Renting out a condo to long-term tenants is your best option in boosting your income from property investing. This ensures a steady stream of rental income for several months or years. Generally, a “long-term” lease runs for at least 6 months.
As a landlord, it's your job to make your condo space appealing to attract the right tenants. You'll need good paying tenants who'll take care of your property with diligence expected under the law. One effective way is to dress up the unit and equip it with condo appliances. These include an energy-saving refrigerator, a laundromat with dryer, and kitchen essentials.
Here's a landlord guide to must-have appliances for your DMCI Homes condo.
An energy-saving refrigerator
There was a time when a television set is a staple in every household. Today, a home may not have a TV or a radio, but there's always a refrigerator. Mini fridges and compact refrigerators are in demand in studio condo homes. These portables can store a bachelor's food stock for a week. If you're renting out a larger space, obviously, you'll need bigger appliances.
What to look for when buying a refrigerator? Check out energy-efficient models that save at least 20% on energy. The newer models promise energy savings of up to 46%. Choose one that features a mold-free and odor-free interior, which will surely impress prospective tenants.
A reliable air conditioning system
Prospective tenants, especially those in the metropolis, consider the ventilation when choosing a new home. The summers can be unforgiving so it's important to keep your condo unit comfortably cool at all times. Install a reliable air conditioning system. Inquire about the recommended aircon that matches the size of your condo unit.
There are different types of aircon you can choose from: the traditional window type, split type, and floor mounted. Most condos feature the split type, which is compact and consumes the least consumption. It can easily be installed – by boring a small hole on the wall. Buy a model that features low wattage, a timer, and Eco Mode.
An all-in-one laundry machine
Do you know one common reason why prospective tenants hesitate from signing a condo lease contract? The lack of laundry space. Not everyone is keen to bringing their stuff to the laundry shop. This may be a convenience, even cost-efficient for bachelors, but not for families. If you want to attract long-term tenants, equip your condo unit with an all-in-one laundry machine.
Check out compact washers/dryers with 2.3 cu. ft. capacity. The newest models allow pre-wash, rinse and spin, time delay wash, extra rinse, and steam. These include an internal heater, ventless condensing dryer, and various drying levels. With such a high-tech appliance, your prospective tenants will surely sign up for a long-term lease.
A high-quality range or cooktop
Long-term tenants, unlike transient renters, will do a lot of cooking. Attract tenants by furnishing your condo unit with a high-quality range or cooktop. A range features a cooktop area, which includes gas or induction, and an oven. You can choose from among various sizes that match the kitchen. A cooktop is permanently built on a countertop. It can be installed on its own or with a wall oven.
A range or cooktop goes with a range hood, which eliminates smoke and steam. It can also prevent the accumulation of grease. A range hood is a must in tight-space condo homes. What to look for in buying this appliance? Check the maximum air capacity that matches your kitchen (you can ask for assistance from the home depot staff) and choose one that features slide control and washable filter.
A home entertainment system
Prospective tenants don't typically expect a condo home to be equipped with an entertainment system, except when it's fully-furnished. But you can add this feature to increase your chances of signing up a long-term tenant. A basic home entertainment system includes a flat screen TV, DVD player, and speakers. It's important to buy top-rated speakers. “While audio and video standard change all the time, a good pair of speakers will still work in 10 or 20 or 30 years. They also have the biggest effect on the overall sound of your system,” according to Ty Pendlebury of CNET. Add a home theater receiver and you're all set.
Level-up a bit...
Aside from furnishing your condo unit with high-quality appliances, consider adding energy-saving fixtures. Install insulating windows and a duct system that allows the flow of hot and cold air throughout the condo space. You can also have water-efficient faucets, showerheads, and dual-flush toilets. Consider installing energy-saving LEED or CFL bulbs. Not only do they help save on energy consumption, but they're also good in keeping inhabitants' circadian rhythm.
Score a long-term lease by dressing up your condo unit with an appealing and functional design. It's important to know how to maximize every space and create a spacious feel in each room.
A few things to remember...
Before your tenants move into the unit, make sure you have a complete checklist of the furniture pieces, appliances, and fixtures. Include the condition in which these items are turned over and have the tenant sign the checklist. You must furnish a copy of the signed checklist and tenancy law to your tenant for her/his reference. Any damage or loss shall be charged on the security deposit, and the balance shall be paid by the tenant upon move-out.
Condo leasing is a recommended investment option. It offers a steady flow of income without requiring too much of your time and energy. How to rent out your condo in the Philippines? The key is in attracting responsible tenants looking for a long-term lease. Equip your condo unit with appliances and install essential fixtures that are of top quality and eco-efficient. Go the extra mile by dressing up it with beautiful interior design. Make sure your unit stands above the rest!