04 May Renovation to improve rental opportunities
When you buy a house or flat with the intention of renting it out, it is important to remember that doing some renovation can really improve your rental opportunities. You will also increase the value of your property. Renovating and choosing an interior design theme can do wonders for attracting potential tenants. Moreover, not all renovations have to be big either. For example, making some small or medium size changes can make a world of difference. Here are some of our tips on how to use renovation to improve rental opportunities in Barcelona.
1- Add or convert a bedroom
It has been proven that the best way of increasing rent prices is increasing the amount of bedrooms in the property. If you have the means to expand, adding an extra bedroom should be a priority. However, if your property has an extra space, it may be helpful to consider converting it into a bedroom.
2- Add a bathroom
If you don’t have the space to add an entire bedroom, adding a bathroom or ensuite can do wonders for rental opportunities. Many people object to sharing bathrooms, especially if multiple adults live in the property and the competition for bathroom time is fierce in the mornings. Many renters are willing to pay more to not have to deal with that.
3- Update bathroom and kitchen
The previous 2 tips were big projects, but if you can’t make those happen, a smaller investment with great payoff is updating the kitchen and bathroom(s). This can be as small as painting the cabinets and replacing or updating tiling, or as big as replacing the appliances. Brightening up and modernizing these spaces can really increase shelf appeal to potential renters. You want the renters to feel like they could easily live in the property and having revamped kitchens and bathrooms is a sure fire way to make that happen.
4- Built in storage
How many times have you heard someone praise the amount of storage in a certain property? More than a million I’m sure. People love storage. Built-in storage such as walk-in closets or extra storage cupboards immediately makes the value of a property immediately go up. Having a space to store seasonal items like Christmas decorations is a must for many renters.
There’s no bigger turn off than grotty flooring. If there are carpets in the apartment, it may be worth getting them professionally cleaned or even replacing them. You may even find hardwood floors under the carpeting which is always desirable. If there are laminate floors, replacing them with more updated laminate is an option. Nowadays there are so many options to choose from, you’re bound to find the perfect fit.
6- Air conditioning
It’s no secret that summers in Spain can be brutally hot. Having the option to turn on the A/C is a big selling point. While it may cost you money up front to have an air conditioning system or unit installed, once it’s working the cost goes to the tenant. This can make a property much more inviting, especially to international renters who are not as used to the heat.
At the very least, you should be updating the aesthetic points of your property. New paint is a given, but also consider changing the fixtures to give the apartment a new look. Replace older light fixtures with more modern ones. You can also remove old or rusty taps and doorknobs and give the whole place a facelift. This can make an older apartment into something with a lot more curb appeal.
If you need more help with renovation to improve rental opportunities, don’t hesitate to get in touch with Casamona! Experts in updating flats for rent, Casamona can make the process as easy and simple as possible for you!