Renting out your condo unit may not be as simple as you think. If you want to get the best pricing and better-paying tenants, you should consider renovating your condo first.
That said, here are six renovation ideas you can do to increase your rental property value:
1. Fresh coat of paint
The first thing we highly recommend is applying a fresh coat of paint to your condo property. It’s easy and cheap but significantly increases the value of the unit.
Painting your condo walls a new color will make them look brand new, making it easy to convince people to rent the place.
When choosing a new wall color, go for a neutral color. This way, the renters can start with a blank slate. This will allow them to visualize better how they’d arrange furniture and what other changes they can make.
However, if you don’t want to paint the place brand new only to be painted over again, you can offer to paint the unit with the color the renter wants. This way, even if they don’t see a blank slate, they’ll still be happy to rent it, knowing that you can do the painting for them.
2. Interior lighting
Next, make sure that you’ve installed proper lighting inside the unit.
Forgetting to install lighting fixtures in your rental unit can turn prospective renters off. After all, it’s impossible to see the beauty of the room with limited lighting.
Installing some lights shouldn’t be expensive. You can buy some LED lights that don’t take up much energy, resulting in lower electricity bills, too. On top of that, you don’t even have to put up some fancy lighting at all.
You can place one light bulb in every room of the house, which should be enough. If your renters choose to upgrade to modernized lights, then it’s their choice.
The goal here is to ensure that your home is presentable to your renters.
3. Smarthome features
Thanks to the advancement of technology, things are becoming more and more convenient for us. And now, smart homes are becoming a trend.
Well, this is no surprise as more renters seem to consider this smart home feature as a deciding factor on whether they’d get a house or not.
If you think about it, having a home where you can automate your thermostat control, turn on lights by clapping, or asking the stereo to turn on by just speaking seems to be pretty convenient. And for this reason, rental value for homes with these features is skyrocketing.
Of course, older people may not find these features simple to handle. But if millennials rent your place, they’ll surely think that whatever the price they’re paying is worth it.
4. New flooring
Aside from painting the walls brand new, you might also want to consider changing your flooring. This will also help make your unit look fresh and clean.
The problem here is that, compared to the paint, changing floorings can be expensive. So, at best, you can change the flooring in areas that need it.
Of course, this whole project is not as easy as painting walls. If you’re unsure, do more research and look for various residential interior design ideas that a contractor can do for you, or you can do yourself.
Remember, you don’t want to improperly install your flooring as you’ll only end up spending more on it. So, take your time and be familiar with the process.
5. Kitchen upgrade
Next, upgrade the kitchen.
For most condo owners, the kitchen is the heart of the home. It’s probably where most people spend a lot of their time. And having a stunning kitchen will surely attract more renters, especially those who love to cook.
Fortunately, upgrading a kitchen shouldn’t break the bank. Sometimes, even as simple as repainting the walls, fixing the cabinet handles, and replacing the fridge or dishwasher can do wonders.
Provide your renters with working appliances that will help them cook. And most importantly, don’t forget to keep the area clean.
6. Bathroom renovation
Last but not least, renovate the bathroom.
Like the kitchen, the bathroom is one area renters look at when choosing a place to rent. They want to make sure that it’s clean and that everything is working.
If possible, replace some appliances inside to make everything look brand new. You can change the bathtub, the toilet, the glass doors, etc., inside. But if you can’t afford to replace them, double-check that they’re working.
As you can see, renovation doesn’t automatically mean expensive. Even as simple as repainting the place can make a huge difference.
And everything above will help you get the best pricing for your condo unit.
If you are looking to buy a condo or real estate property in Cebu, Philippines, Primary Homes can help you find the best investment property that fits your budget. Inquire now to talk to our customer support and we’ll be in touch.