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How A Landlord Can Increase Rental Value Through Renovations - Properties - Nairaland

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How A Landlord Can Increase Rental Value Through Renovations by cyborgng: 12:21pm On Sep 28, 2016
Rental value is usually a major consideration when a prospecting tenant seeks for a place to move in. Hence it is essential that a landlord ups his game if he is to lease out his property at an acceptable price. This article aims to give useful tips on how a landlord can successfully increase the rental value of his property with his renovations.

Many Nigerian landlord do necessary or systematic renovations on their property once it becomes vacant to attract new tenants who may likely pay more for the property than its worth just because the landlord has wisely pimped it .

Anytime a landlord wants to make more money on his property who comes up with various plans on how to make the house attractive for prospective tenants, so they won’t raise an eyebrow when he increases the rental value.

That notwithstanding, the question then is; what part of the house that’s is to be put up for rent the best for renovations and that’s for the landlords who don’t have so much to throw around. Or where is one’s money best spent to increase the value of the home or property? As it is budgets play a big part in a renovation. Some landlords blow their entire budget on one room and neglect the rest of the apartment.

Unless you have an unlimited budget, here are some helpful do’s and don’ts that should assist you when coming to the renovation decision.

1. Never proceed with aesthetic renovations when there are structural or plumbing/electrical issues with the home. Yeah! These aren’t sexy fixes but they should always be a priority when doing renovations. Let’s face it; there is nothing worse than redoing your master en suite and then having a roof failure and water damage to the ceiling etc. Invariably, It’s not ideal to start any renovation at all without a solid foundation/structure.
2. The biggest mistake made in renovations are the disconnects, an example being granite counter tops installed on 40 year old bathroom cabinets. You may consider this an upgrade but to a potential renter they see this as putting “lipstick on a pig”. If you are trying to rent out the house with just an updated bathroom to prove its worth, good luck. However, no sane person will want to pay so much for poor renovations especially when they have to be completely redone.
3. On a limited budget? Be smart! – consistent renovations are by far the best bet to increasing the rental value of your residential property and making high returns on investment. In other words, do some mild updating in all of the rooms. You would be surprised how fresh a home looks with new paint, light fixtures/switches. All of these will most certainly add value when the time comes to lease out
4. Changing a traditional floor plan of a home and creating a more functional one is great if you have plans to increase rent. Tearing a wall out can create that “open concept layout” one desires and it doesn’t have to be expensive.
5. Timeless design – when renovating, choose styles and fixtures that will remain current, what you like may not be appealing to the masses.
6. The kitchen is always the most expensive room in the house to renovate, so proceed cautiously! It can make or break the rental value of the property. So choose your layout, design and fixtures with care and hiring a designer for input, wouldn’t be the worst decision one could make.
So remember to always have a plan before starting a renovation. There is nothing worse than a half finished kitchen and no money left in the budget to finish it! Though what is obtainable for most landlords in Nigeria is that they collect money from a tenant in advance with promises that they would love-vendor up the apartment before they move in.

In all landlords should be wise with their renovations in their bid to increase the rental value of their residential property so as not to shoot themselves in the leg on the long run.

Learn more : http://9japroperty.com.ng/landlord-can-increase-rental-value-renovations/

2 Likes

Re: How A Landlord Can Increase Rental Value Through Renovations by snazzy5050(m): 6:45am On Sep 30, 2016
Landlords and renovation to make extra cash

2 Likes 1 Share

Re: How A Landlord Can Increase Rental Value Through Renovations by Tallesty1(m): 6:47am On Sep 30, 2016
Once a lawyer was travelling by train in A/c class. He was traveling alone!

Some time later, a Beautiful lady came and sat down on the berth opposite to him.

Lawyer was pleasantly Happy! The lady kept smiling at him! This made him even more Happy!

She got up and sat next to him! Lawyer was now bubbling with Joy!

She then leant towards him and whispered in his ear, "Hand over all your valuables, cash, cards, mobile phone to me else I will shout and tell everybody that you are harassing and misbehaving with me."

Lawyer stared blankly at her! He took out a paper and a pen from his bag and wrote: "I can not hear or speak. You write on this paper whatever you want to say."

The lady wrote everything what she said earlier and gave it to him! He took her note, kept it in his pocket!

He got up and told her in clear tones... "Now shout & scream!!"

MORAL: DOCUMENTATION IS VERY IMPORTANT.

18 Likes 4 Shares

Re: How A Landlord Can Increase Rental Value Through Renovations by Nobody: 6:47am On Sep 30, 2016
Cant landlords just renovate their houses and charge the normal rents? No need for the increament.

1 Like

Re: How A Landlord Can Increase Rental Value Through Renovations by Lincoln275(m): 6:47am On Sep 30, 2016
hmmm
Re: How A Landlord Can Increase Rental Value Through Renovations by ILoveToFuCcK: 6:47am On Sep 30, 2016
What about how an olosho can renew fυcktal value undecided


HIS ROYAL FUCKNESS i Love to fυck was here
Re: How A Landlord Can Increase Rental Value Through Renovations by Nobody: 6:47am On Sep 30, 2016
Some wont renovate and still increase the rent!
Re: How A Landlord Can Increase Rental Value Through Renovations by Pavore9: 6:48am On Sep 30, 2016
Renovations increases the value of the property.

1 Like

Re: How A Landlord Can Increase Rental Value Through Renovations by kindklemz(m): 6:48am On Sep 30, 2016
Great post,I have learnt a lot from this post.
OP,thumbs up
Re: How A Landlord Can Increase Rental Value Through Renovations by dfrost: 6:50am On Sep 30, 2016
Nice post, albeit I'll prefer renovating or fixing an apartment than allow the landlord do it.

They are always concerned with the money than safety of their tenants.
Re: How A Landlord Can Increase Rental Value Through Renovations by Sylvarresta(m): 6:50am On Sep 30, 2016
Tallesty1:
Once a lawyer was travelling by train in A/c class. He was traveling alone!

Some time later, a Beautiful lady came and sat down on the berth opposite to him.

Lawyer was pleasantly Happy! The lady kept smiling at him! This made him even more Happy!

She got up and sat next to him! Lawyer was now bubbling with Joy!

She then leant towards him and whispered in his ear, "Hand over all your valuables, cash, cards, mobile phone to me else I will shout and tell everybody that you are harassing and misbehaving with me."

Lawyer stared blankly at her! He took out a paper and a pen from his bag and wrote: "I can not hear or speak. You write on this paper whatever you want to say."

The lady wrote everything what she said earlier and gave it to him! He took her note, kept it in his pocket!

He got up and told her in clear tones... "Now shout & scream!!"

MORAL: DOCUMENTATION IS VERY IMPORTANT.
nice one, the lawyer wise like me
Re: How A Landlord Can Increase Rental Value Through Renovations by Heazy2015(m): 6:51am On Sep 30, 2016
Noted...
Re: How A Landlord Can Increase Rental Value Through Renovations by Techpaded(f): 6:51am On Sep 30, 2016
Will the landlord even have money to renovate in this Buhari era of "change"?
Re: How A Landlord Can Increase Rental Value Through Renovations by gist4kidsblog: 6:51am On Sep 30, 2016
Ok

Re: How A Landlord Can Increase Rental Value Through Renovations by sommyblaze(m): 6:51am On Sep 30, 2016
make I shii finish mbok!!! before I comment
Re: How A Landlord Can Increase Rental Value Through Renovations by Cutehector(m): 6:55am On Sep 30, 2016
Nice advice
Re: How A Landlord Can Increase Rental Value Through Renovations by Davash222(m): 7:08am On Sep 30, 2016
Tallesty1:


How is the lawyer going to prove that the lady wrote that

Just asking
Re: How A Landlord Can Increase Rental Value Through Renovations by armadeo(m): 7:46am On Sep 30, 2016
Lol.


Landlords are screwed business men. The higher the cash they can get wityh minimal input.

I have seen some cribs and was like WTF!! Yet people still live there.

Well always make sure minor things like light, plumbing and such work else...

OYO.

1 Like

Re: How A Landlord Can Increase Rental Value Through Renovations by Nobody: 8:11am On Sep 30, 2016
cyborgng:

Rental value is usually a major consideration when a prospecting tenant seeks for a place to move in. Hence it is essential that a landlord ups his game if he is to lease out his property at an acceptable price. This article aims to give useful tips on how a landlord can successfully increase the rental value of his property with his renovations.

Many Nigerian landlord do necessary or systematic renovations on their property once it becomes vacant to attract new tenants who may likely pay more for the property than its worth just because the landlord has wisely pimped it .

Anytime a landlord wants to make more money on his property who comes up with various plans on how to make the house attractive for prospective tenants, so they won’t raise an eyebrow when he increases the rental value.

That notwithstanding, the question then is; what part of the house that’s is to be put up for rent the best for renovations and that’s for the landlords who don’t have so much to throw around. Or where is one’s money best spent to increase the value of the home or property? As it is budgets play a big part in a renovation. Some landlords blow their entire budget on one room and neglect the rest of the apartment.

Unless you have an unlimited budget, here are some helpful do’s and don’ts that should assist you when coming to the renovation decision.

1. Never proceed with aesthetic renovations when there are structural or plumbing/electrical issues with the home. Yeah! These aren’t sexy fixes but they should always be a priority when doing renovations. Let’s face it; there is nothing worse than redoing your master en suite and then having a roof failure and water damage to the ceiling etc. Invariably, It’s not ideal to start any renovation at all without a solid foundation/structure.
2. The biggest mistake made in renovations are the disconnects, an example being granite counter tops installed on 40 year old bathroom cabinets. You may consider this an upgrade but to a potential renter they see this as putting “lipstick on a pig”. If you are trying to rent out the house with just an updated bathroom to prove its worth, good luck. However, no sane person will want to pay so much for poor renovations especially when they have to be completely redone.
3. On a limited budget? Be smart! – consistent renovations are by far the best bet to increasing the rental value of your residential property and making high returns on investment. In other words, do some mild updating in all of the rooms. You would be surprised how fresh a home looks with new paint, light fixtures/switches. All of these will most certainly add value when the time comes to lease out
4. Changing a traditional floor plan of a home and creating a more functional one is great if you have plans to increase rent. Tearing a wall out can create that “open concept layout” one desires and it doesn’t have to be expensive.
5. Timeless design – when renovating, choose styles and fixtures that will remain current, what you like may not be appealing to the masses.
6. The kitchen is always the most expensive room in the house to renovate, so proceed cautiously! It can make or break the rental value of the property. So choose your layout, design and fixtures with care and hiring a designer for input, wouldn’t be the worst decision one could make.
So remember to always have a plan before starting a renovation. There is nothing worse than a half finished kitchen and no money left in the budget to finish it! Though what is obtainable for most landlords in Nigeria is that they collect money from a tenant in advance with promises that they would love-vendor up the apartment before they move in.

In all landlords should be wise with their renovations in their bid to increase the rental value of their residential property so as not to shoot themselves in the leg on the long run.

Learn more : http://9japroperty.com.ng/landlord-can-increase-rental-value-renovations/

Hardship nor reach ur side abi? You dey give landlord advices to increase the hardship for Nigerians

Re: How A Landlord Can Increase Rental Value Through Renovations by mecussey(m): 8:13am On Sep 30, 2016
cyborgng:

Rental value is usually a major consideration when a prospecting tenant seeks for a place to move in. Hence it is essential that a landlord ups his game if he is to lease out his property at an acceptable price. This article aims to give useful tips on how a landlord can successfully increase the rental value of his property with his renovations.

Many Nigerian landlord do necessary or systematic renovations on their property once it becomes vacant to attract new tenants who may likely pay more for the property than its worth just because the landlord has wisely pimped it .

Anytime a landlord wants to make more money on his property who comes up with various plans on how to make the house attractive for prospective tenants, so they won’t raise an eyebrow when he increases the rental value.

That notwithstanding, the question then is; what part of the house that’s is to be put up for rent the best for renovations and that’s for the landlords who don’t have so much to throw around. Or where is one’s money best spent to increase the value of the home or property? As it is budgets play a big part in a renovation. Some landlords blow their entire budget on one room and neglect the rest of the apartment.

Unless you have an unlimited budget, here are some helpful do’s and don’ts that should assist you when coming to the renovation decision.

1. Never proceed with aesthetic renovations when there are structural or plumbing/electrical issues with the home. Yeah! These aren’t sexy fixes but they should always be a priority when doing renovations. Let’s face it; there is nothing worse than redoing your master en suite and then having a roof failure and water damage to the ceiling etc. Invariably, It’s not ideal to start any renovation at all without a solid foundation/structure.
2. The biggest mistake made in renovations are the disconnects, an example being granite counter tops installed on 40 year old bathroom cabinets. You may consider this an upgrade but to a potential renter they see this as putting “lipstick on a pig”. If you are trying to rent out the house with just an updated bathroom to prove its worth, good luck. However, no sane person will want to pay so much for poor renovations especially when they have to be completely redone.
3. On a limited budget? Be smart! – consistent renovations are by far the best bet to increasing the rental value of your residential property and making high returns on investment. In other words, do some mild updating in all of the rooms. You would be surprised how fresh a home looks with new paint, light fixtures/switches. All of these will most certainly add value when the time comes to lease out
4. Changing a traditional floor plan of a home and creating a more functional one is great if you have plans to increase rent. Tearing a wall out can create that “open concept layout” one desires and it doesn’t have to be expensive.
5. Timeless design – when renovating, choose styles and fixtures that will remain current, what you like may not be appealing to the masses.
6. The kitchen is always the most expensive room in the house to renovate, so proceed cautiously! It can make or break the rental value of the property. So choose your layout, design and fixtures with care and hiring a designer for input, wouldn’t be the worst decision one could make.
So remember to always have a plan before starting a renovation. There is nothing worse than a half finished kitchen and no money left in the budget to finish it! Though what is obtainable for most landlords in Nigeria is that they collect money from a tenant in advance with promises that they would love-vendor up the apartment before they move in.

In all landlords should be wise with their renovations in their bid to increase the rental value of their residential property so as not to shoot themselves in the leg on the long run.

Learn more : http://9japroperty.com.ng/landlord-can-increase-rental-value-renovations/

Play monopoly, improve properties
Re: How A Landlord Can Increase Rental Value Through Renovations by justmenoni: 8:29am On Sep 30, 2016
But na cash dem go take make the renovations nah, abi for ur side na paper?
snazzy5050:
Landlords and renovation to make extra cash
Re: How A Landlord Can Increase Rental Value Through Renovations by opalu: 11:52am On Sep 30, 2016
Thanks

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