If you’re a landlord with an apartment for rent, it’s only natural that you want your tenants to like your place and to stay there for as long as possible. You don’t want your future tenants to leave after two months without offering any explanation, do you? If you want to maximize your profit and keep your future tenants happy, there are a few things you could do. One of these things is to renovate the place before you actually decide to rent it because it will also bring you more money in the long run.
Focus on the kitchen and the bathroom
First things first, the most common mistake people do when they renovate is spending too much money on the living room. Yes, it might seem logical, the living room is the heart of the flat, but if the bathroom and the kitchen are older and in poor condition, a flashy living room won’t do the trick helping you rent your flat. The first thing potential tenants do when they enter the flat is checking the bathroom and the kitchen. That’s what makes the most powerful first impression. If that doesn’t sell your flat, it’s hard to fix it even with a good location or a nice balcony view.
Install new faucets, showers and electrical outlets
Everything should work smoothly. You don’t have to spend a fortune on new faucets. On the contrary, every experienced landlord should know that tenants will look for weak spots in order to lower the rent. A new TV might attract the tenant, but if the outlet for the night lamp above the bed is broken, it will give them something to argue over, because they came to look for the flaws and not just the good things. A nice overall impression and high functionality of every room are much more important than paying attention to expensive details. Therefore, you can spend a few coins more on smaller things in your bathroom and kitchen like new door handles, new outlets, new faucets and a showerhead. We promise – you won’t regret it.
How to lower renovation costs
If you are on a tight budget, you should do your best to save money whenever and however you can. The most expensive works are “the dirty works” – preparing the walls for painters to do their job, preparing the floors for the carpenters, etc. The thing is, with a little bit of research and help from your family and friends, you could easily do it yourself. Smaller holes in the wall could easily be repaired with sandpaper, and bigger holes with drywalls, mesh tape and a little bit of hot mud. It’s an easy repair everyone can do to set up a good base for painters when they come. In addition, if you’re struggling with higher ceilings, you can consider a scaffolding rental. Even with this cost included, you will still save some money in the long run, leaving you with some spare cash you can use to buy a new piece of furniture.
Opt for brighter color shades
When you finally prepare your flat for the painters, most of the job is already done, and you are in a position to pay professionals to finish the job for you. Surprisingly, most of the painters will be glad to hear that the most difficult part of the job is already done and that the easiest part left is the one they do the best. Their good mood is something you also might benefit from when it’s time to discuss the bill. When choosing colors, our advice is to opt for brighter shades for two reasons: it is easier to maintain (the dirt is easier to spot so you will know when it’s time for repainting), and it will open up the space (important in case of smaller flats).
If your home is in an excellent location but your tenants keep leaving, it might be a sign that your place is ready for an upgrade. By the end, you will not only be able to keep your tenants in your flat (they will be more than happy to stay in a place that’s neat and comfortable) but you’ll also be able to maximize the profit you get from the property. And the best thing is – you don’t even have to spend a fortune on the renovation process.
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