Transform a Used Condo into a Rentable Dream: Tips and Tricks for a Successful Renovation and Profit

Are you looking to turn a used condo into a profitable rental property? Renovating a second-hand condo can be a great way to add value and increase your return on investment. However, it can also be a daunting task, especially if you're not sure where to start. In this blog post, we'll share some known tips and tricks to help you navigate the renovation process and turn that used condo into a rentable dream. From budgeting and design to finding the right tenants, we've got you covered. So, whether you're a seasoned landlord or a first-time investor, read on to learn how to make your condo renovation a success.

Why Second-Hand Condos Make for an Exciting Investment Opportunity

Being a long-term-compensated investment, prices will fluctuate and vary from the purchased date onward. Therefore, a now-affordable condo that's well-located is suitable for investing in for speculation and eventually listing for rent due to costing lower than buying a new condo, allowing for better compensation.

As for location, a second-hand condo is typically located in an already-prosperous location, allowing for deep analysis and understanding of its surroundings by investors, which also means easier target customer identification.

Where to start renovating a second hand condo?

Your target customers?

Before your begin your renovation in preparation for the eventual rental or sales listing, you need to completely understand who your target customers are. This is important as the proper understanding of your target audiences will also help you understand your target's various needs and demands, which also gives you a better understanding as in what should you renovate and prioritize. For instance, if the condo is located nearby an international workplace, then your target audiences would be working foreigners. After that, you would have to look into their lifestyle choices and preferences. In the case of foreigners, you might need to consider renovating by adding more electrical appliances including "Smart Home" equipment.

All this information about location to target customers and their lifestyle preferences will not only help you determine how you renovate but also helps determine the renovation budget.

The Renovation Budget

Renovating a condo will cost tremendous amounts of money, such as paying the technicians/experts, materials, furniture, and decorations. Therefore, a clear budget estimation will help keep your spending in check. Some may have one dedicated amount of money while others may request for a bank loan, depending on convenience and preference.

Hire a contractor you trust

To get the renovation you would like, it is advised not only you hire a knowledgeable contractor who will readily update you, but also a trusted one. You can search based on their past experience or simply just ask the juristic office for contact information due to the latter usually keeping contact information due to past renovation commissions. Hiring a contractor with a past experience in renovating a particular property will lessen the hassle of your renovation process.

Examine the condition

Make sure you thoroughly examine the condition of the condo unit before renovating, such as potential structural limitations, renovation rules & regulations, and any relevant laws, all of which you can consult with the juristic office. Once you are fully aware of the do's and don'ts, you will then be able to properly decide how you would like the condo unit renovated and consult with experts such as contractors and architects.

Renovating on a budget to make profit

It's no surprise that a successful investment always results in making profit. Here are methods of renovating without breaking a bank and ultimately making profit.

Renovate only specific areas or spots you really want

• You may not need a complete rearrangement or buy additional utensils and appliances for an already-pristine kitchen. You can renovate by maybe replacing the sink, replacing the cupboard handles, or replace electrical appliances you really need to.
• For the bathroom, if the floors/tiles are still in good enough condition, only things such as the toilet, sink, the shower, hose, and various taps may need replacement. You can also consider adding a thin plastic shower curtain instead of actual gates to save money.
• For laminated or parquet floors, or any other floors made of any other materials, only repair or make adjustments where it's actually needed.
• Replace lightbulbs or add ceiling lamps at the focus spot of the room for beauty.

Repaint the unit

Repainting is a good, affordable way to breathe more life into the unit. You could choose a color scheme akin to the furniture and brighter, more saturated colors on some walls for more liveliness. For example, warmer colors in the living area and colder in others or wallpapers in some walls for striking visuals and also to save money. For the ceiling, you could try cleaning by repainting as opposed to replacing the entire ceiling. Same rules apply for scratched up doors, repainting will also help save money.

Note that your target customers must be considered when it comes to any repainting or wallpapers.

Movable furniture

Switching to movable furniture will allow your future tenants and residents to move around the furniture as they would like for a multitude of purposes as well as helping the you as the investor to save money. In case of damage from tenants, you can also replace any movable furniture as opposed to repairing fixed or built-in furniture to save money.

Choose furniture that's easy to clean up and fix

If possible, it's advised that you pick furniture that's easy to clean up, durable, and easy for maintenance. For example, consider using machine-washable, non-dry cleaning curtains or sofas with removable covers (or even switching to leather sofas instead of just cloth ones).

This allows for convenience in furniture maintenance and for the investors to save money thanks to not having to constantly buy and replace furniture upon tenants moving out.

Use Multi-functional Furniture

Due to limited space, it's best to consider your furniture purchases carefully. Moreover, choosing multi-functional furniture such as beds or sofas with storage drawers helps with adding additional storage space, which you can highlight as a selling point in your listing.

Just DIY!

For those who may also have some experiences as a technician, you could save money with repainting or wallpapers considerably by doing it on your own. This is because current repainting and renovation fees for units not exceeding 30 sqm. in size is at least 4000-7000 baht. Plus, self-repainting is actually quite fun!

Conclusion

Well, there you have it, the methods to renovate your condo ready for a rental or sales listing while also saving money. You don't always have to go out and buy the latest chandelier or leather sofa, or hire a trusted contractor for every single operation, or replace every single furniture or appliance. If you have past experiences with repairs and maintenances, you could even save up to half or more of your estimated renovation budget by doing it yourself. Whichever you choose to replace, modify, or renovate, always remember to carefully consider your target audiences because in the end this condo investment will help you make profit.

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