How to renovate your apartment for profit

Money in bank in 24 hours

Apply now

How to renovate your apartment for profit

  • Highlights

  • Spend time at the property to understand what is required

  • Speak to professionals for their advice on renovations

  • Stick to a budget when renovating

  • Hire a professional team to execute your plans

When you have a second apartment, try to earn rental income from it rather than allowing it to sit idle.Rental income will also help you repay your home loan EMIs, and so, will reduce the financial burden on you. Toget a good price for your apartment, youmust ensure it is in good condition and strikes a note with prospective renters. So, consider renovating your home to enhance its appeal.Use funds from a top-up loan on your existing home loan to fund the renovation. You should be able to repay the additional EMI through the rental income you will receive on completion of the renovation.

Take a look at 4 ways in which you can add value to the apartment when you renovate it.

Study the property to come up feasible plans

Spending time in the apartment will give you ideas on how you can enhance it and increase its value from a renter’s point of view. Here are 3 simple adjustments that you can make.
• You can enclose a balcony to create a home office, study or sunroom. This will add another room to the property and so, boost its value.
• Create a utility area in the kitchen or in a balcony. This laundry facility can be a highlight feature for prospective renters.

Additional Read: Factors That Impact Your Home Loan Interest Rate

• Adding split air conditioner will make the apartment more comfortable, will add to the amenities and will allow you to charge marginally higher rent. Besides, this one-time investment will not cost you much.

Stick to a budget

Renovations can be expensive. So, as a thumb rule, you should spend between 5% and 10% of the value of the apartment to make changes. Create a budget and identify the areas that concern you. Then, start by addressing the larger issues and before moving on to smaller tasks.

Talk to agents to understand what renters are looking for

When you are confused about what renovations will be most appreciated by a renter, speak to real estate agents. They will give you a clear idea of what the priorities of a renter are. Some of the suggestions may even be location specific, so keep that in mind.

Additional Read: How To Access Your Home Loan Repayments?

When Should You Go For a Top-Up Loan?

Get professionals to do the work

Do not underestimate the need to appoint professionals to do the renovation. Hiring professionals may cost more, but it will take less time to finish the jobas compared to doing all the tasks yourself. Also, the finish offered by a professional team of workers will enhance the value of your property. Since this isn’t something you would do on a regular basis, it is worth your while to spend on it.

With these handy tips you will be able to make appropriate changes to your apartment to ensure that it fetches a substantial price when you put it on the market.

DISCLAIMER:
The information, products, and services included in or available on bajajfinserv.in may include inaccuracies or typographical errors. Changes are periodically added to the information herein. bajajfinserv.in and/or its respective suppliers / affiliates may make improvements and/or changes on the bajajfinserv.in website at any time.
The material contained in this site and on associated web pages is general information and it is not intended to be advice on any particular matter. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. The decision with respect to any financial product or opportunity or nature or suitability or choice or the viability of any product or service shall always be sole responsibility and decision of the subscriber and user.
Apply for Home Loan
Home Loan

 
 
 

PRODUCT GUIDANCE

Your easy guide to choosing the perfect property to invest in

PRODUCT GUIDANCE

When should you do a home loan balance transfer?

PRODUCT GUIDANCE

Applying for a home loan? Tackle these 6 problems

How would you rate this article

 Please let us know why?

What did you dislike?

What did you dislike?

What did you like?

What did you like?

What did you like?

Next up

All you need to know about Top up Loans on Home Loans

PRODUCT GUIDANCE

All you need to know about top-up loans on Home Loans

Recommended videos

Documents Required for Home Loan

PRODUCT GUIDANCE

Flexi Hybrid Home Loan - No Burden of Heavy EMIs

PRODUCT GUIDANCE

Fixed or Floating Interest Rate | Which is Ideal for your Home Loan

PRODUCT GUIDANCE

Things to know about Balance Transfer

PRODUCT GUIDANCE

Home Loan EMI calculator

Subscribe Now

Subscribe Now

Subscribe to our monthly newsletter and get the latest updates

Thank you for subscribing