Wednesday, November 20, 2013

Renovating to rent out

Keeping your rental property well maintained is one way to collect higher rents while making your tenants happier. The trick is to know which parts of the house or condo to renovate for maximum long-term financial gain. 

Lighting doesn’t have to be expensive; it just has to be the right kind of light for the space.

Here are the top six cost-effective and high-impact improvements you can make on your rental property. 

1. Paint

The cheapest way to make your property looking new is to repaint the walls. Get rid of cracked walls and peeling paint. A fresh coat of paint will make all the difference. Keep the color light and neutral to make the space look bigger. Neutrals keep the look flexible, so the wall color won’t clash with any furniture or décor your tenants bring in. 

2. Built-in storage

Install some built-in storage such as closets, pantries and kitchen cabinets. Everyone needs storage, and taking your prospective tenants’ needs into consideration will go a long way. Built-in storage is a good feature to have for any rental home, since the tenant would not need to buy his own to fit the space. 

A fresh coat of paint will make all the difference. Keep the color light and neutral to make the space look bigger.

3. Proper lighting

Provide proper and adequate lighting in your rental property. Lighting doesn’t have to be expensive; it just has to be the right kind of light for the space. Kitchens and bathrooms in particular should be lit more brightly than other spaces. 

4. Security

Home security has become a major concern in Manila today. Assure your tenant’s safety by installing secure locks on doors. It’s also a good idea to put some locks on certain built-in drawers. Your tenant may have important documents or things he would want to keep secure. 

5. Air-conditioning

Air-conditioning has become more of a necessity than a luxury with the Philippines’ warm climate. People would surely want to pay more for a rental property with air-conditioning. Some would probably not even consider renting one without air-conditioning. 

6. Modern necessities

Equip your rental property with modern necessities such as telephone connections, especially in the bedroom and the living room. Also, provide enough electrical outlets, particularly in the bedroom, bathroom and kitchen areas. - Aislinn Kee 


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