The Best Tips For Comfortable Condo Living
Owning a condo is a great investment that comes with a variety of benefits. Not only are condos low-maintenance, but they are also conveniently located and boast shared amenities. Condos are savvy assets for real estate investors.
But if you’re a condo owner looking to enhance your asset’s potential, here’s how to make your condo the most comfortable living space for you or your tenants. In this article, we will be unlocking the secrets of comfortable condo living. So, stay tuned till the very end and discover some amazing homely tips.
What Is A Condo?
Is a condo the same as an apartment? While you might be stuck on that, let me give you a quick overview of it. A condo or condominium refers to an enormous property complex consisting of individual units. Moreover, all these individual units are separately owned, and the ownership is subject to a nonexclusive interest.
Management in this real estate type basically comprises a board with unit owners as a jury of the complex’s daily operations. This includes everything right from lawn maintenance to snow removal. In a multi-unit development, condo owners are considered to own even the air space.
Top Tips To Enhance A Condo’s Overall Look And Make It More Comfortable
Those willing to move to a condo must always prioritize space functionality. To enhance the overall appeal, you must think out of the box. Here are some outstanding ideas that will improve the aesthetic appeal of your condominium and make it a space worth living:
Find Reliable Property Management Services
Condo rental property management companies in Etobicoke and other areas alleviate condo owners from the hassle of owning property. These services handle everything from tenant management, non-payments, and eviction to property maintenance.
Property management services benefit owners by ensuring rental income and keeping the property in good condition; these services also benefit tenants with efficient property maintenance and speedy repairs.
Optimize Rental Fee Structures
While some landlords might think charging high rent is the best approach to increasing rental income, this approach is not recommended. By setting high rent fees, landlords run the risk of not being able to find tenants.
On the other hand, structuring your unit rental fees with market averages in the area ensures you can find paying tenants. Instead of overcharging, you can stabilize your rental income by setting justifiable rental rates on your property. Your tenants will be more comfortable paying reasonable fees, and you will benefit more from a stable passive income.
Renovate When Necessary
Whether your condo is primarily a vacation rental or a long-term rental, your tenants won’t be comfortable for long if the condo boasts outdated dusty carpets, chipped or cracked tiling, or kitchen cabinets that are hanging on by a single hinge. If your condo is due for renovations, neglecting the task could cost your paying tenants.
Prioritize renovations when the need arises. Whether you need to replace the flooring, upgrade the bathrooms, or give the kitchen a makeover, these improvement projects will increase the value of your condo and ensure your tenants are happy.
Create A Fair Rental Contract
Even though your condo is your asset, it is your tenant’s home. With this, your tenants won’t be comfortable if their rental contract is not transparent and fair. Often, tenants lose their security deposits to unrealistic contractual clauses or must hunt for a new home without much notice.
Instead of creating a rental contract to only consider your situation, tailor the contract to make it transparent and straightforward for your tenant. Make notice periods and security deposit points fair, and be sure to comply with local laws and regulations for landlords.
Get Comprehensive Property Insurance
As a landlord, it’s essential that you have property or landlord insurance to protect your assets. This kind of insurance provides benefits for property damage, liability cover, loss of rental income, and financial cover for theft and vandalism.
When finding the best property insurance, looking for reputable insurers and comparing deals is vital. Moreover, it’s crucial to read through policy details carefully to know what you are covered for and when you can claim.
With a reliable property management service, fair rental fees, transparent rental contracts, routine renovations, and property insurance, you and your tenants will find condo living a comfortable experience.
Include Mirrors For Space Highlighting
Real estate decor is constantly evolving. 10 years ago, nobody prioritized mirrors as much as they do it now. Previously, it was all about wall paints and furnishings. The right mirror placement can even make congested spaces look spacious. Make sure to install mirrors right opposite your windows to reflect the light and brighten the room.
Since condos do not have windows, installing mirrors can serve the exact opposite purpose. Hence, make sure to place the mirror at a distance otherwise, it will start making your condo look even smaller. Also, opt for dim lighting to enhance the beauty of a tiny space.
Select Functional Furniture
In a tiny condo, storage space is of utmost importance. Thus, always look for furniture that takes up small space and is functional in nature. Search for pieces offering hidden storage, such as a shelf or a coffee table.
You might also opt for furniture that does the job of two. Such as a recliner sofa, which also becomes a foldable bed. Or an end table, which might work as a nightstand.
It is easy to find functional furniture in the form of articles that can be put away to increase the room’s space. If you are a DIY expert, coming up with ideas to hide your furniture when they are not needed shouldn’t be a very big deal.
Wrap Up
With these handy tips, it is possible to make your condo look and feel more comfortable. A nicely decorated home should not only look good but also feel inviting. So, that’s all in today’s discussion. Keep following us for yet another informative guide. Until then, happy reading!
Read Also:
