Rental housing is a dominant phenomenon in urban India. The Model Tenancy Act, 2021 comes with few key features. These include security deposit, sub-letting, dispute adjudication mechanism, tenancy deposit and tenancy agreement. It has been passed to protect the interest of both landlords and tenants. Subsequently, more households are likely to be rented out in the new decade. You, as a landlord, must make your property desirable to improve the chances of high-end benefits from this real estate segment.
Ample practical fixes with a personal loan can add value to a property. No need to renovate the entire house to attract quality tenants. Simple tricks can maximize ROI as well.
- Build the Curb Appeal
This is the first impression of a house. Check if there is enough lighting outside. The mailbox and number plates must be in good condition. Get new plants since this is known to boost the property value by 10%. Clear all debris and weeds and make sure the lawn is well manicured. Treat the doors and windows as well. All of these can ensure an inviting aura and help your property stand out from the rest.
- Technological Upgrades
Try to create a space that is centred around technology. A tech-savvy home trims electricity bills, ensures high-end security and modernizes the space. These resonate extremely well with millennials and Gen Z tenants. Get hold of smart home devices like:
- Video doorbells
- Outdoor motion lights
- Smart home security system
- Automated garage doors
- Advanced security cameras
- USB capable outlets
- Smart lock entry system
A personal loan would be a great idea to finance the project. Work with the top bank that offers interest rates starting at 10.49% with flexible tenure of up to 60 months.
- Update the Floor
A low maintained floor could be a deal-breaker. Traditional carpeting is also quite obsolete now. Try to install hardwood, large vitrified tiles or laminate. Tenants are fond of these floors since they are low maintenance. Vacuum or mop the floor before a house tour. But try not to spend too much. You will be able to ensure foreclosure of loan to reduce the interest liability.
- Fix the Washroom
Look for cost-effective updates like new lights or a big mirror. You can also clean and polish the existing ones. Get the washroom scrubbed and cleaned thoroughly. Make sure there are no cobwebs, rusted hardware or broken sinks. Consider adding a few plants as well. These can transform the space within no time.
- Kitchen Renovation
A good kitchen is known to sell homes. Energy-efficient appliances are a great idea. You can also consider the following for a positive response from prospective tenants:
- Stylish cabinets, pedestal sinks and spacious countertops offer a modern twist
- Apply fresh paint on the walls
- Scrub the grout from the floor and windows
- Ensure zero greases at the nooks and corner
Be careful not to exceed your makeover budget. Most banks do not monitor how you use the borrowed funds. But if you have taken a personal loan, do read the features of it beforehand. This will help avoid hassles in the long run.
Try to maintain a strict budget all along. You can go for a pre-closure of personal loan by managing your finances well. It can also offer the best results for your investments.
