When you provide rental accommodation, you must stay one step ahead of your competitors if you want your business to strive. One way you can do that is by redeveloping your property to answer your prospective tenant’s needs. By listening to the market and adapting your offering to tick your ideal tenant’s boxes, you will stand out above others.
As entrepreneur and real estate professional Steven Taylor acknowledges, your business is your livelihood, and it’s your responsibility to do all you can to make it successful; sometimes that means spending to accumulate. Tenants are always keen to look at bathrooms, and you will never go wrong by presenting them with a brand-new, redeveloped bathroom space. Avoid anything outlandish or brightly colored as it won’t appeal to everyone and will soon date. A fresh white suite is classic and neutral.
Kitchen redevelopments are one of the most visually impactful ways you can update your apartment. A new kitchen stands out from one that is older and dated, and it makes for a great selling point to be able to tell a potential tenant their new home has a brand-new kitchen. If you own multiple properties, you can also benefit from efficiencies of scale by purchasing multiple suites at the same time.
Become Energy Conscious
A different type of redevelopment is to not only change the amenities your apartment has but also how they work. In today’s energy-conscious landscape, being recognized as a green landlord is an accolade that can place you above your competition in many a tenant’s mind. Installing energy-efficient appliances and implementing green sources of energy will help broaden your appeal to people who proactively care about minimizing their impact on the environment.
These are just some of the ways you can redevelop your property to become more desirable to new tenants. Before you commission any development work, you should consult with an experienced contractor for advice on the best upgrades for your property.