Buying a property and renting it out is one of the most common ways people earn ROI, particularly in an advanced metropolis like Dubai that welcomes a huge number of visitors every year.
Having said that, it is important to note that not every apartment can yield profitable results. This is particularly due to the fact that the emirate is facing the issue of surplus supply in the property market. Many people, due to the COVID-19 pandemic, had to flee back to their homelands; thereby, abandoning their apartments.
Although expatriates are coming back to the emirate, the issue of excess supply is still prevalent. An individual seeking apartments for rent in Dubai has a plethora of options to choose from. Thus, you need to make your unit stand out among the rest so that it can be selected among many options and produce high returns for you.
Here’s how you can do this:
Give Your Apartment a Modern Yet Simple Look:
Take a look at apartments available in your building or area and see ways you can make it attractive for potential tenants. One tried and tested way that always produces favourable results to go about this is to give your apartment a new look.
Now, this can be quite tricky as you have to do it from a neutral point of view. It would have been easier if you were changing the look of your home as per your likings, but since it’s the tenant who’s going to live there, you need to create a look that appeals to everyone.
If the apartment has a plain look, it can turn away tenants and visitors. Similarly, the uber-modern look doesn’t attract everyone. So, the best choice is to create a fine balance between a modern and simple look.
Take an Outsider’s Perspective:
Put yourself in a tenant’s shoes and then take a tour of your home. Take a hypothetical decision if you would like to rent a place like this or not. If the answer is ‘no’, you need to find out reasons why tenants wouldn’t like to rent your property.
Replace Old Fixtures & Cabinets in the Kitchen & Bathroom(s)
Most tenants, when they visit an apartment, focus on the kitchen and bathroom(s). If they like the apartment but the bathroom and kitchen have old, worn-out cabinets and faulty fixtures, it is surely going to turn them off, and they are most likely not going to rent your property. Even if they choose the apartment, they wouldn’t agree to pay the listed amount.
So, it’s of utmost importance that you replace the old fixtures and cabinets in your apartment’s kitchen and bathrooms. This will brighten up the chances of your apartment getting preferred by tenants. In addition to that, potential tenants will have no reason to bargain the rental value of the property.
Create a Storage Place:
Most apartments in Dubai lack this important facility. There’s hardly any room for storing things. By providing such a facility, you will be getting a lot of queries from people looking for apartments for rent in Dubai.
Now, creating an entirely new storage room is certainly not a practical option. Furthermore, there may not be enough space to do so. But, there are some tricky ways you can follow to do so. For example, you can install a closet organising system for this purpose. Or there’s another easy way. Installing hooks in certain areas, such as the entryway or bathrooms can do the trick.
Replace Your Old Doors and Windows:
Doors and windows are believed to impact the property decor and value up to a great extent. If there’s an old door welcoming tenants, it wouldn’t really create a very pleasant first impression. Similarly, no matter how beautiful the views are, if the windows are broken or rusty, they are going to be compromised.
So, get your apartment door and windows replaced by trendy and contemporary ones. It may appear to be a costly affair at first, but treat it as a one-time investment that’s going to reap fruitful results in the long run.
Having said that, you must select the new door and windows carefully. They should go with the overall theme and look of the apartment. Choose their colours wisely as well.
The Way Forward:
In all, there’s a lot you can do to improve the rental value of your apartment. However, it’s important that you have a proper plan to do so. Also, don’t forget to take your budget into account. Do a complete cost-benefit analysis and then choose the options that will produce favourable results for you without burning a hole in your pockets.