Condo Living: Eight Simple Upgrades to Increase Your Condo's Market Value
"If you want to respect an old house, it is important to keep the philosophy of the builder in mind. You can honor it by restoring it to its original state, or you can honor it by restoring its original intention" -Will Lewis.
Modern lifestyles are characterized by condo living.
Living in vertical housing complexes, buildings, and even skyscrapers has afforded homeowners accessibility, convenience, and security like no other. That said, it is inevitable for condominium properties to continue rising in almost every nook and cranny of major metropolitans. However, as a condo owner, you may be looking for ways to increase your condo's market value. This is especially true if you are getting ready to put it on the market or are looking for tenants to rent your home.
Keep in mind, however, that when it comes to leasing properties, the power lies in the lessees themselves. One thing you should know about renting is the power of choice. Today, with so many various condo properties to choose from, whether resort-themed, luxe or modern inspired, contemporary chic, and the like, renters have the freedom of choice to make their pick—and most of them are very discerning renters. As a result, prospective lessees and even condo buyers would only choose properties that give them a bang for their buck.
As a potential seller or lessor, the burden is now in your hands to make sure that your property gets chosen. That said, you need to make your property stand out. Indeed, it may be a bit challenging considering that generation rent is on the rise. Today, young professionals, couples, and even small families are opting to lease rather than buy property due to financial constraints. While putting up your condo unit for sale or rent may seem like a lucrative and profitable venture, the task is not as straightforward as it seems.
The market is enormous, but the competition is stiff and unforgiving. So, how do you turn what was once an affordable condo in Alabang into an enticing property for lease? How do you increase its value without breaking the bank? Well, ask no further and take a look at the list of condo renovations below that may be worth the investment.
1.) You can never go wrong with a fresh coat of paint
Sometimes, all you need is a dash of color to inject freshness and improvement into your condo unit. Indeed, you can never underestimate the power of fresh paint. That said if the condo you wish to lease out has paint that is already worn or thinning out, make it a point to dedicate a weekend to repaint it. Applying a fresh coat of paint is one of the simplest and most affordable upgrades you can do. It also comes with the most significant returns. However, to do an effective job, you may want to consider painting your walls in a different color other than the typical eggshell white and off-white.
Modern homes are mostly painted grey as this is considered by many as the new neutral. If you intend to lease a furnished condo, white furniture against a gray wall can bring out an ultra-chic and dramatic effect.
2.) Beefed up security
Condos in the Philippines come equipped with surveillance cameras to complement the security personnel roving around the community 24/7. However, adding another layer of security to your rental properties will entice even more prospective homeowners to lease from you.
Installing surveillance cameras that can be accessed and controlled remotely through smart devices such as smartphones and computers will make your rental property even more appealing. This is especially true if you are looking to lease your property to working parents who typically leave their toddlers at home with nannies or babysitters. This is also true for renters who are away most of the time and who wish to check on their how every so often.
3.) A well-decorated fancy entrance
The entrance to one's home is what often leaves a mark and a lasting impression on visitors. That said, you should consider thinking of ways to make the entryway of your homes more appealing to the eye. Apart from the typical furnishings that add to the overall aesthetic of your entrance, consider adding a keyless entry. Potential renters will be wowed once they observe how you have added another layer of security to their potential home. Apart from that, having smart locks are also worth the investment and can increase the value of a property. With all these, your prospective renters would not need to worry about any duplicate keys previous tenants may still be holding on to.
Moreover, they are given an extra layer of protection by configuring the technology to respond to only the people living in the condo.
4.) Go modern with your kitchen
It does not require you to do a complete renovation of your kitchen just to modernize it. You need to be realistic with the cost and its potential returns. Your kitchen, no matter how nice it looks, can be a deal-breaker if it's messy and unkempt.
With that in mind, be sure to give the kitchen a thorough cleaning. Once you are done with that, remodel it by adding a small counter or island. If the expense may seem exorbitant, consider getting a counter with wheels. Update the tiles if they are cracked and old, and replace them with granite if possible. Spice up the knobs and repaint your kitchen cabinets. You may also want to consider installing pull-out dish shelves, which your tenants will appreciate if they are looking to save space.
5.) Add more storage
You can never go wrong with a property that has more than enough storage. A good and indispensable condo design tip for landlords is to always add storage. However, before you stock up on bulky and expensive ones, you can simply opt to mount floating cabinets, crates, and palettes to serve as inexpensive DIY shelves. Keep in mind that storage is paramount in the kitchen as well, so be sure that your tenants have more than enough storage space for their kitchen needs.
6.) Give your bathrooms a little flair
While this may not be true for all tenants, the bathroom can be one of the places where they spend the most time at. After all, this is where one can relax and rejuvenate themselves. If you are leasing your condo unit, this is an area where you may want to improve. Not to worry, there is no need to do something drastic such as installing a bathtub or a jacuzzi; just do minor but beautiful changes that your tenants will appreciate. If the tiles need no touch-up, repaint the non-tile areas that require a retouch. Give your bathrooms a little more flair and panache by updating the faucets and adding fixtures such as towel hangers, an ornate mirror, floating shelves for toiletries, and even a magazine rack would do. All of these will surely impress potential tenants.
7.) Give your property the smart home touch
Smart homes are popular for a reason. They make everything convenient and give homeowners complete control over their properties. Outfitting your condo unit with innovative home technology is one of the surefire ways to increase its resale value should you decide to put it up for sale in the market. Automating your home allows you to have full control of the lights, appliances, thermostat, and so much more from a distance. As a result, potential renters will be excited—particularly in terms of savings in electricity.
8.) Ensure that everything is in working order
All of your unit's appliances and pieces of furniture will contribute to increasing your condo's value; semi or fully-furnished units cost so much more than bare ones because the burden of turning a space into a livable dwelling is no longer a tenant's responsibility. However, if you intend to capitalize on furnishings, be sure that everything is not only in working order but in top shape as well. It makes no sense to have an air conditioner in your unit just to not have it work. Be sure to check every piece of furniture and appliance you have in your unit before putting it up for sale or rent.
9.) Spruce it up
At the end of the day, you can have all the furnishings, fixtures, and upgrades that would make for a great home, but if the place is not clean, you are not going to have any luck. Your rental property does not have to be immaculate, but you do need to make sure that every corner is cleaned and well-maintained. Make sure that there are no stains in the bathroom, kitchen, or walls. Take a look at the ceilings and see if there are any odd formations that may need your attention. Also, pay special attention to the windows, and ensure that the carpet and sofa are cleaned and vacuumed if you are offering a furnished unit for lease.
In a competitive industry, doing some easy fixes and upgrading your condo is imperative. Keep in mind that renters have a lot of properties to choose from, which gives them all the power. As a landlord or seller, it is now your responsibility to make sure your property stands out. You do not need to break the bank in doing all these small fixes, just adding a little flair and extra here and there will be enough to make prospective renters remember you and your property.