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There’s more to adding value to your rental property than a sturdy foundation or costly appliances and gizmos. You don’t need to drop huge sums of money to turn your condo into a valuable commodity. You just need to apply a little imagination and elbow grease.
By the time your condo is ready to hit the market, you should aim for a space that invites potential renters inside and dare them to picture a life among its walls. With minimal investment, you can potentially add thousands to the overall value of your home. All you need to do is decide how you would like to add value to your condo.
Whether you’re preparing to sell or you’re hoping to nab a renter, here are some tips that can help you add value to your condo.
But first, if you are looking for the funds you need to add value to your condo through updates and renovations, click the link below to book a free strategy call to discuss how you can use your existing equity to add value to your condo..
If it’s unnecessary, it should go
It’s not a bad idea to lightly stage a condo when you’re hoping to attract a renter. Whether they’ll be using the furniture or not, a few items around the condo can give the home a comfortable, lived-in feeling that potential renters find enticing. That said, it can be easy to go overboard, so make sure that minimal is the name of the game.
If you’re currently living in a condo that you plan to rent, this is the perfect opportunity to get a jump on your packing. Strip everything that isn’t necessary to keep the space functional and move it all to a storage unit. As much as you want the condo to feel comfortable, your goal should be to compel prospective renters to imagine living in the space.
Natural Lighting Will add value to your condo
As you’re clearing out the clutter from your rental property, make sure to get rid of any heavy window treatments or curtains. In addition to making the home feel less claustrophobic, removing these items will have another beneficial side effect: it can increase the property’s available natural light.
The more natural light available in your home, the larger space will seem when a renter is walking through. Natural light is an important factor for many prospective renters. If they should choose to add their treatments once they’ve moved in, that’s entirely their decision.
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Get the place professionally cleaned
You would be utterly amazed at how cost-effective a professional cleaning crew can be. If you’re renting or managing several properties, some cleaning pros will even make long-term deals in exchange for a reduced per-assignment price. Fledgling entrepreneurs may be tempted to save a few dollars by skipping the professional cleaning service, but that’s ill-advised for two reasons.
First, cleaning your condo in preparation for sale or rental is tough work. It’s several times more complicated than the cleaning job you do on your own home because you have to make every inch of every room sparkle. And that means every inch. You’ll have to clean in cupboards and cabinets. You need to clean the back of your pantry and the top shelves in your closets. It’s hard work.
Secondly, professional cleaners will have the tools and expertise to scrub your entire property until it’s cleaner than you thought possible. Cleaning well is different from everyday cleaning, and only a real professional understands the distinction.
Update your light switches
This is a really small tip, but it makes a big difference. Consider walking through your property to examine the condition of the home’s light switches. It’s easy enough to replace any damaged or ageing light switches without professional assistance.
What’s more, it only takes a moderate level of electrical competence — and an eye on safety precautions — to turn a traditional on-off switch into a dimmer switch. Dimmers add a customizable level of ambient lighting sure to appeal to any potential renter or buyer.
Assess the state of your floors
Though upgrading your floors may be one of the more costly items on this list, it’s hard to overestimate how you can add value to your condo with fresh carpets or clean hardwood.
If you have carpets in your home, you should walk through the condo to examine the general state of the carpet. Are the carpets in your property starting to look thin? Are there noticeable frays or scratches? If so, you should consider replacing your carpets entirely. If the carpet is in acceptable condition, however, a thorough cleaning should restore them to almost new.
Hardwood presents something less of a challenge. Unless your hardwood floor is beginning to crack and dry out, you should only need to have it thoroughly cleaned and sealed. Buff any scratches to ensure it is in like-new condition.
Add a new coat of paint
Regardless of what colour you’ve carefully chosen to accentuate the room and your furniture, it would be best if you seriously considered repainting the walls a neutral colour like eggshell white. By removing your personal touches to a given condo, you allow a prospective renter or buyer to think about how they can personalize the place to suit their individual needs. If you love colour, try to stick to as neutral a palette as possible.
Spend time on your kitchen
The kitchen is, hands down, the easiest and least expensive room to update. There are endless opportunities to customize. If you have the disposable income, purchasing new appliances for the kitchen can add vast amounts of money to your condo’s value.
If you’re hoping to save some investment capital, there are still plenty of improvements that are easy to implement. New handles or knobs on the kitchen cabinets and cupboards can value to your condo to the tune of 100s of dollars. Adding a new faucet is also easy for first-time plumbers. There are plenty of DIY hacks for updating your unit’s most important room.
Ramp up your storage space to add value to your condo
One of the primary drawbacks of condo life (at least in the minds of renters) is the lack of storage space. When you add value to your condo, you can take the time to improve the available storage in your home.
A great place to start is with closet organizers. There are innumerable variations on the modern closet organizer than can add storage space and add value to your condo.
Making improvements to your condo can translate into a lot of cash when it comes to renting or reselling. Don’t be afraid of the price tag – even the smallest improvements can go a long way.
Once again, if you are looking for the funds you need to add value to your condo through updates and renovations, click the link below to book a free strategy call to discuss how you can use your existing equity to add value to your condo.