Faced with the choice of the early struggle to set up home and maintain a social presence, many Genxers, are at a loss, as how to do both and maintain their status as upwardly mobile young professionals, at this time.So many make the mistake of moving out of their parents or family homes, and out into the world, to start life on their own and or with a partner.
So, usually, Genexers move out after they have acquired their own Apartment/Townhouse and or Condo. This means they have just undertaken a massive expenditure, to acquire their new home. Sometimes the stark reality is that the expenditure does not stop with acquiring a new property, because the property has to be now outfitted for occupancy.
While Smart money is on the fact that some Genexers buy properties as an early investment, and not necessarily for their own residences, whether the property is acquired as one’s own domicile or as an investment property (Whilst still living in the family home), the fact is, furnishing is an associated cost,that is often overlooked by first-time buyers.
The fact is, in this Hi-Tech age, and new earning capacities, there are as many first-time buyers as there are renters, and with the advent of Airbnb, many young professionals see this as another business opportunity and are buying up properties to use as rentals to augment and or boost their earnings.
Now all of this is good, but many view their property acquisitions and rental operations as a “Get-Rich-Quick”, scheme, so few put the thoughts and considerations into their operations to make it a Long-term concern, instead of a fly-by-night fad.
As a Manager of Many Airbnb properties, when I visit some of these properties being offered for rentals, I am more often than not, disappointed by the quality of furnishings used to stage these properties, and even more dismayed, when I realize that these properties are staged and rented with the barest minimum of furniture, and even tho sometimes some of these property owners get the concept right, their execution is so very poor, they fail to maximize their earnings from these investment properties.
Sometimes the primary reason is because of skimping; other times it’s because of their ignorance; and for some its due to the fact that they treat their own investments with disdain, and so fail to treat them in a respectful manner that will see them maximizing returns.
So, to avoid the trap of acquiring property as a vehicular investment, only to have it run out of petrol at the start of the journey or midway, I recommend the following:
Donts
1.Having expended a pretty penny to acquire an investment property, do not skimp on furnishing it. So, follow our little Dos and Donts suggestions for maximum returns:
2.When Furnishing said property, do so as if it’s the place you plan to live in. That is to say, make it Luxurious, Plush, Comfy, and Welcoming.
3.Do not use the said property as a dumping ground for old and tired furniture you are no longer interested in because its now ‘Out of Style”
4.If you decide to decorate your walls, then do so with Art, and not kitsch
5.If you plan to furnish with new furnishing, then avoid trendy stuff such as chrome, glass, or wicker; and avoid using plastic area rugs and or hard-plastic ‘utensils’, ‘glassware’, and or ‘dinner-ware’, that some prefer (They say as prevention against pilfering).
6. Avoid using cheap bathroom Mats, Towels, Shower curtains, Mats, Bins, etc.
Try These Alternatives:
Dos:
1. Spend on period pieces (preferably Antiques), as a few well-chosen antique pieces, studiously placed, Serve as beautiful accents and in essence are investment pieces. Think resale value, a year, 10 years, or more down the road, Which is more likely to bring you a better return on your investment, as these pieces are more likely to fetch a better market price as they age than any trendy piece, that will be more likely to go out of season and lose its value.
2. Furnish the property as if it’s for your own use and comfort – This way the property will maintain its value and appeal. Instead of being mistreated by guests who will treat it like a cheap trap, if that’s the way it’s furnished.
3. Simply do not use your investment as a dumping ground, as this will be reflected in how it is treated by those who use it and this will foster a climate of diminishing returns.
4. If you are cultured enough to recognize the value (if even only Aesthetically) of decorating your walls. Then go for the real McCoy and avoid kitsch. A few authentic pieces from a name-brand artist will retain some value. And so will originals, (painted or sculpted by an unknown), as over time, these will appreciate in value, but kitsch will always remain kitsch.
5. Trendy Furniture is by definition seasonal. There are times when some seasons last longer than others but the problem with trendy/seasonal furnishings, is that its upkeep can prove expensive, if and when you must change it to maintain visual appeal.
6. A Luxuriously done-up bathroom is the best statement a rental property can make in its own promotion. So in dressing your bathroom, indulge your senses, your tenants want to feel pampered as well.
Remember, the best way to secure your investment is to think long-term, especially when it comes to real estate, and how you, furnish and decorate it.
