Are you planning to rent out your HDB flat to have an additional income? With the competition around Singapore, it is ideal that you improve your space to close deals the fastest time possible. This should be done even before you get the services of leasing agents. But how are you going to do it? Do you need to spend a lot for repairs? Do you need to buy new furniture? What are the things you should prioritize? Or can you do some practical things and still get the biggest ROI from your HBD Flat?
Look no more because this article will give you the best tips to follow. Waste no time and let’s get upgrading!
If you want to increase your flat’s ROI, you have to improve the first thing that your potential clients will see. We are talking about the front door. Imagine seeing a door that is damaged and without enough locks or security features. It will leave a bad impression and obviously, you will have a hard time offering your home to renters.
You might think that there is a need to overhaul your kitchen to see improvements. Well, you are wrong. There are easy and low-budget tips you can follow right away. For example, why don’t you change lighting if it is darker or dim? Perhaps, add under-cabinet lighting and instantly see the difference. Another idea is to place beautiful rugs on your kitchen floor to add more character to the area. Lastly, you can add drawer organizers or pull-out shelves to maximize the space.
Unless your bathroom tiles cannot be resurrected, you can clean it and make it look like brand new with affordable cleaners or DIY solutions. Use bleach or make a solution with water and baking soda. Renters are usually particular with bathrooms and they want to get an HDB flat that is sparkly clean, looks brand new or well-maintained at least.
Walls and Floors
Check your walls and floors if these are in mint condition. Otherwise, spend money for it because in the long run, you can have it rented for a good amount of money. That means, you will get your ROI in no time.
Furniture and Appliances
Most renters would prefer an HDB flat that has furniture and appliance simply because it would be more costly for them to buy new ones. The trick here is to make sure your appliances are always well-maintained so it can last longer. Buy quality stuff so you don’t have to change it regularly. And remember, have an inventory of your things before you let your renters move in.
Fix Electrical and Water Lines
Avoid water leakage or electrical problems by having an expert evaluate its condition regularly. By doing so, you are also preventing accidents caused by faulty wiring or pipes. If such happens, your renters might get turned-off, and some of your appliances might get damaged. That’s another unexpected cost for you.
Just remember this if you want to get the biggest possible ROI for your flat. The more functional and visually appealing your unit is, the fastest that you’d get your investment. Start improving it by prioritizing the above and you will reap the result.