Interior Decoration of Residential Units

• 10 March 2018
• Local News
• 3457 Views

As the supply of new apartments and condominiums rise, tenants are being given a variety of choices to select their preferred property. Nice interior decoration can give a competitive edge because this will make a unit more attractive than others. “Renovation would make the place look nicer and therefore could attract the potential tenants and possibly receive higher rental than those properties which are lacking renovation,” explained Nguon Chhayleang, CEO of the Pointer.

The growth rate in the number of expatriates is not growing as fast as new apartments / condominiums. With more owners (investors) looking to rent out their units, beautiful interior decoration can make the unit look more attractive than others in the same building, or in other competing developments. Beautiful interior decoration can provide individual owners the opportunity to distinguish their properties from competing units. “In return, this will bring the increase in rental yield for the home owner,” said Chan Mlop Sokha from Sokha Law Firm.

Based on the location, the set of requirements on the unit size, layout, building facilities, and the quality of common areas, owners can design their properties to appeal to a wide range of people. The standard requirements are beds with mattresses, a living room set which includes a sofa, as well as a dining room set of a table and chairs. Good decoration and furnishing can give individual owners a unique selling point when they want to lease out the properties. For example, developers may hand over units with some kitchen appliances. Depending on the owners, they may still need to add a clothes washer, dryer, microwave oven etc. Most importantly, they must make sure all the furniture is durable and easy to clean.

For rental units, all the soft furnishings should be replaced every three to five years. Older properties should also consider a complete renovation of dated kitchens and bathrooms so that they are able to compete with more modern developments – do not neglect to regularly redecorate to make a unit more attractive than others.

In general, hotel rooms will go through some level of renovation every five to ten years. The same applies for rental properties. A major renovation could involve the bathrooms and kitchens, such as repainting and replacing the soft furniture to impress prospective tenants.

For many expatriates, first impressions of the apartment or condominium units matter and it can make a difference in their decision making to rent a unit. The unit must be spotlessly clean to impress the tenant, and owners may even want to consider providing a set of basic cutlery, crockery and glassware as properties and a dining table set. This is perceived more favourably by the tenant.

An owner should consider whether he or she would want to rent the property as is, or whether it needs improvement. As an owner, he or she can also benefit by looking at the surrounding new developments that have recently been completed to generate ideas for improvement. This way they can see what the competition is offering, and in turn this allows them to evaluate what they need to do to compete with these new developments.

For owners, they should also work together with property management in carrying out renovations and improvement projects in the common areas. Although this will be an additional expense, but tenants who decide to live there will eventually be impressed by what is offered by the owner and continue to stay in the property.

• Analysis
• Business and Market