By Mari-An Santos
Yes, you can turn your condo unit into a business opportunity. These five tips will help you get started earning back your investment.
So you’ve decided to use real estate as an investment opportunity. Before you commit and purchase a unit in a condominium development to lease out, though, make sure you know what makes a unit attractive to potential tenants. It’s a serious question, then: how do you make sure to get maximum returns once you decide to put your condo up for rent? Here are a few tips to take note of:
Location, location, location. You’ve heard it said many times that where your place is located is of great importance. This is definitely the case if you want to rent out your condo; people who are looking for a home will consider its proximity to commercial establishments and transportation hubs. If it takes many confusing turns to get to the building you’re considering or if it’s inaccessible by public transport, then your potential customer might find a more convenient place to rent. So before investing in a unit, make sure it sits in a prime location.
Spruce up the basics. Because the more affordable unfurnished units generally get leased out quicker than the more expensive furnished ones, keep your unit sparse but well-maintained. You could, perhaps, get a repainting job or change the floor tiles to gloss up your unit. But focus on repairs—make sure all the windows open and close properly, all toilets flush properly, drains aren’t clogged, etc.
Invest in built-in features. Aside from the basic walls, doors, and windows, a lot can be said about features that take into consideration residents’ needs. Many residential units nowadays are thoughtfully and practically pre-fit with built-in shelves, closets, and cabinets to help maximize the space. Watch out for these, because they are bonuses that you will surely appreciate.
Renting out a furnished home can raise your rental price. If you find tenants who will agree to a raised rent in favor of furnishing, at least make sure the appliances and furniture you provide are clean and in good working condition. But remember, if your target market is looking for lower rental rates, you might want to consider renting out your unit unfurnished.
Add value to your offer with the condo’s amenities. When you invest in a unit, find a development that gives residents options within the building. A pool is a must in developments nowadays. Add to that, a gym, walking paths, gardens, playgrounds for kids, even promenade areas. These are places that tell you that the developer cares about the overall wellness of the people living in the building.
Get professional help. Now it’s time to get some assistance to close the deal with the best possible candidate. Why not bring in the experts who are trained in leasing? Leasing Services by CVR assists unit owners by looking for good tenants, showing the unit to potential tenants, and negotiating terms of the lease, among others. CVR’s leasing team can definitely help you turn your condo unit into a business opportunity.