How to maximize your apartment’s profit with minimum investments
Are you looking for effective ways to increase your property value in order to give it for rent without spending much money? Complete overhauls, even for a room, can cost too much when the property will be given for rent.
Note that the property is the most important asset of a person and it required attention and care. Although it involves some time and money on short-term, apartment maintenance and some improvements will allow you to increase the minimum price of rent and avoid future costs of serious repairs.
By making some minimal investments, you can maximize the profitability of the apartment that you will give for rent. How exactly? Here are some ideas:
1. Blanch/painting. One of the most effective improvements that can be achieved with minimal costs is blanching the rooms’ walls. With a simple brush, you can create the feeling of a brand new apartment. Whitewashed walls will give to an apartment a clean, renovated and neat appearance, perfect to live in. Regarding the colors used, remember that neutral shades fit a large number of people, and white lime is the most affordable one. This activity can be a very smart investment that will remove any previous design mistakes. So, buy a few boxes of lime and some brushes and get to work!
2. Chose new curtains and drapes. These decorative items, once worn, are bland or unpleasant, but by purchasing new ones that aren’t discolored by the sun, you can change the whole look of the apartment. Keep in mind that simplicity principle and light colors saves your money and bring aesthetic value of the apartment and hit the taste of the public.
3. Clean now for a real difference. First impressions really count. That’s why you need to turn your rented apartment in a flawless one. Even you clean regularly; there are places that you’ve overlooked. You also need to remove any possible form of dirt or parasites. Therefore, Rent Easy provides you, once you signed the property management contract, a cleaning before potential tenants’ visits. A clean home is a healthy home.
Remember to discard any object that isn’t useful for the tenant. Thus, he must observe the customization potential and the space that the apartment offers.
4. Renovate the kitchen and bathroom. If there are certain areas in the apartment that don’t deserve to rebate the investment, the bathroom and kitchen are those. To improve kitchen and bathroom’s appearance, it always is a smart move. These two rooms are the most important ones, following the bedroom. Here, the tenant needs to feel comfortable and safe, everything being hygienic, new and functional. What you can do? You can change de lime/paint, you can change some furniture pieces that are no longer in operation, and you certainly can perform a deep clean.
5. Replace carpets and rugs. Take a look to the property floor. Carpets and rugs are stained or worn? Nothing banishes the tenants more that the thought that they will have to change them. Therefore, it is advisable to invest in cleaning or replacement. If the apartment have a decent floor, small rugs can be the optimal solution, which offers the sensation of an airy and spacious room, a minimum investment being needed.
6. Minimum functional furniture. Indeed, it is difficult to make an investment in furniture, especially when your “rented to be” apartment doesn’t have the needed pieces to cover the minimum functionalities. In this case, if you have a new building, without furniture, the best strategy is to purchase minimalist furniture, which in general is smaller, on tenant’s liking and costs less money.
In contrast, there is the situation of an old apartment, previously inhabited, full with old furniture pieces. The apartment may be avoided by many potential clients because of the crowded appearance. The solution is to remove non-essential furniture to provide a more airy atmosphere.
Likewise, there are certain furniture pieces that you can buy for less money, and can offer an exponentially greater effect to the apartment. For example, a coffee table, from pale and with the existing furniture colors, which in some stores you can find at ridiculous prices, may be the missing element from your new tenant’s living room.
7. Perform maintenance activities. When you make a priority from your property, you need to take into account certain aspects. Make an inspection in the apartment and establish a list of small and large modifications and repairs that need to be fixed. (A weakened valve, a light bulb flickering etc.). It may seem that small repairs shouldn’t be solved, but it’s best to take care of them now than when the tenant has already been installed in the apartment and is directly affected by the encountered problem. It is important to take care of the most urgent issues first. Then, you can call Rent Easy for a periodic apartment report.