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Furnishing Your
Investment Property
By Scott Derrick, G. Miles Interiors
The
Panhandle communities of Northwest Florida, once known
more as quiet commercial and sport fishing havens, have
given way over the years to developers who discovered
“gold” in the beauty of the white-sandy beaches and
emerald-green waters. This beautiful region surrounded by
the Gulf of Mexico, intriguing bays and lakes, and an
array of topographical splendor has become an attractive
new destination for upscale buyers who prefer the
laid-back atmosphere and rich local color to other more
traditional Florida destinations. Investors from around
the globe are taking advantage of steadily rising prices
to purchase and speculate on condominiums located on these
pristine beaches.
If you’ve just taken the plunge and purchased your own
piece of paradise, how do you go about furnishing your new
condominium, and what should you consider if you plan to
rent?
“Plan before you buy and buy to your plan”
First, consider working with an experienced design
consultant who can assist you with a creative plan for
your total needs and work within your spending plans. The
adage “Plan before you buy and buy to your plan” can save
you time, money, and energy while avoiding mistakes that
could limit your investment income down the road. Starting
with a total plan is always the best approach even if you
choose to work in phases. Also, if you live out of the
area, select someone who is committed to manage your
project from start to finish and keep you informed along
the way.
A professional design consultant starts a plan with an
assessment of your needs and likes including each room’s
function. If your builder offers you choices of materials,
colors, and upgrades, allow your designer to review your
choices to ensure they fit your total plan.
Next, some basic space planning will determine what size
and scale pieces will function best. Your designer will
want to discuss your preferences in style, color scheme,
fabrics, art, lighting, and accents. He or she will also
need to assess your time frame, and of course, your
spending plans.
Although furniture will generally be your largest expense
in outfitting your new condominium, there are several
other options that you should consider. Some available
options include house wares’ packages, ceiling fans,
chandeliers, faux finishes, wall coverings, window
treatments, mirrored walls, accent tile work, appliances,
and electronics. An experienced project manager can help
you with these choices and time their installation with
your furnishings.
Avoiding Some Common
Mistakes
There are some common mistakes property investors make
that a good project manager can help you avoid. There are
areas where you should invest more money, and there are
areas where you can cut back. As a new rental owner base
your decisions on the fact that your unit will be used
often and will experience abuse.
Many investors spend additional money on carpet upgrades
unnecessarily when the carpet will need to be replaced
from stains and spills long before it wears out. Dark
carpet colors may hide dirt but they may prove more
difficult to work with and make the space appear smaller.
Verticals and blinds are more often than not difficult to
maintain and will discolor with time and exposure to
bright sunlight. They also do not provide complete
darkness for guests to sleep in bedrooms and in living
rooms. Consider draperies with thicker lining capable of
blocking out sunlight and exterior night lights. Draperies
will be more expensive initially, but you will make up
your investment later.
Consider how many guests your condominium can accommodate
comfortably early in your planning stages and stick to
that number during rental periods. Crowding too many
guests into a unit adds wear and tear and rarely provides
additional rental income.
Certain fabric patterns can hide dirt, spills, and stains
and some fabric textures generally wear better than
others. Any fabric or leather can and will fade when
exposed to bright sunlight. Even the salt air, suntan
lotions, and sand can act as an oxidizing or corrosive
agent when combined with fabrics and metals. No fabric
mill warranties fabric, and few warranties apply to
products used for rental purposes. Be sure the store you
work with has a dedicated service department willing to
assist you when a problem arises.
Choose the right scale of furniture for your plan. Pieces
that are too large will constrict traffic flow and make it
awkward for guests to move about. Choosing correct
proportions of one item to another, for example, a table
lamp to the table where it is placed, will achieve better
visual balance.
Easy-clean shower curtains, rugs, and placemats prevent
germs, and they can be washed and reused frequently while
custom ones may need to be professionally cleaned.
Mirroring walls and selecting glass-top cocktail and
dining tables can add the illusion of space, but the
trade-off is that they will require more frequent
cleaning. Choose sofa sleepers with innerspring mattresses
over sofas for living areas to accommodate an occasional
extra guest. TV cabinets with pocket doors or doors that
open 360 degrees protect your television from dust and
provide an interesting living room focal point.
Consider investing a little more money in quality patio
furniture versus inexpensive department store resin
products. Resin often breaks down with constant exposure
to sunlight and use by guests. It will be a nuisance to
replace these pieces or locate parts regularly.
These are some of the many choices and options you will
face as you outfit your new investment property. At
G Miles Interiors we offer you as much or as little
assistance as you desire with this process. We encourage
you to take advantage of our experienced consultants who
love helping you with a simple plan. There is no charge
for this service, and we recommend it. We enjoy helping
make your experience fun and exciting while working
together to prevent mistakes and alleviate unneeded
stress. |
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