Developing property for rental leaves you with some difficult decisions on how well to equip those properties. As you’re not living in them, you have to draw your own line on where you’ll meet quality with cost effectiveness, while also considering how sellable a property is because of those decisions.
While you obviously want the best for your tenants, the profit margins should never be far away, so hopefully these points and tips will give you a good understanding of what’s best. All the solid and engineered wood flooring price and quality speculations are based on that of The Solid Wood Flooring Company.
Value for Money
This is the balance of quality and price. It’s also the simplest decision to make when it comes to which is best. There are cheap carpet options available, but those options are the cheap and thin ones you tend to see in civil service offices, school classrooms and other such budgeted venues.
Wood flooring is a big contrast to this as even the least expensive options can still look professional and high quality. There is a difference within that category of choosing engineered or solid wood floors, but because they have a uniform look, even the lower priced ones are high quality.
Aesthetic is in the favour of wooden floors at the lower end of the price scale, but evens out as you get higher. Considering that, unless you’re renovating a really high value property, that’s probably not going to be an option.
If you’re looking at which kind of floors will last longer-and you probably are- then you’re obviously going to go with wood flooring. While the initial installation price may convince you to go with poor-quality carpets, they will lower the value of your rented property and not last as long.
Solid wood floors can last up to and even over 100 years, and even though they can be scratched, it’s easy to sand them down and re-finished to create a nice looking floor again. This can be done a number of times within the lifespan of a solid wood floor.
Other things to consider
The three categories above are probably the most important one for most property owners, but there are a couple of other things to consider. Firstly, you can be a little more lenient in what pets your tenants can have in your flat or home. While dogs may still be off limits, cats are pretty risk free in a wood-floored home as any messes they make don’t leave a smell or stain like they do on carpets.
You may be wondering why you’d even want to consider letting people have cats, but the reality is that you flat will be open to a lot more people (who may be willing to pay above average) for an inner-city property so could be advantageous.
Another reason wood floor can be good is if you’re planning on selling the property to the tenants after a certain period. As the floors will likely keep your value higher than with low-quality carpets, it will make the home a more appealing prospect to the potential buyers.