We know that starting a renovation in a rental property is something you might not want to do at all. However, there are several reasons why it is worth it and why the extra lick of paint and new flooring might be worth it.
Firstly, it makes the property easier to rent when it is in better condition. This naturally decreases the possibility that the property is empty, and a tenant is paying you to rent every month. You can also charge a bit more monthly.
Secondly, a property in good condition might attract tenants that are better “quality”, in other words, respect the property and take better care of it and are more likely to pay the rent on time.
Also, a renovation could increase the value of your property, so if you are planning to sell it, that will be easier as well. Many property buyers are more likely to buy a property that is already in good condition rather than having to do the renovation themselves.
So, what kind of things you should be focusing on if you want to do an easy renovation to freshen up the apartment?
1. Use tiles wherever you can as they are more durable and easier to maintain than paint. Dark tiles and dark grouting especially are a good idea because lighter colours can start looking grubby.
2. A lick of paint does the job, but don’t necessarily choose the lightest colour. Choosing a darker colour such as grey is a better option long term because you don’t have to be painting the walls all the time as the minor marks is less visible.
3. Replace the faucets in the bathroom and kitchen makes wonders to give a fresh look.
4. Change the flooring to laminate or add a new dark coloured carpet. Laminate is an excellent and affordable option for rental properties. If a particular area of the flooring is ruined, only that area needs to be replaced, not the whole flooring. Darker carpets are also a good idea as the dirt and marks are not as visible as lighter carpets.
5. Do not choose too vibrant colours or make the property look too personal. The more neutral the property is, the easier it is for tenants to make it unique by adding decorative elements.
Are you not interested in the process of renovation but want to freshen up your property? Or do you still have questions about renovating your property? Give us a call or submit an enquiry form on our website, and we’ll be in touch. Cloud Estates offers experienced and professional property management services, and we will help you with the renovation of your property to make the process hassle-free for you.
