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Managing a valuable condo property is all about investing money in its regular maintenance and upkeep, in order to attract more tenants to your property. Getting the most value out of your condominium requires the right investments in the right place. Neglecting to do may result in the value of your property dropping or tenants leaving to go elsewhere. As a result, you’ll find that if you take the time to upgrade your existing condo property, it will attract more prospective tenants and increase your property’s overall value and appeal.
At Mareka Property Management, we’re an experienced condo property management company that specializes in condominiums and commercial properties. We bring professional expertise, innovation, and an inspiring vision when it comes to properly managing your condo property. We handled all the administrative work, which includes finding ways to upgrade and maintain existing rental units to a high quality.
Enhancing the value of your condo takes into account many different areas of your unit that may need work. Here is what you need to know to increase your condo’s value and start attracting more tenants.
How Can I Make My Condo More Valuable?
Making your condo more valuable can start by improving the common areas on your property. Condos are shared properties that are made more attractive when they have common areas such as gyms, lobbies, swimming pools, etc. Make sure these shared facilities are inviting and attractive at all times because even a little degradation can turn someone off that area. Lobbies and hallways should be clean and without any dilapidated flooring or walls. By keeping common areas pristine, you’re showing a classy professionalism to your tenants on a daily basis.
If there are certain areas or utilities of your condo in disrepair, utilize targeted upgrades to keep them in working order. To avoid having to deal with complaints from tenants, you should make routine inspections and upgrades of your condo unit’s individual utilities. Simple fixes like fresh wall paint and new flooring are some of the things you can do to ensure your tenant is enjoying their stay. The key upgrades in your kitchen (e.g. counters, fridges, cabinets, shelves) and bathrooms (e.g. toilets, bathtubs, water pipes) ensures your tenant’s daily needs are met and nothing is broken or dysfunctional.
Another way to boost your condo’s value is by updating the light switches and any recessed lighting in the unit. The cost of doing so is minimal and will give your rooms a cleaner and modern look. Replacing the door pulls on your kitchen cabinetry is another inexpensive way to increase the visual appeal of your unit.
What Adds The Most Value To A Condo?
The first thing that adds great value to your condominium is having great tenants. Adopt a rigorous screening process to ensure your prospective tenant can pay their rents on time and their behaviour won’t be a nuisance to others. By doing your due diligence in background and financial checks, you’ll be able to avoid housing any problematic tenants in your condo and maintain the reputation of your property in an area. As a result, mature and respectful tenants will be able to work with you very easily and will keep your utilities and rentals unit in great condition.
It’s also important to remember to maintain any damages to your property to mitigate higher repair costs down the road. There will always be wear and tear in a rental unit, so upkeep its visual appeal will benefit both you and the tenant at the end of the day.
Another feature that adds value to your condo property is having a reliable tenant relation service. Clear communication is key to keeping your tenants satisfied whenever they need something. If they have responsive support and are able to receive support for their unit, they’re more likely to re-sign their lease year after year. You’ll be able to avoid a vacant condo unit and retain more tenants when you have staff that provide reliable communication.
To add towards the value of your condo, be sure to set the rent to levels that can cover your expenses and taxes, accounting for any maintenance or upgrade costs. If you are thinking of raising rent prices for your condo, it’s crucial you detail the reasons why to your tenants and explain how the raised prices will lead to better utilities. Doing this will ensure your condo is in peak condition and at a high value.
How Do You Maintain A Condo?
There are a few simple ways you can provide maintenance on your condo to keep it in perfect condition. The first task you can start with is to clean little pockets of dirt and grime throughout different rooms. Make sure everything is dusted and wiped off in the tightest corners. You can hire a professional cleaning service to help you clean your unit’s space when you’re showing a tenant for the first time.
The flooring in your condo is another important place to maintain on a regular basis. If you have hardwood flooring, make sure that it’s properly cleaned and freshly coated with a sealing agent or low gloss. For carpets and other upholstery, you can vacuum up any dirt or grime to keep them from smelling too much. Otherwise, if it’s too dirty to clean, you should consider replacing your carpet with a new one to enhance the visual appeal of your condo unit.
Contact Mareka Property Management today to learn more ways to keep and maintain your condominium in top condition and attract good tenants for your property. Work with us now to start leveraging the value of your condo property and ensure that you have the right management team by your side.