How to increase rental request for an old apartment BY DENNIS ISONG

Dennis Isong helps people invest directly in real estate

Almost all of the states of Nigeria have several old apartments that have existed for decades. Some apartments are being demolished while others are being refurbished. But no matter how old your building is, if you do the right thing, the renters will come and get it.

If you wonder why people are leaving your home or don’t value it much, you may have to ask and, most of the time, they are even glaring at you.

A house popularly known as four apartments in Lagos was built 30 years ago. Imagine the cost versus now and compare the market value.

But the problem was that the sons of the boss (now late) who built it didn’t care much. All they wanted was just the rent payments. Gradually, the renters began to leave the place for a better place. When the property was left for over a year with no occupant, they decided to sell it. The lucky buyer who saw a greater perspective on the property stripped the property, renovated it and added all the modern comforts to it.

Within months, ownership became the talk of the street. It didn’t take until a month for the apartments to fill up with tenants.

Sometimes, homeowners hardly realize they are sitting on gold. You can improve your property in various ways that could attract renters to you.

  1. Renovate the property

One of the ways to make your rental property attractive is to renovate. Of course, people prefer and gravitate towards homes that look new. A remodeled property has a better chance of attracting the attention of potential renters.

  1. Use modern facilities

When you renovate, don’t miss out on the modern facilities. For example, if the property has a terrazzo floor, you may need to switch to tiles. Houses with pit toilets can be changed to WC (WC). There is a lot you can incorporate into your property that increases property value and attracts renters.

  1. Be creative / start an engaging business

You could set up a shop at the front of the property where you take it out to someone who wants to sell every household item. Having a shop like a mini mart on your property attracts renters because no one likes to go through the stress of buying what they need outside their vicinity. If your property has a mini-mart, it’s sure to get tenants ahead of schedule.
Also, you can create a view center depending on the size of the property.

  1. Paint with an attractive color

Colors are vital parts of a building. Good and attractive painting draws people’s attention to the property. Of course, we have eyes for beautiful house colors and this should be considered in the renovation process.

  1. Don’t make the initial payment too expensive

As you rent your property, there is a temptation to want to put the price on the high side because you are considering how much you have invested in it. Yes, people might be interested but they probably take longer to rent if it’s too expensive which is not good.

  1. Consider buying a central generator

This can be a big plus for your rental property. No wonder we live in a country still struggling with power, having a centralized generator in your rental property isn’t a bad idea. For this alone, renters will be more interested in your home than any other home on the street.

  1. Create a coherent water system

In some communities, water is a major problem. Water scarcity occurs due to some factors. The only viable solution to this problem is to install a drilling machine. Renters can do anything to be in a home where water supply is constantly available.

  1. Make it look neater

You have to see some houses and how extremely dirty and unkempt they are. It is an extreme sport that attracts interested renters. A home with a dirty environment is a huge turn on for potential renters. To be realistic, it is degrading to have a house that looks haunted mostly because of the dirt, clogged and stacked dirt that has blocked the drainage system.

Dennis Isong helps people invest directly in real estate. For questions about this article or for information on real estate. Email: [email protected] or Whatsapp / Call +2348164741041

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