Top Refurbishment Ideas to Increase the Value of Your Rental Properties

by | Sep 2, 2021 | i-Stories, Property Trend, Rental Trend | 0 comments

Refurbishment is a field of knowledge that every landlord should possess when preparing their property for rental. Whether for Airbnb, student accommodation, or room rental, knowing how to optimise the living space is vital to increase your property value.

Naturally, your rental premise will be more likely to receive top ratings on any property listings if you have an excellent refurbishment plan. But if you’re stuck, read on! We propose a few crucial ideas to keep in mind when creating a living space for rental purposes.

Furniture: Quality over Quantity

Your first instinct may be to provide as much furniture as possible in the rental space for your tenant’s sake. Well, think again.

Many experienced landlords will agree that minimalism makes the property more spacious and encourages movement. Besides, the minimal, clean interiors emit positive vibes with less clutter around the living area. If you are renting to a family with young children or the elderly, lesser furniture helps to lower the chances of injury.

Moreover, minimising furniture purchases means lower costs. Instead, you can invest your expenses on quality furniture. Sustainable furnishings will make your tenants feel as comfortable as they would in their homes, especially for long-term tenants. Not to mention, there is less need for maintenance or replacement for both parties.

Just follow the rule of ‘less is more’, and you are good to go.

Plan Your Colour Scheme

Before starting on refurbishment, you should have a basic understanding of colour theory. This knowledge is the key to decide on the living environment and mood. 

There are six types of colour schemes to create harmony in the living area:

  • Monochromatic
  • Analogous
  • Complementary
  • Triadic
  • Split-complementary
  • Tetradic

Once you have decided on a colour scheme, you should follow the 60:30:10 rule when refurbishing your property. 

  • 60: dominant hue for walls, primarily neutral or light shade colours
  • 30: secondary hue for upholstery (cushions), similar colour tone as the dominant hue
  • 10: accent hue for furnishings, typically contrasting the dominant colours

Most importantly, it would be best if you considered your rental duration. If you are renting for the long-term, neutral or lighter warm colours are suitable for your tenants to stay content and energetic. 

On the other hand, you can choose darker tones if your property is for short-term rentals like Airbnb. However, bear in mind to not go overboard with the colour palette. 

The Psychology of Lighting and Space 

Did you know that lighting affects space perception? Bright lighting gives the impression that the room’s space is broader than the actual size. In contrast, insufficient lighting emits a feeling of confinement.

Therefore, the window area should be large enough to provide enough daylight to the space. Additionally, it would help to place white light bulbs in smaller areas like the bathroom or kitchen while fixing yellow light bulbs in larger rooms like the living room.

This element is very crucial if you are considering refurbishing for student accommodations. Proper and sufficient lighting such as fluorescent lights can help reduce eye strain and promote effective learning. Consequently, your young tenants will be more motivated to stay active and less stressed with good lighting in their living space.

Amenities for Easy-Living

So, you have chosen your furniture set, colour scheme, and lighting system for your new rental property. Still, you feel that something is missing during your refurbishment process. What you are looking for is the amenities that could further increase your premise value in rental listings.  

Here are some of the top amenities that potential tenants look for:

1. Kitchenware

Tenants would rather have a complete set of kitchenware ready than preparing their own. It is wise to have cooking pots, plates, and silverware kept in the cabinet for tenant use. 

2. Laundry washer and dryer

Many tenants prefer to live in a property that comes with a washing machine. A dryer may be optional but make sure to have a drying rack ready. If your rental space is limited, you can provide helpful directions to the nearest laundromat.

3. Air conditioning 

During Malaysia’s hot and humid climate, many prefer to stay indoors or at cool places as much as possible. Thus, your rental property should act as a shelter from the heat. 

4. Parking 

Some working tenants would prefer a parking space near the property. If you have an extra parking spot within the premise, it is a complete bonus. 

Once you have finished the refurbishment, you may proceed with the property listing. The Rumah-i app available in Google Play and the App Store comes in handy for this next step, as you can list your rental property for free and find tenants with ease.

However, if refurbishment is not your thing, Rumah-i performs marvellous makeover services as well. Allow us to take charge and enliven your space! Feel free to check out the finished product from one of our successful makeover projects below:

Rumah-i’s Completed Makeover Project

TERM & CONDITIONS

- Entitle ONE time rental collection service for free

- Rental collection service for free is limited to FIRST 1,000 properties which engage the service and is for pre-launch registered owners only.

- Tenancy agreement must be prepared by Rumah-i.