Together with Hong Kong’s surge in Property prices, the city has also seen a rise in the quality of renovations particularly in the small rental properties as landlord realize by upgrading the interior particularity the kitchen and bathrooms they are able to achieve higher rental yields. Here is our guide to Renovate your Investment Property with the help of Qi-Homes
Qi Homes has been offering their clients a complete turn key solution from acquisition and renovation to leasing and property management for the past 12 years. Through their expertise in the industry and having a strong understanding of what tenants are looking for they are able to achieve rental returns of between 4 – 7% per annum.
We like to keep things simple explains Anthony Hindmarsh founder of Qi-Homes, a boutique property agency who specializes in nicely renovated flats/unique flats for both sale and rent on Hong Kong Island. When renovating a home it’s important to keep things as generic as possible so that any prospective tenants will feel they can make it “their home”. In many cases keeping it light and airy with lots of storage is the solution. We find that too many “built in” pieces of furnishing is a problem, as it tends to be too personalized to one persons taste which may not be the case for another client.
Kitchens and Bathrooms are extremely important to tenants no matter what the budget. We have seen a huge demand for kitchens with Ovens even when kitchens are small and the tenant may not cook all the time. Having one gives that extra added value which is more important than things such as Dishwashers explains Anthony.
In a city like Hong Kong storage is always an issue says Hindmarsh. In many cases we use dead space for storage. We recently built a writing desk over the “bay” window of the flat that would typically be wasted space in the bedroom and likewise added seating space in the living room. Well planned built in storage from floor to ceiling is also important in Hong Kong Flats.
Our company works with our own contractors who we know and trust says Anthony, we involve our landlords as much or as little as they like in the design process but ultimately we hand hold the project from start to finish and have strong input as to what will achieve financial goals. The aim of any successful investment property is to have the flat rented as soon as possible for the highest price. Every day the flat sits empty means a loss of income for the landlord which is something we are very aware of explains Hindmarsh.
Whilst an extensive renovation project is usually needed, sometimes a little “makeover” is all that is required to turn the flat around. We like to re-plan the space to maximize efficiency which sometimes means tearing down walls and building open kitchens. In a recent renovation project we completely flipped the living room and bedroom around as the original floor plan did not maximize the views and natural light says Anthony. In many cases our clients cannot see the true potential of the flat when they purchase but we have a good understanding of which walls are structural and which can be removed and they are usually thrilled with the result as we have created a really unique space.
Qi Homes offers renovation projects to clients who purchase flats with them and offer interior design and project management fees at half the price of a normal interior designer. We treat our projects as a long term business, we don’t make money on the renovation project, but with a 100% repeat customer base the numbers speak for themselves.
Please contact Anthony on +852 9105 1406 or via email at Anthony@qi-homes.com to learn more.