Renovating a rental property can be the best deal of your life.
Identifying improvements that increase the value of a home is a key aspect of renovating to invest.
I have been working for 6 years in the seasonal rental sector in Barcelona and surroundings, in all this time I have managed more than 5,000 contracts, more than 600 apartments, I have dealt with approximately 400 owners and thousands of tenants from all over the world. Sometimes when I put the numbers on the table I feel a bit overwhelmed, what a lot of work and situations have occurred over the years!
One of the issues that has always seemed to me to be most key in the seasonal rental cycle is usually at the beginning of the relationship with the landlord:
- I bought an apartment and I want to rent it for the season!"
- "I'm going to work abroad and I want to rent my house for months at a time because I don't know when I'll be back..."
- "I inherited my parents' apartment together with my siblings and we don't quite know what to do with it yet..."
- "I just bought this property and I'm looking for someone to manage it all, I have a lot of work and I can't keep an eye on it..."
These are the most common situations, but obviously they are not the only ones. Deciding to put an apartment for seasonal rental can also be due to vital changes, such as having children, reforms, divorces... In short, whatever the reason, the first question to ask yourself once you have decided to put the property for rent is this: How can I get the most out of my property? That is to say, how to make it attractive for the market we want to access. In this case the owner will have 3 options, to derive this work to a professional (interior design and reforms), to arrange it oneself or not to do anything. This last option is something that can only happen in very particular situations and I generally do not recommend it.
The priority is always that everything is in good condition, first we will check that everything works properly and that you can enter to live, then comes the aesthetic part.
1) For the first option, professional interior design, the owner has to count on someone who has already furnished investment apartments, it changes a lot to do it for someone in particular to update it with what is necessary to rent it for the season. In case this is the decision, from Beyondflats.com,we have several proven interior designers who can give good results to put the apartments in value with quick reforms and furnishings, so we will avoid headaches and lose marketing time.
Professional interior design is recommended when we have neither the time nor the desire to embark on these operations, it is more expensive, but still profitable.
2) The second option is for me the most cost-effective. With four details you can give a good facelift to an apartment without spending a lot of money, as long as everything works properly. The most important point here is to be clear that we are renovating to rent, we do not need to adapt it to our needs or our particular tastes. For us the most important aspects to modify,whenever possible, will be the following:
- Walls and doors: stippled walls and wood-colored doors are a thing of the past, they should always be avoided. This will considerably increase the value of the apartment, both for sale and rent. Avoid strident colors, go for white or very light pastel colors. Smoothing and uniformity are essential to bring cleanliness and spaciousness to our home. In the case of doors, changing the handles will also give a more modern look to the apartment and avoid problems with old mechanisms.
- Flooring: I know that wood is very popular, but when there is a flood or leak you will remember this recommendation. Imitation wood ceramic floor is the solution, same appearance and much more profitable over time, plus we can put it in kitchens and bathrooms without fear and we will save wood maintenance.
- Bathrooms and kitchen: They are usually expensive items, but the effect that a bathroom or a kitchen has on the decisions of the interested parties are basic, if we can remove bathtubs and put showers or replace the countertops and hoods we will gain a lot and we will put our property at another level of income, we can talk about 300 - 400 € of difference in income in many cases. The investment is recovered quickly.
- Furnishing: Eliminate old furniture as much as possible. It is possible to furnish cheaply and tastefully. Keeping in mind aspects such as chromatic homogeneity or looking for organic shapes in the decoration, will give us differential touches that highlight the property above other similar ones. Finally, not skimping on a good sofa or putting double beds in all rooms where they fit will allow us to be much more attractive, have prices between 100 and 300 € more and better percentages and occupancy.
With so much experience behind us, if you need advice on how to renovate and furnish your apartment, do not hesitate to contact Beyondflats.com, we will explain how to get the maximum profitability out of your property with the lowest possible cost.
Alex Eguiruren
