If you are one of those who are planning to buy a second property by letting your first apartment to rent, then here’s a quick guide to making the most from your rental apartment.
There are a huge number of people searching for rental apartment every day. This ratio includes both bachelors and young people those are newly married, who would like to rent apartments for a while. Also, young students migrating from one state to the other would definitely want a place to stay via paying rents. So thankfully, you have a lot of opportunity in getting the most out of your rental property. But, are you doing enough to attract tenants? Let’s find out how you can contribute more in attracting more potential tenants to occupy your valuable apartment which you cared so much for so long.
Usually, there are certain factors every tenant would check before considering to rent a place.
The first thing that pops into their heads while renting is the budget. Even if you decide on renting a place for a while, would you not plan a budget? Certainly, you would. Then you’d search for a location where you can stay nearby your college or workplace that has a good connectivity to the neighbouring places. If you are a student, you’d most likely want a roommate to share the burden of high rent-payments. Including a complete package of comfort and not-so-high rents are what most tenants would look for. So, as a homeowner, you should be able to give them a chance of ticking all these key points in their checklist. So readying your apartment in such a way is important to attract potential and disciplined tenants for your apartment.
Read the following to improve the value of your rental apartment.
The advantage of investing in rental properties is that you will have an additional income stream. It also boosts the financial stability for the future. If the rental apartment you invest in yields fair income and is stable to withstand for a longer period, then you’d also have the possibility to generate retirement income and also helps in a huge part to paying off your second housing loan. So it is extremely important to transform your rental apartment in a good condition to attract long-term renters.
Clean your apartment everywhere
Just merely changing the carpets and painting the walls doesn’t look great without cleaning the apartment. Make the space feel more pleasant by cleaning and dusting the place well. Or if you hire professional cleaners to wipe, scrub and wash the whole apartment is also fine to get rid of dirt stains. Cleaning and removing the trash itself improves the look of the place and improves hygiene as well. Remember, renters’ most likely get attracted to clean and shiny places. What’s more, they need than feeling worthy of the rent they pay every month.
Repaint the whole apartment
The advantage of repainting the whole unit is you can charge more if your apartment looks well-maintained. To get the look and feel of a well-maintained space, repainting does the trick for you! The place not only looks clean, but also feels brand-new. To enhance the look even to a whole new level, just replace the existing colour with something more bright and cheerful tones. Emphasizing the look with a bit more styling and design can fetch you great rents in the future if the tenants include any additional roommates. Repainting includes the exterior too! Just like how you well you were impressed when you saw the picture of this new apartment for sale in OMR on the paper while buying, the same it should be felt by the tenants too!
Upgrade the fixtures, kitchen & bathroom
Ensure all the fixtures at home are working fine and upgrade if needed. Most of the times, renters go for high-end properties than old ones. Though if you’ve been using the apartment for a few years, repairing or upgrading the fixtures in the kitchen and bathrooms changes the look. Replace the door knobs, handles, light fixtures and upholstery if you are renting a semi-furnished apartment. Making the apartment look attractive is what the motive is about. Changing or cleaning the existing countertops, appliances, and fixtures are more than sufficient to get the brand new look!
Adding private bathrooms
If you are renting an apartment, you’d rent out the whole unit. But what if you rent only the top floor of your villa in OMR? If you are living in 3 or 4 BHK villa, then rent out the floor that has an individual bathroom for them to feel free to use it. 99.9% of the renters don’t prefer houses that have common bathrooms. Make it worth for the money they spend on rents by adding up a private bathroom.