Renting out your property
Mirrors are magical in visually expanding space. Use them by the windows to reflect the outdoors, or on walls adjacent to areas that are narrow.
Do you have a property investment? How about starting with a small condominium unit in the heart of the city?
People are moving back to the city because the regular work and school grind are back. While many companies still operate within hybrid models, many others have started imposing more workdays onsite. Online meetings still abound, but face-to-face meetings are starting to gain a stronger foothold in our workdays, and our children are off to school at least four days a week.
Many of those who have moved out of the city during the pandemic have returned to live nearer their workplaces, going as close as finding space in the middle of the dense business districts to save on precious travel time.
Those already living at the fringes of the metro are considering relocating into the more central areas to save them the hellish experience of daily commutes, often traversed in longer travel times despite the short distance. If the traffic is any indication, then it appears that life has returned to the normal bustle of the pre-pandemic days.
Despite the urban struggles, property prices and rental rates continue to rise, including those for condominiums. The take-up of smaller yet more centrally located dwelling units is gaining momentum.
Although the economy still struggles from the pandemic, it will be no surprise if we can declare a full economic recovery by the end of the year. The business environment looks promising—hence, the demand for property. If you have been contemplating in investing in real estate, then now is the time to buy. If you already have one, or some, the market is ripe for leasing.
And if you’ll be putting your property up for rent for monthly liquidations, here are some ways you can make your space more attractive to prospective lessors.
1. Ensure that everything in your unit is in good working condition. Test your electrical systems, lighting, drainage and water supply, water heaters, range hood, and all other fixed appliances. Don’t forget to clean your range hood filters.
A properly functioning exhaust hood is critical for clearing smell and vapor in small spaces.
2. Look out for any small leaks or water seepage. Don’t ignore small leaks as they can give you or your tenant bigger problems with water and moisture being damaging to certain finishes. Inspect your flooring for any need of repair, especially areas near walls and windows where water seepage may have occurred.
3. Keep the units smelling fresh. If your unit is vacant, make sure to fill your floor drains with water as the p-traps in the pipes need to be filled in order to seal out the drain. Also run lavatories, sinks, and showers. If the drains dry out, they will allow the smell of sewage to leak into your spaces.
4. Invest in mirrors as these can give the illusion of space. Depending on how they’re installed, they can also reflect the outdoors, bringing in light and airiness to an enclosed space. This works best for apartments with limited window openings.
5. Evaluate the condition of surfaces. Consider a new coat of paint, re-grout your bathroom tiles, change sealants, or clean rust out of hardware. These take little effort but are visually significant and are some of the most inexpensive ways to freshen up your spaces.
6. When furnishing, consider cohesive colors and proper scale. Not everyone can afford an interior designer, but with much careful thought, a measuring tape, and a lot of patience, you can purchase the right pieces on your own.
Nothing screams “gross” louder than dirty tile grout.
7. Go minimalist. Invest in simple yet durable furnishing pieces. Too much design or detail can clutter a small space and make your rentable unit feel tight and busy. Let your tenant deal with adding details and personalizing their space.
8. Check your furniture, not only for aesthetics and wear, but for comfort as well. Foam sags and fibers become compact over time. Your seating may not just need re-upholstery, but it may be time to replace fiber fill or even the foam itself. If your cushions are loose, check on the web underneath for sagging.
Put yourself in the shoes of a prospective tenant. What would you be looking for? A clean and well-appointed apartment will attract someone who will want the same thing. Having a good tenant will help you in taking care of your investment.
The author is a practicing architect and one of the two Principal Architects at Asuncion-Berenguer Inc., an architectural design and interior architectural design practice. She may be contacted through her IG @isabelbasuncion
