Friday, 16 January 2015

5 tips to enhance the rental price of your property

If you are facing the consistent problem of lowering rental values, then it’s better to take necessary steps to uphold its value. Let us take the case of Geetika Bajaj, a resident of Gurgaon who undertook smart and trending ways to add value to her apartment.

The 35 year old started renting out her 2BHK apartment from 2009 onward. She let out her flat only to single female working professionals and students. Each room was shared by two females at a monthly rent of Rs 10,000 from each, earning Bajaj a monthly fixed income of Rs 40,000. In February 2014, she realized that tenants were not willing to pay the same amount and the market value of her flat was going down.

One of the best ways to beautify and enhance the worth of your rental property is by communicating with the tenants about potential improvements. “To find out the actual reason, I decided to meet a few of my previous tenants to understand the basic issues faced by them. They told me about the ugly cabinets in the bathroom, poor quality of the sink and stained glass windows had made them vacate the premises,” says Bajaj.

Below are 5 tips that Geetika implemented to enhance the rental value of her apartment:

Sometimes landlords forget the basic home improvement technique i.e. simple cleaning up. It’s always better to check with your tenants and take their feedback to know the areas that require cleaning. For this you need to get the right cleaning products and tackle the job.

Being Artistic:
The best and inexpensive improvement you can add to your flat is by adding simple artistic elements. Adding artistic wall paintings, designing walls with creative graffiti, wooden racks to place books and common bean bags may seem simple, but you would be amazed to see the results.

Reinventing Rooms:
A fresh coat of paint can do wonders! Sometimes adding vibrant colors creatively to the dull and boring rooms can help in a complete makeover. Geetika says, “I just used two bright neutral colors, two quick coats on the walls of my apartment and found an appealing room, which also gave an impression of being larger.”

Kitchen and Bathrooms:
Sometimes, we often forget the two most important rooms in the house i.e. the kitchen and the bathrooms.

Few significant facts to ensure and beautify both these areas:

  • Hard scrubbing of the floors
  • Replacing ugly doors and cabinets with new units for a neat look
  • Ensuring areas around the sink and refrigerator have no marks and look hygienic
  • While replacing refrigerator, tubs or sinks, check for scratches and dents to maintain and repair if required

Are the windows dirty, ugly or weak? Sometimes replacing the stained glasses of the windows is enough to do the trick. All you need to ensure is that the windows you replace are sturdy and worth installing. One can also match the window and curtain colors to give an all new look.

So as a landlord, check where your flat is lacking and needs to be improved and add to the value by taking care of the basics!

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