8 Furnished Condo Must-Haves to Increase Rental Income
Condominiums are lifelong investments. But while the value naturally goes up, the rate of how high it can get depends largely on the owner and the care he gives his condo. Whether the condo owner intends to live in it, pass it on to his kids later on or put it up as a condo for rent, he should allot enough budget for its maintenance, and upgrades.
Earning rental income is a common reason behind purchasing condos. It truly is a tempting proposition: you buy a condo on a loan, have it rented out so that the renter pays your mortgage, and then you still own the unit for good. But if you want to get the maximum rental income, you have to make sure your condo is the best out there. Sure, they all look like boxes from the outside, but what matters is your potential renters’ lasting impression.
One of the tips for increasing your condo leasing income is by furnishing your unit. This means the renter would only need to come to the condo, unpack his clothes, and nothing else. What are the must-haves for a furnished unit if you truly want to earn from renting out? Here are some of them.
Back to basics
Think of what you’ll need to live. Your tenants would need appliances to make their life easier and furniture to keep them comfortable. Now, put yourself in your potential renter’s shoes. What else do you think they’ll need?
Start in the kitchen. Invest in a nice stove top and a range hood. Get a medium-sized refrigerator and a basic microwave oven. Make sure there are no cracks on the countertop and the kitchen cabinets are newly-painted.
A multimedia set such as a TV and speakers in the living room are also sure to increase leasing income. In the bedroom, make sure there’s a comfy mattress, air-conditioning unit, and a built-in cabinet or dresser.
Stick with (multi)functional furniture
Apart from appliances, invest in multifunctional furniture — pieces that serve more than just a single purpose. Condo living may be about style, but it is also about function.
A couch that can be turned into a bed for extra sleeping space, a kitchen bar that you can move around the house, an ottoman with storage space, or a side table that you can turn into a home office would be nice. The best home furniture tip for condos for rent is having all the right pieces at the right spaces.
Get smitten with the kitchen
Whether your potential renter cooks or not, the kitchen is usually a deal breaker. In regular condo layouts, the kitchen is part of the whole dining section, making it a high-traffic area. This means that everything has to look good.
A nice and functional kitchen is a great investment if you truly want to earn from renting out your properties. A basic countertop upgrade, newly-painted cabinets or shelves, and a clean floor will add value to any home, whether it’s for lease or for sale. Owners and potential landlords are advised to keep the wall paint in neutral shades to make the condo kitchen look bigger.
Never underestimate the bathroom
A messy bathroom is another deal breaker for most renters. It is their own private space, and it reflects the personality of condo dwellers. Make sure the shower head is not rusty and old. Update your fixtures and countertops. Mount a mirror to make the space look bigger. You don’t need to have a bathtub, just improve on the things you can.
Go easy on decorative ideas
First impressions are everything. For the first few seconds that your renter is surveying your condo, he is already formulating conclusions in his head. You want those first few seconds to be well spent.
Keep the look natural with nude or light gray or white backgrounds. The idea is to make the unit feel bigger and more spacious. Neutral tones also give the dweller more freedom to work on his/her own condo’s design.
Surprise with storage
What condo units lack in square footage, you can make up with clever storage ideas. This is one of the surefire tips for increasing your condo leasing potential. A durable rack in the pantry, a storage underneath the bed, pull-out drawers, hooks on the kitchen cabinet door, bins and baskets — go for whatever you think is most space-saving, cost-effective, and actually functional. Remember that potential renters would visualize where they will put everything, and giving them enough storage space will make them feel like the condo is truly a perfect fit for them.
Drama with lighting
Renters should feel good about the property. And while most landlords focus on furniture and appliances, one of the effective tips for renting out your condo and maximizing your income is to invest in good lighting. Lights add drama to a space. It can also make the space look bigger and more airy.
Not expected, but highly appreciated
Small things can make a big difference. Furnish your condo with things that renters wouldn’t expect — coffeemaker, cute fruit basket, a painting, potholders, and mugs. These are not expected, but will be highly appreciated. You don’t need to spend a lot on these small items, go for frugal solutions when decorating the condo with furniture on sale and DIY decor. Sometimes, it pays to go beyond the basics. These “small” things would show your thoughtfulness.
Get the most out of your condo for rent by making valuable investments. When you furnish your condo, think as if you are going to live in it. Don’t forget the basics, but don’t hesitate to go beyond. Just make sure that your rates remain competitive and reasonable.