How to Decorate Condos for Rent for New Investors
Tips for Decorating Condos for Rent
Investing in real estate rentals is and has been one of the most popular and secure investment options as it generates recurring income and can help you build wealth over the long term. As location is the main factor prospective tenants look for, it is always wise as an owner to select properties in proximity to BTS, MRT and ARL stations, schools, hospitals and shopping malls because these do not often stay very long in the rental market. Nonetheless, there are many other factors that increases the likelihood of getting your property to be rented out, such as how it is decorated, the atmosphere, in-building facilities and services.
CBRE has always focused on properties in prime locations from well-established developers with well-thought-out facilities. Today, we want to share helpful tips on how to decorate condominiums for rent for new investors to make their rental properties more appealing and desirable to quality tenants. Let's see what CBRE, the world’s largest commercial real estate services and consultancy firm, has to recommend.
Bright colors for your interior space can be eye-catching, however neutral and earth tones are timeless and classic, and preferred by a wider range of potential tenants. Also, as the majority of people nowadays spend a lot more time at home, especially in their living rooms to either binge-watch their favorite shows, work remotely or hang out with family members and friends, a comfortable couch covered in a low maintenance fabric is essential. Going back to bright colors, while it may be too overwhelming for walls, ceilings and major furniture pieces to have these hues, you can inject them in small doses in decorative items, such as lamps, picture frames, throw pillows and carpets.
Another way to differentiate your property from others is to have ample storage and cabinets, which is important because limited space is sometimes a major challenge for urban living. Give your rental property a competitive advantage by using furniture with hidden drawers or compartments. In recent years, huge storage space has been a priority for many when selecting long-term rental property. Hence, your condominium should have space-saving cupboards, shelves, shoe cabinets, etc.
It is also critical to have furniture, decorations and appliances that have correct measurements. Here is a guide on how to determine the right television size and their recommended viewing distance:
The optimum distance for a:
- 32 to 39-inch TV is about 1.5 - 2 meters
- 40 to 45-inch TV is about 2 - 2.5 meters
- 46 to 55-inch TV is about 2.5 - 3 meters
Now, let us help you create an interior decorating budget. CBRE understands the option that is right for you depends on your personal preferences and how much you are willing to spend. We have a range of property options to suit different budgets and needs. Based on our experience, here is how best to determine your budget for decorating your rental property. First, you need to know how to calculate rental yield as doing so can help you assess your budget. If you expect a rental yield of around 3.5-5% per year*, then a fitting budget would be around THB 8,000-10,000 per square meter (electrical appliances included). However, your yield could decrease in the case of high decoration cost.
If you need to consult an expert who can help you calculate rental yield, give you proven tips on how to make your rental property more competitive, among other things, the CBRE Residential Leasing team provides interior design consultancy and renovation design services for those interested to invest in leased assets.
Strength For Service:
- Our team has in-depth leasing market knowledge who can provide valuable recommendations for investors and can help find appropriately-priced furniture packages that meet prospective tenant’s requirements and needs
- Our team provides furniture-package and electric-appliance seeking service for leased investment from both in-house and designer brands
- If your rental property is fully furnished, our team also provides one-stop-service for operating and seeking quality tenants
Remark: *Rental yield depends on the current market rate