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From waterfront villas to swanky apartments, the UAE is witnessing a surge in new residential stock. So how can you make your 10-year-old property stand out and attract tenants who are not swayed away by glitzy new homes?
According to real estate experts, landlords should look at investing a year's rent in upgrades every five years so that the tenants are willing to pay higher rents. If you are not willing to make big-ticket investments, you should spend one fifth of your yearly rental income in refurbishing your property every year.
To give your house a facelift in order to attract new tenants, bathrooms are always a good place to start. Being the most intimate sections of the house, tenants can be put off by their dull look. Ring in changes by replacing broken/chipped countertops or flooring tiles. Introduce modern shower enclosures which can make the room look airy.
Kitchens most often prove to be deal makers or deal breakers not only while renting but also during selling. The items that require attention when sprucing up this crucial zone include cabinets, countertops and backsplashes. Even lighting plays a key role in brightening up the area. Opt for recessed under-cabinet lighting to add visual appeal, while pendants can illuminate the work spaces near the sink and the kitchen island.
Both bathroom and kitchen tiles – whether on the floor or on the wall – require glazing to retain their sheen from time to time, and these are essential parts to be improved or upgraded before inviting prospective tenants.
If you are looking to create more space for your tenants, room dividers are a good ploy. Sliding panels and decorative screens made of wood, glass and even metal can break up a large living room into two parts.
Though polishing of tiles and introducing room dividers do not require the nod of the developer, when you are planning major work like breaking down the granite top to place a new cabinet or replacing a bathtub with a walk-in shower, you require an NOC. Thus, it is always advisable to seek the nod of the authorities before taking the plunge.
Other ways of attracting tenants to your rental property are repainting the house, replacing old fixtures, rearranging the furniture and upgrading the landscaping.
• The bathrooms and the kitchen are the first to attract attention from tenants
• Proper lighting is an essential tool to enhance the visual appeal of a kitchen
• An NOC from the developer may be necessary for any major structural work
Read more on the process of vetting prospective tenants
Source: S. Dhar, Special to Properties
The writer is a freelancer