts from bravo-moving.com also recommend renting a short-term storage unit near your property where you will be storing all the furnishings you bought until you’re fully done with all your shopping. This way, you can have a moving crew get all of the stuff into your new rental property in one go.
This will help you save so much more money than if you were to hire help moving every single piece of large furniture one at a time. And it might help you save money on gas with all the round trips you’ll be skipping.
Avoid following trends
This is another thing to keep in mind when planning for the future. Current fads and trends in interior design will go away at some point and be replaced by new ones. On the other hand, it’s hard to go wrong with the classics. A simple white wooden coffee table will last you a lot longer than spending extra money on a highly decorated one that’s in line with current design trends.
Building on the idea of avoiding trends and fads, there’s another thing to avoid spending extra money on when finishing your rental property. And that thing is decoration. While you should avoid having the place feel empty and soulless, there is no need to waste money on 17 paintings and highly decorative wallpaper.
Painting the walls in simple neutral colors and accenting them with small (non-expensive) details is a much smarter idea and a much better way to save when furnishing a rental property. Additionally, a potential tenant can just put away those small pieces if they don’t like them.
Decorating and buying furniture for your rental property takes strategic frugal shopping and careful planning. Especially if you want to turn a profit as soon as possible. However, you should also remember to work on your marketing strategies and property management tactics. Making sure to save when furnishing a rental property is only the first step to making your rental investment profitable. However, if you keep all of these tips in mind, it’s sure to be a strong first step.