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Planning to rent out your property to bring in extra income? In a market where stiff competition is the norm and where tenants are being spoilt for choice, how do you edge out the others and avoid the long waiting period of finding renters?
Experts in the real estate field advise anyone who is planning to put his property in the rental market to conduct a thorough inventory of the house to spot problem areas. This is imperative as prospective tenants might be put off by a leaking toilet during the first viewing. Ensure you probe every nook and cranny of your property that requires an overhaul, and this includes the balcony, garage, swimming pool, storage area and garden.
Some property owners detest the idea of shelling out money for repair, renovation and repainting jobs, but these prove to bring positive return on investment. Replace broken fixtures and bulbs, loose or chipped tiles and chipped kitchen worktops; repair dripping faucets and showers, leaking ceilings and toilets, cracks and holes on the walls, and blocked drains. Everyone knows that a good lick of paint does wonders to any home; use neutral colors when deciding to give any room a fresher look. If your budget still allows, renovation is the easiest way to update your property. This can be in the form of adding more storage like kitchen cupboards and built-in wardrobes, freeing up space to give a room a less-cramped feel, or changing the layout of the interiors. It is also important to upgrade your property’s lighting, HVAC and plumbing systems.
Keep everything spotless. Make sure the kitchen and the bathrooms are spanking clean as these are the areas that tenants primarily check. Get rid of clutter by throwing away old carpets and broken appliances and furniture, trimming the garden and cleaning the swimming pool. Throw in pest control in the process. You don’t want roaches parading on the kitchen counter while you’re showing off your property to prospective renters. It thus makes perfect sense to treat your property to a deep cleaning, especially if it reeks of cigarette smells and pet odors, by hiring a cleaning company.
Lastly, presentation matters so pay attention to detail. This means putting a vase of flowers in the living room and lighting scented candles where necessary. And if you do not have the time to entertain viewers, enlist the help of a RERA-certified letting agent.
• Do away with the nitty-gritty of finding tenants by enlisting a letting agent
• Renovation, repair and repainting jobs bring positive return on investment
• Hire the services of a cleaning company to give your house a deep cleaning
Source: Ellen Joyce Soriano, Special to Properties
The writer is a freelancer