8 Useful Tips to Increase Your Condo Rental Property Value
Condo rentals are becoming a more popular way of living for many people. And as a condo owner looking to rent out their property, you can certainly profit from renting it out.
Luckily, there are cost-effective upgrades you can do to increase your rental property’s value.
1. Refresh wall colors
Are you searching for a simple way to change your condo rentals while still increasing its rental property value? Then, it would help if you considered refreshing your wall colors.
If you used to live in the condo rentals you want to rent out, you should remove any personal effects before introducing it to potential tenants. Then, repaint your walls with neutral colors that make it easier for potential tenants to picture how they’d want the condo to look to suit their tastes.
A fresh coat of paint is enough to make your condo look new. Moreover, sticking to a neutral palette allows tenants to picture themselves in your unit with ease.
2. Install new flooring
Installing new flooring is a lengthy and pricey process, but it’s also an excellent way to improve the feel of your condo. Since you own the condo, you can install new flooring since it isn’t necessarily creating a structural change with the unit.
That said, there are plenty of different types of flooring that you can choose from.
There’s hardwood flooring, laminate flooring, tile flooring, and more. It all comes down to you to choose which one to install. Do remember that installing new flooring can get pricey, so be prepared for it.
There will be additional costs if you pay someone to do the installation for you as well.
3. Add storage space
Condo living often has many renters wanting more storage space. Therefore, if you address this common issue from the start, you’re encouraging your tenants to feature your condo.
Whatever costs you incur for adding storage space will come back to you through tenants’ rental fees.
You can add closet organizers and create different variations so that you or your tenants can maximize the space inside the closet. Adding wall shelves can also help make the most out of the vertical space inside your condo rentals.
4. Update your windows
Updating your windows is another excellent way to improve your condo rental property value. Although updating or changing your windows is possible, it would be best to ask the homeowners association for permission.
Even if they approve of you upgrading or changing your windows, they will still have a say in style, date of installation, and so on. However, you’ll be covering all the costs associated with it.
5. Change light fixtures
A bright and well-lit condo is going to be very inviting when your potential tenants first see it upon entrance.
It would feel even more refreshing if that lighting is natural light, making people feel happier if they stay there. Thus, it would be ideal to add as many natural light sources as possible to your condo rentals.
Upgrading your windows is one thing, but sometimes, you have limited choice for natural lighting. Your next best step would be to change your light fixtures to ensure that everything is in top shape.
Changing your bulbs to LEDs ensures that they last a long time and are more energy-efficient as well.
6. Kitchen makeover
A kitchen makeover is another thing that you can do to improve your condo’s rental property value. It doesn’t even have to be grand to improve your condo’s kitchen. Even a fresh coat of paint for your kitchen can make a massive difference in your condo’s rental value.
If you want to do a more involved kitchen makeover, though, consider replacing kitchen cabinets as well. It can make a difference in changing how your kitchen looks.
Another way you can improve your kitchen is by ensuring that you use new or modern kitchen appliances. Renters are less likely to haggle your rental fee if you can provide a fully functional kitchen with top-notch appliances.
7. Revamp the bathroom
Aside from the kitchen, the bathroom is another essential part of the condo that can help improve your condo’s rental property value. Again, you don’t need to spend the big bucks to get the effect that you want.
Retiling old bathroom tiles is a simple way to improve your bathroom. You can also replace or enhance your bathroom by replacing other bathroom fixtures that you may have. For example, the showerhead and faucets are a great place to start.
8. Make it a smart home
Another exciting way you can increase your condo’s rental property value is by making upgrades to turn it into a smart home. Many condos already have the essential features for day-to-day living. However, you can always add more to enhance the quality of life for those staying there.
Adding an intelligent light bulb is a straightforward way you can add technology to your condo. You can control the lighting of your smart light bulbs from your phone. Everything from the strength of the lighting to the color can change. If you connect it with Alexa or your Google Home, you can even control it with the sound of your voice.
There are plenty of other smart gadgets and additions that can turn your condo into a smart home. There are intelligent coffee tables, thermostats, and even coffee makers. Adding more of them can make your condo a smarter home.
Investing in your condo, be it through updating the design or upgrading your appliances, means that you can attract plenty of tenants. And with that demand, you can boost your property’s rental value.