5 Flaws In Rental Property You Can Overlook Now And Fix Later
Planning to invest in a rental property? Generally, people tend to look for apartments that are flawless, well-constructed and provide value for money. But, did you know sometimes the flaws of a rental property could help you negotiate a good price? You could later fix them.
Rental properties are not on the radar of many homebuyers because they usually have many flaws that put them off. Not always occupied or when occupied, has different dwellers who might or might not keep the property in a good condition. We suggest, proactively look for problems in a rental property that you could fix later but in the meanwhile could fetch you a good deal.
However, before you take the plunge, know that with problems come the risks. Make a calculated decision when taking up this strategy. Understand the nature of the flaw and how much would it cost you to repair it in the future.
MakaaniQ lists five such flaws in a rental property that you can make the most of:
Went for a property visit and found that the property had a foul smell all over? Don't let it stop you from making a buying decision. A foul smell is the easiest flaw in a property that can be taken care of once you plan to move in. All you would need is to give the property a deep clean. In case you want to do it yourself, begin with carpets and dry clean them. Next is to mop the whole property using disinfectant twice. Hire a domestic help and clean and wipe the kitchen completely and get rid of any old jars. Move to the floors then. Hire a professional to run a layer of primer to shine the floors and even add a pleasant smell, too.
Looking at the property you realised that it had fewer bedrooms than what you would have wanted? There is a hidden room in the property, only if you look for it. Every property has that one room that you might not need for the purpose it was created. Turn this room into a bedroom. And the property will be the way you wanted it to be and at a cost of a smaller configuration.
Did you see mold?
Mold can turn off a buyer and make them look at a property negatively. Play on this to get a good deal instead. If the property otherwise fulfills all your parameters, you can invest in this property and get rid of the mold. Once you bought the property, all you need to do is deep clean the property and then look for seepage and repair that too. Mold, that develops in moisture, will be gone.
A bad entryway?
Moving into the property you realised that the entryway and the yard outside is not appealing at all. Don't be disappointed yet. You can always give your property a curb appeal. Go for a little transformation. Fence the area, plant seasonal plants, a spread of grass, some outdoor furniture and suddenly the entryway will have an all-new look.
Too many compartments?
Generally, old constructions have too many compartments. The rooms and kitchen in these homes are divided by walls. But, in modern times, when the open-house concept is widely chosen by many, homebuyers tend to ignore properties with multiple compartments. But, these can be a good deal too if you are up to renovate such a property. All you would have to do it is to bring down some walls in the property and lessen the number of compartments. This will, in fact, make the property look spacious.