Most people wrongly assume that investing in property is an easy game. There’s a belief that landlords simply need to hand over the cash and put their feet up as the money rolls in. While this may be true for investors who can afford to have a full-time team working for them, smaller-scale investors don’t have this luxury.
In reality, investing in property can be a difficult task, and this becomes even harder when investing in serviced apartments as you will have to deal with multiple tenants under one roof. If you don’t own the building, you’ll also have to accept that some things are out of your control but that won’t stop them from impacting your property’s value.
Below are a few areas that you can focus on to increase the value of your property if you rent out an apartment inside a block of serviced apartments.
Interior Design
The obvious place to start is the interior of your apartment. Regardless of whether you own one apartment inside a block or you own the full building, you’ll be responsible for the interior design of your home. It’s important to keep up with modern trends so you can offer stylish decor to interested tenants.
Regular touch-ups will ensure your flat or apartment doesn’t become dated which can drastically impact viewers’ first impression and the amount they are prepared to pay to live in the property.
Amenities
You will find that the amenities on offer can greatly vary from one block of apartments to the next. As a property owner, this is one area you can get the upper hand on other properties in your area.
Consider things like cleaning services, laundry facilities and fitness options. These will have an enormous impact on people’s lives and will allow you to charge a higher fee compared to similar-sized apartments that don’t have these options.
Obviously, it can be hard to implement some of these amenities if you don’t own the building although there’s nothing to stop you from offering a cleaning service as part of the rental fee. If you do own the building, you can explore making structural changes to add a gym and a laundrette which would make the apartment far more attractive and valuable.
Maintenance
One of the biggest challenges when investing in serviced apartments is the ongoing maintenance that the building requires. If your building develops a reputation for being poorly maintained, this will turn tenants away in the future.
It can be worth keeping strong relationships with plumbers, electricians and even a lift company if you own a larger building. This way, you should be able to act quickly if any issues arise within your building.
Safety
An increasing concern in recent times is safety, and as a landlord, you become partly responsible for the safety of your tenants. Adding CCTV to the exterior of your property will act as a deterrent, offering extra peace of mind for anyone who lives there.
With higher-value properties, tenants may expect an extra level of security such as 24/7 guards or doormen who can verify every visitor.
Marketing
The final thing to consider is the way you market the property. If you get your marketing right, you can increase the people’s perception of your property without actually making any changes.
For instance, if your property is close to local amenities such as schools and train stations, clearly communicating this to interested tenants will increase their perceived value of the property.
Putting time and money into advertising your property should also attract more interested parties which could create a bidding war and allow you to charge a higher price.