8 Ways to Get More Value from Old Apartments in Nigeria

An old apartment is a residential building that has been in existence for many years. Many of the old apartments were constructed with materials that would be cost-prohibitive to replicate today. Almost every state in Nigeria has several old apartments that have been in existence for decades.

Some old apartments are demolished while some are renovated. But no matter how old your building is, if you do the right thing(s), renters will come for it. If you wonder why people are leaving your house or not placing much value on it, you may need to ask, and most times, they are even glaring at you.

Get More Value from Old Apartments in Nigeria

A house popularly known as four flats in Lagos was built 30 years ago. Imagine the cost of that compared to now and compare the market value. But the problem was that the children of the chief (he is late now) that built the old apartment didn’t care so much about the building. All they wanted was just the rent payments. Gradually, renters started leaving the place for a better place.

When the property was left for over a year without any occupants, they decided to sell it off. The lucky buyer who saw a greater prospect in the old apartment stripped off the structure, renovated it, and added all modern facilities to it. Within some months, the old apartment became the talk of the street. It didn’t take up to a month before the flats got filled up with tenants.

Sometimes, property owners hardly realize that they are sitting on gold. You can improve your property in various ways that could attract renters to you.

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Table of Contents

Renovate the property

One of the ways to make your property attractive to rent is by renovation. Naturally, people prefer and gravitate towards houses that look new. A renovated old apartment stands a higher chance of having potential renters’ attention.

Use modern facilities

When you renovate an old apartment, don’t miss out on modern facilities. For instance, if the property has terrazzo flooring, you may need to switch to tiles. Houses with pit toilets can be changed to WC (Water closet). There is a lot you can incorporate into your old apartment that increases the property value and attracts renters.

Be creative/start a catchy business

You could create a store at the front of the old apartment where you let it out to someone who wants to sell every household item. Having a store like a mini-mart in your apartment attracts renters because no one likes to go through the stress of buying what they need out of their vicinity.

If your property has a mini-mart facility, it’s sure that you can get tenants sooner than expected. Also, you may create a viewing centre depending on how large the property is.

Paint in an attractive colour

Colours are vital parts of a building. Good and attractive painting brings people’s attention to the property. Naturally, we have the eyes for beautiful house colours and this should be considered in the process of renovation.

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Don’t make the initial payment too expensive

While letting out your old apartment after renovation, there is a temptation to want to put the price on the high side because you are considering how far you have invested in it. Yes, people may be interested in it but likely take a longer time to rent out if it’s too expensive which isn’t good.

Consider buying a central generator

This can be a big plus on your rental property. It’s not strange that we live in a country still struggling with power supply, having a central generator in your rented property is not a bad idea. For that alone, renters will be more interested in your house than any other house on the street.

Create a consistent water system

In some communities, water is a major problem. Water scarcity happens due to some factors. The only viable solution to this problem is installing a borehole machine. Renters can do anything to be in a house where the water supply is available constantly.

Make it look neater

You need to see some houses and how extremely dirty and unkempt they are. It’s an extreme sport getting any interested renters. A house with a dirty environment is a huge turn-off to potential renters.

To be realistic, it’s degrading to have a house looking haunted because of dirt especially, the clogged and piled-up dirt that has blocked the drainage system.

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Dennis Isong Helps Individuals Invest Right In Real Estate. For Questions On This Article Or Enquiring About Real Estate Email: Dennis@Landproperty.ng. You can follow me onYouTube. WhatsApp Or Call +2348164741041
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About Dennis Isong

Dennis Isong Helps Individuals Invest Right In Real Estate. For Questions On This Article Or Enquiring About Real Estate Email: Dennis@Landproperty.ng. You can follow me onYouTube. WhatsApp Or Call +2348164741041

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