As more people look to move inner-city, rental demand has opened up opportunities for property owners. For the savvy landlord who wants to increase the value of their apartment, it’s possible to find a quality tenant that’s willing to stay longer.
If you live in the heart of the city, renting an apartment is a common and popular choice. There are many reasons people may choose to move to the city. They might want to find a better job or take up a new business opportunity. Some want to finish their studies, while others are simply seeking a change of lifestyle.
Here’s a list of simple renovation tips that could help you attract a better quality tenant in 2019.
Modernise your kitchen
Renters view the kitchen as one of the more essential parts of an apartment. This room is where they’ll prepare food for themselves and their families every day. Modern kitchens in rental properties are a fantastic way to attract a variety of tenants, including couples and families.
If you’re on a budget, there are products available that can make this a quick and easy job. Spending a weekend or two on your investment property could make your kitchen look fresh without you having to invest heavily in the project. If you have a little money spend, consider enlisting the services of a specialist design and renovation company that can manage all aspects of the renovation process.
Upgrade the bathroom
If your property’s bathroom is an older style, there are simple ways to improve the look of the whole room. Old-fashioned bathrooms with limited storage space don’t give the best impression. If a shabby vanity is bringing your otherwise nice space down, think about what can be done to improve it. You can pick up a quality vanity at your local hardware store and then it’s just a matter of removing the old and installing the new. Hire a plumber and the whole project can be done in a few hours, giving a new, fresh and modern look to your bathroom.
Maximise your space
Unless their minimalism game is real and you’re right on board with the tiny house movement, one thing most renters will look for in a property is decent space. Most people will expect that inner-city apartments are going to be smaller than a home in the suburbs. That being said, there are things you can do to improve your property’s look and feel. Think about installing mirrors and other glass materials when you do refurbish your apartment. Installed correctly, they can give the impression that your living room, bedroom and other parts of the property are more spacious than they are.
Generally speaking, a key motivation for renovating your property is to give your apartment a brand-new look. You could add paintings to walls for visual attraction, install new lighting to change the look of your spaces and even add indoor plants to finish the look. Look online for other decorations you can add to your property that could help with staging or as included pieces.
Paint (and re-paint) the walls
The wall paint colour you choose serves as the base of your entire apartment design, so choosing the right colour is key. A paint job can be the determiner of success for a home renovation (or result in the opposite, in some instances!)
If you own an apartment, consider painting and re-painting the exterior and/or interior of the property to give it a total refresh. A new paint job can also increase your property’s rental value and offer you better returns.
Refurbish the flooring
Flooring can start to look old a few years after it’s first installed. As flooring covers the entire space of an apartment, its condition will be especially noticeable to prospective tenants. For that reason, it’s important to take the condition of the flooring into consideration when you think about renting the apartment out. Investing in good flooring can increase your property’s rental value and enormously improve the look of your interiors.
Improve the interior design
There are major benefits to keeping your apartment in style and in good condition. Renters are naturally choosy when it comes to picking their next place and will tend to go for a property that matches their design tastes and is reasonably priced. However, when your interior design is impressive, many renters will agree to rent the property, even if the asking rent is higher than they were expecting.
Everything from the materials used through to the smallest details of the renovation, should be well thought out and carefully planned to improve your apartment’s value. As a result, more renters will take an interest in your property and improve your chances of finding the right tenant.
Unless they’re given permission, tenants cannot make changes to the structural design of an apartment. However, some property owners allow their tenants to make minor changes to improve the interior of the apartment.
The renovation tips above are just a few ideas that property owners should consider during an apartment renovation. Consider which areas need improvement and repair, and you’ll improve your chances of finding the best tenant possible for your investment property.