You may not realize it yet, but your condo unit can be worth so much more. With just a few tweaks and design upgrades here and there, you can make it look newer and more attractive, which in turn boosts its rental value. You can squeeze a few more bucks out of it if you know the trick. So again, why settle for less when you can have more?
Of course, before you take a big leap and make drastic condo improvements, you should first understand your potential renters’ needs. You can’t expect a higher return on investment if you base the modifications on your personal taste alone. To help you gauge what’s in today, here are 15 condo upgrades that will make prospective renters want to move in to your unit immediately. Of course, being wise to what condo features lessees are looking for helps a great deal, as well.
1. Kitchen Makeover
You can also replace your old sink with a new one that is either made of deep porcelain or stainless steel. If you don’t want to spend a few bucks for these renovations, you can opt for simple enhancements like changing the lighting fixtures, replacing the cabinet door handles, and upgrading the kitchen faucet set. You can also repaint the cabinets--that shouldn’t be but, but it goes a long way to improve your condo’s value.
2. Painting Project No. 1
Color makes the world a better place. In the same way, paint makes any home a better place to live in. If the paint in your condo is fading, better get a fresh can and start repainting. What’s great about any repainting activity is that it can be done with the whole family. You can let your kids play around with the first coat of paint, and then you can do the second one for a cleaner finish. It’s a great activity that resonates with the Filipino values of family togetherness.
3. Bathroom Redesign
If you’re wondering how to increase your condo value without spending too much, you may have been sitting on the problem and the solution all along: the toilet seat. Bathroom renovation is something you shouldn’t put off if you want an immediate return on investment. Simply installing a new toilet seat and a pedestal sink can increase your condo’s market value. If it’s still in the budget, you can even replace the discolored or chipped bathroom tiles. If you can make the bathroom look impressive, the condo will look more attractive.
4. Appliance Overhaul
If you’re renting out a fully-furnished condo, you should consider replacing your old appliances with new, modern-looking ones. Invest on stainless steel appliances that give your condo a more edgy look. If you have the resources, consider replacing your dishwasher panels, washers, and dryers as well.
5. Windows of Opportunities
Another of the many cheap upgrades to increase the value of your condo is improving the looks of your windows. You can do this simply by changing the panes and painting the insides of the frames. It’s a truly cost-effective way to upscale your condo’s rental value.
6. Chilling Out
Every Filipino would agree that when it’s hot in the Philippines, it’s really hot in every sense of the word. That is why air-conditioning systems in condos are a must. If you don’t have it in your unit yet, better install one now. Prospective renters would want to know that the moment they move into your unit, they can enjoy the cool breeze from an air conditioner.
7. Mirror, Mirror on the Wall
If you want your condo unit to feel bigger and look wider, there’s a simple trick you can employ: installing mirrors on the walls. Because of their reflective surface, mirrors can create illusions. If you put them in strategic locations, they can give a lighter feel to the room.
8. Of Outlets and Switch Plates
Switch plates and outlets may be small in size, but that doesn’t mean they can’t be an eyesore. If your switch plates and outlets are dirty, give them a scrubbing or buy new ones. It will only cost you a few bucks so your wallet won’t bleed.
9. Redo It with Moldings
Adding moldings to your cabinets is one of those inexpensive upgrades that you can do right away without getting professional help. You just have to buy the right materials and have the right skills to complete this project. If you can measure, cut, and install, you can add moldings to your cabinets.
10. A Wardrobe in Every Bedroom
When you furnish each bedroom with a wardrobe, you’re lifting a weight off of the renter’s shoulders. Every bedroom needs a storage for personal items, and the fact that you have gone out of your way to buy the perfect wardrobe or closet that blends with the bedroom design is commendable in your renter’s eyes. If you already have a wardrobe in the bedrooms, check the handles and knobs and see if they need replacement. Sometimes, a shabby-looking handle is all it takes to ruin the charm of a room.
11. Floating Shelves System
One of the things that renters consider when hunting for a condo is the amount of storage space they can use. Prospective buyers of houses spend an average of eight seconds to make a decision—this statistics can also be applied for renters. It won’t take them more than 10 seconds to decide whether they like your unit or not, so unless they see what they want within that limited time, they won’t give your condo a definite yes. As such, it’s good to show off as much as you can to the prospect without looking desperate. You can invest on floating shelves to create the illusion of order and expansion. The more space a renter sees, the better.
12. Painting Project No. 2
Even tiles can be repainted now, so if yours need a paint job, hop on it at once. Again, remember to use neutral colors. Go for a color scheme that makes the condo look fresh and clean. The floor shouldn’t take all the attention. It’s only there to make all the other elements in your condo stand out.
13. Catch the Light
Lighting can make all the difference in terms of making your condo look more cozy, welcoming, and attractive. Make sure that all the bulbs in your condo are working. Also, check whether your lighting fixtures and the shade of your light bulbs complement the room’s look, style, and feel. Interior designers say that lighting should be the last element to put in a room because it’s the unifying factor that brings everything together. The lighting in your condo should make it stand out.
14. Shiny Hardwood Floors
The floors are also a major selling point when you’re considering to rent out your condo unit. Carpets may have been trendy before, but right now people prefer solid floors, particularly those made with hardwood. For one, hardwood floors are easier to clean than carpeted floors. They are also more resistant to wear and tear. Perhaps the best reason why hardwood floors are preferred by most is that they look more sleek and modern. If you have more money to spare, consider investing on hardwood floors, especially in the bedroom.
15. Leafy Decors
Who wouldn’t want to live in a condo that looks fresh and alive? Surely, prospective renters would love to see plants around your condo. Plants do not only improve the aesthetic aspect of your condo’s interior, the right kinds—like bamboo—also help filter the air. If you’re a practical person, this is a low-budget upgrade that you should definitely apply.
All of these upgrades will pay off in the end, so don’t worry about shelling out a few hundred bucks now. Just think of it as getting the most out of your condo. Once you get a solid return on investment, you can enjoy the fruits of your labor by pursuing other endeavors and indulging in other activities that will make you and your loved ones feel more fulfilled. Look far down the road—it’s always a win-win situation.