10 Dec Make reforms to gain
Complete renovations are not always the most profitable. Reforms can be partial or complete and the budget will vary greatly depending on the materials and the new distribution. Design and decoration are also important, so we have to consider whether to furnish the house or not, based on objectives. We must not forget that we are not going to live in that house, that it is a rental business and as such has to be regarded.
Who is our ideal tenant? The layout and decoration will depend on that. What is the average price of the area? This will delimit the type of reform and expectations of profitability in the medium – long term.
If we want to rent to a family, the turnaround will be lower, they will not need the house furnished but perhaps the rental price has to be re-adjusted. If in the area you can rent to post-graduate students, teachers or professionals they will need a furnished house, but the views or the light will not be so important, the rental price may be somewhat higher but the length of the contract will be shorter. In any case, there are common trends as the house having two bathrooms, eliminating wasted space such as hallways and integrating the kitchen with the living room.
And, when in doubt consult a real estate professional to guide you on prices and demand in the area and to ask for different budgets for the reform and decoration to be sure to take the right decision.
Good luck with the business!