The condition of the apartment affects the rental income. However, too expensive repairs can turn into a loss. Let’s look at the difference between renovation for yourself and for rent, and how to save money on it without sacrificing quality.
Repair for yourself
It is characterized by the following features:
- Durable – most often it is made with a reserve of several years
- Quality – in order to make the finishing and materials serve for a long time, solutions must be thought out and selected
- Individual – the needs and tastes of all family members are taken into account
Often more expensive materials are used for such repairs: parquet, natural stone, decorative plaster.
Furniture and appliances are bought of high quality and taking into account the individual needs of each current or future family member.
They add optional, but nice details: lighted cabinets and shelves, “smart home”. In the apartment for yourself any design solutions are appropriate. Here is possible bright finish, unusual accents, furniture of unusual shapes – everything that the owners like.
Renovation for long term rent
It is characterized by the following features:
- durable – if you are lucky, the tenants will live with you for more than one year, and the repair must withstand this
- Ergonomic – it should not take too much time or effort, and must meet all your living needs.
- Modern – so you have a better chance to rent your apartment quickly, and your tenants will feel more comfortable to live in it.
For such repairs, a neutral finish is suitable: white, light beige or light gray walls, white ceilings, natural-colored floors. Bright accents will be added by the tenants themselves.
The materials should be hard-wearing, easy to care for and not too expensive. Ideal are commercial laminate, linoleum, tile, PVC stretch ceilings. It is good if the materials and interior solutions leave tenants some freedom for creativity.
Furniture for apartments for long-term tenants usually buy solid and durable. It can be not very expensive, but it must be of high quality. Models and colors – basic, upholstery – vandal-proof. But you can also save money: buy only the most necessary – for example, the kitchen and cabinets.
Also buy a basic set of appliances – stove, oven, microwave, washing machine. Choose mid-priced models – they are more reliable and will last longer, while cheap ones will quickly run out of battery life. The dishwasher and air conditioner can increase the rent price.
All the above mentioned applies to the apartments, which will be rented for relatively small sums. The decoration and furnishing in expensive apartments for rent is closer to the “for yourself” option. Only in this case the style is neutral, like in the hotels.
Renovations for short-term rentals
It is characterized by the following features:
- functional – it is more important to have everything you need at hand than the external aesthetics of the space
- fast – it is great when the materials and solutions can update such a repair in a couple of days
- Wear-resistant – tenants will change frequently, which means that the materials must be chosen accordingly.
In this type of renovation, the apartment is finished with inexpensive materials. In the design are appropriate bright accents and solutions – they will highlight the apartment in the issuance of sites and help to find tenants faster.
In an apartment for short-term rentals, the number of beds is more important than storage space. You need beds, reclining sofas and chairs, and cot beds. And the rest of the furniture – for example, cabinets and chests of drawers can be saved, because tourists do not take a lot of things with them and do not lay them out. You can use covers for furniture – they are inexpensive, easy to care for and to replace if necessary. It is enough to equip the kitchen with the most necessary things.
You need only appliances that will help to comfortably spend one or more days – a microwave, a washing machine. But you can do without oven, dishwasher, water heater and air conditioner. A refrigerator with a large freezer is unlikely to be in demand, so choose a simpler model.
Make sure that the apartment has an ironing board, washing powder, a minimal set of towels, bed linen – in general everything that may be needed for a person who travels light.
In general, the repair of the apartment for rent is cheaper than for yourself. The difference is up to 50% of the cost of finishing, furniture, and appliances.