Investing to increase the value of your assets can be done in several ways, such as: Investing in stocks, mutual funds, gold, bonds, debentures, savings lotteries, Real estate. These are all means of increasing the value of assets. Over the years, investing in condominiums along electric train lines for rent has been one of the more popular ways for investors to do so. But it may not be a good solution any longer. Because the condo value has increased beyond the reach In addition, the quantity of new condos that are emerging along the sky train line has exceeded demand, causing in the latter period the return on rent is not as good as in the past.

But using that route of buying a condo, renting will be completely closed. Because do not forget how good the location is in the center of the city, near the train line, it is still popular with tenants. Investors began to look for second-hand condos in a good location from reliable projects and brought new renovations for rent. Which techniques for renovating a second-hand condo for rent, what must be done? Let's see.

Why is the old condo worth investing in?

Leasing is a long-term, rewarding investment. Because most real estate prices tend to increase over time. Even if you look at it in the long-term Old condos that are in a good location are inexpensive, so they are suitable for speculation to rent because the reasonable cost price is not as high as new condos. Therefore, it can be assured that the return is better than new condos. Moreover, second-hand condos are often located in a more prosperous location, making them in demand among customers. Able to understand the surrounding environment and target customers more easily than buying a new condo.

How do you start renovating the old condo?

First and foremost, it is a good idea to study the tenants who are key target customers to understand their needs so that they know how to renovate and what areas to focus on. Such as near the university Of course, the main tenants' group, students, tend to rent in pairs to divide the rent, so the mattress has to be a 6-foot bed so that it can sleep 2 people, or choose a sofa bed so that it can be converted into another mattress. These can be viewed from their location. Nearby condo and including the need to study the rental price of the same condo or in the neighborhood. To know how much investment should be spent on renovating in accordance with the target group. When the target audience is known, it is the process of renovating.

1. Think about preparing well before renovating

The renovation has to look to the purpose, the more it is the rental that is suitable for the customer group, for example, student groups should have a corner where they can sit and read or do homework. Rather than renovating the kitchen, which may not be necessary for the student

2. Set a budget to use for renovating

The budget calculation is important. Because the renovation requires a lump sum of money Whether it is the cost of materials, labor, and upholstered furniture, so there must be good preparation so that the budget calculation does not escalate.

3.Check the area condition and summarize the renovation guidelines

Before renovating, you must first study the information that there are structural limitations. What are the condo rules and laws? Therefore, the juristic person should first be asked to get directions on what can or cannot be done. Including asking people with specialized knowledge such as architects Construction contractors to have a clear picture of whether after renovating it will meet the needs of improvement or not.

4. Find a contractor you can trust

Is finding an experienced contractor to undertake the renovation work well or not? The easiest way is to contact the juristic person because the juristic person will have the contact number of regular contractors who have been in the condo renovation work. Because renovating it is necessary to check the room condition, electrical system, the old water supply system of the room first Because it may affect the position of the electrical pipe the original plumbing. Or safety in breaking the wall Getting a contractor familiar with the location will make the job easier and faster without having to study various systems New to chaos.

5 .Renovate on a budget

Of course, investment requires profit. Therefore, economical renovations without spending a lot of money is a good option.

• New room painting Should choose to use a color that matches the furniture will help the room look better. And there should be a play of color by choosing bright colors in a curtain wall corner to create freshness. For example, using bright colors in the reception corner and using light colors in other areas. Or attach the wallpaper to certain walls to create the hallmark of the room. It should be chosen to suit the target customer, for example, students, students may use pastel colors that are pleasing to teenagers, and the interior of the room should focus on simple décor because the room will look more spacious than fill the furniture.
  
• Change only the points that make the room look newer

o   Bathroom renovation if the bathroom floor is still in good condition, only the sink, toilet, faucet, shower hose, shower hose, bathroom partition between wet and dry areas may be selected. If it was originally a glass door, you may choose to use a plastic curtain instead of a new glass pane, which will save more money.

o   The laminate floor in the room may choose to change only where the condition is swollen or scratched. The kitchen may choose to improve only the sink faucet. No need to completely dismantle the old kitchen or buy a new set

o   The ceiling may choose to paint a new clean instead of replacing the ceiling altogether.

o  Change the light bulb to look modern

o   Door panels to enter the room, if still in good condition, may choose to paint the door instead of replacing the whole door.

• Buy floating furniture because they can be modified for a variety of uses. And tenants can move furniture easily if they want to change to suit their needs. It is easy to control the budget, including if the tenants cause furniture damage. Choosing to buy a replacement is easier than repairing built-in furniture.

6.Do it yourself if it is a simple decoration

If you have a few skis, such as painting a room or sticking wallpaper, you should do it yourself, it will save your budget as the cost of painting a room up to 30 square meters. Most technicians will charge a contract price of about 5,000 baht, which if you can do it yourself can save a lot of money, just paying for paint and equipment, which is cheaper than hiring a technician

7. Choose multifunctional furniture

Before buying new furniture into the condo, you need to think carefully because space is limited, so buy a multifunctional one. Can be used for many things in one piece, save money, save space. For example, buy a sofa bed instead of a regular sofa. You can also use it as a bed, a sofa, or buy a bed with storage underneath. Buy a mattress without a bed to save space for storage, for example, our rental apartments offer an advantage over other motels, with more floor space and functional furniture.

8. Choose furniture that is easy to care for

Because of the release of the rental room, of course, that the tenant may not take care of the room as well as the owner. Therefore, the selected furniture should be hand resistant. Easy to maintain and clean. Can be changed or repaired easily, for example, a sofa should be removable and washable. Or choose a leather sofa instead Use a wall paint that can wipe smudges. Curtains should be machine washable, without shipping, dry cleaning, etc. This will save money and keep the room looking good, without having to buy new furniture and change it often. Time tenants leave

9.Time to find someone to rent

Currently, renting can be done by entering the Facebook Group, renting a condo by the owner who can choose a group based on their location or choose by the condo name. Or going to be posted on the website, selling, selling, renting a condo. Which should have prepared beautiful illustrations So that customers can see an overview of the room, decoration, furniture used and appliances that are in the room. Including the environment The atmosphere around the condo and various facilities within the project, including the location nearby the project The shopping center, the sky train station, the bus line that passes through will attract a lot of tenants' attention and so that customers can make easy decisions. Or if you don't have time to rent yourself, you can use the services of a broker, it is a convenient way to not have to deal with finding someone to rent or making contract documents.

Above all, renovating a condo for rent, apart from having to do after the purchase of a condo In order to continually acquire customers, the rooms should be updated to look new and ready to use every time when the previous tenants leave. By cleaning and repairing furniture or taking care of various appliances in the room to be available to receive new tenants. Including setting a price that is suitable for the market condition at that time It will help the room to have tenants continuously. If interested in buying a second-hand condo, see details at - secondhand home loan. Or interested in renovating the condo Lump sum required to Try using SPEEDY LOAN personal loans up to 3 million baht * installments up to 72 months.

Reference

https://www.thairath.co.th/lifestyle/home/review/1345093