Residential Investment Property: Going Minimalist

investment propertyA lot of people today opt for a minimalist approach when it comes to designing and decorating their residential investment property. But what does it really mean?

Minimalism may have been a term used as early as the 1960s but its prominence only began to surge at turn of the 21st century. Known for its fundamental principles which includes sharp lines, solid surfaces, low furniture, glass, lots of white and pastel hues, it champions spacious rooms with lesser and sleeker furniture. But this does not go to say that this style is bland and boring. On the contrary, it makes wise use of a combination of various shapes, colors, symmetry (or asymmetry) and textures to create an interesting and clean visual that’s also functional.

Another important feature to take note of is the style’s effort to avoid division of space. It promotes visual continuity and cohesiveness throughout which is why a lot of glass, mirrors, mixed metals, and stainless steel details can be observed. They not only help brighten up the space and create the illusion of bigger rooms but they also look airy. The same can be said about its preference for straight lines, geometric shapes, neutrals and shiny surfaces.

In terms of details and accents, they are kept to a minimal and often follow a strict color and texture rule which can vary depending on the overall design envisioned for the residential investment property. This said most items are kept out of sight and are wisely stored in carefully selected organizing systems all over the home. While closed door cabinets are more popular, open shelving has seen a rise in popularity too but again the items displayed are heavily curated.

As mentioned earlier, minimalism favors whites, neutrals like beige, grey and brown as well as the softer pastel shades. It also opts for materials that are not just minimal by sight but also minimal in terms of upkeep. This type of style is governed by its ease in upkeep as the materials used are often those that are easy to clean and are pretty low maintenance. For instance, glass doors can easily be cleaned using a damp cloth and a store bought cleaner. Tiled floors will only need a vacuum and a mop. And since the details are sleek, straight and simple, there aren’t a lot of crevices and small nooks and crannies where dust and dirt can easily hide in.

So should you go minimalist with your residential investment property? Now that’s for you to answer.

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Investment Property Advice for Landlords

landlordA landlord is described as somebody who rents out an investment property to tenants. They can be an individual or an organization that owns the said asset/s. Being one can be rewarding in terms of financial returns but it’s not a job that comes without its challenges. It can be tough and it’s definitely not for the faint of heart.

Managing and administering investment properties are a lot of hard work. Saying that is even an understatement since one wrong move can easily send anyone tumbling down into a pile of losses. Yikes! So we took it upon ourselves to do some research and ask the experts. Here’s their sound advice.

On Repairs and Maintenance

Before anything else, make sure that responsibilities between landlord and tenants are clearly understood among all parties. For instance, the extent of repairs and maintenance procedures to be done by both and the treatment of expenses related to such activities should be contained in the contract. This ensures that dilapidation cases are best avoided and that adequate upkeep is performed to preserve the value and functionality of the investment property.

On Contracts and Documentation

Preservation of documents is just as important as ensuring that they are drafted and written at their best. Things like lease contracts, agreements, memorandums, notices and the like should be kept and preserved for purposes of protection and reference. In the event of disputes, they can be used as evidence in court to prove the inadequacy of the other party and show their legal responsibility. Likewise, they can be used as reference to determine the responsibilities of both to each other and to the asset.

On Approaching Disputes

Legal cases are such a bummer. Not only are they a huge inconvenience but they waste both time and money too. When issues arise, make it a point to tackle it head on and immediately. Waiting for later and wishing it gone won’t do any good. Landlords need to act on these things the second they present themselves to keep the disagreement blowing out of proportion. If needed, get an arbiter.

On Tenant Screening

Making sure that the investment property is leased and that rental vacancies are kept at a minimum if not zero are apparent tasks that any landlord does. What many fail to realize is that they also have to perform a good amount of screening. A bad tenant equates to more losses than no tenant. They can lead the asset to a state of disrepair, drive other lessees away and create losses due to late and/or failure to pay rent. An effective landlord avoids such headaches by running a background check and pre-screening tenants.