Why Balconies are Becoming Popular for Rental Investments?

Why Balconies are Becoming Popular for Rental Investments?

Why Balconies are Becoming Popular for Rental Investments?

A recent survey suggests that one of the most important must-have facilities for renters is a home that has a balcony.

Out of those surveyed a whopping 60% indicated a balcony to be of utmost importance – surpassing that of parking, views, and even swimming pools. Interestingly, outdoor spaces are more valuable in small apartments, and it shows that apartments with balconies can be sold or rented at a much higher price. 

Even with the results, however, developers aren’t quite capitalizing on this yet. If you’re planning on developing or building a home that you’d like to rent or sell eventually, having a balcony will greatly help with the property price. To help you get started here’s some information on the different types of balconies, the importance of waterproofing, and some ideas on how to transform balconies into an aesthetically pleasing space.  

Types of Balconies 

There are a total of three different types of balconies – true balconies, faux balconies, and false balconies. True balconies are what you’re probably used to seeing – an outdoor space that has deck floor and railings. It’s generally a spacious outdoor area that’s big enough to be walked on and can hold furniture. 

The second type of balcony is faux balconies. These are not real balconies and are just made to look like one. They’ll have a rail but won’t have an actual floor – making it impossible to stand on. While this type of balcony may add a touch of style to your home from the exterior, it’s not an actual outdoor space. 

The last balcony on the list are “false balconies.” These balconies only have a rail and a small portion of decking. While it can make a room feel more open and light, there’s not much you can do with it. You can usually find these in apartment buildings and can be used to grow plants or herbs.  

Waterproofing and Balconies 

If you’re going to be building a balcony in your home or apartment building, it needs to be waterproofed. Doing so will help in ensuring that no water will seep through into your home and cause costly water damage. A balcony that isn’t waterproofed properly can cause leaks which will eventually result in devastating consequences and should be of utmost concern. By choosing the best waterproofing membrane solution, you won’t run into this issue as it’ll be able to seal the balcony from the elements while withstanding structural movement. 

Ideas to Transform Your Balcony  

Say you’ve now got a balcony in your home or apartment building, and you’re trying to showcase it as the centerpiece for your open living space. Rather than just showcasing the balcony on its own, why not spruce up the space a little and show potential homeowners or renters how they could use the area? 

One way to transform your balcony is by turning it into a little urban jungle. This is especially great for false balconies as you can showcase some beautiful greenery and seasonal flowers. The railing can also be covered with black flower boxes along with a simple bench that’ll provide some storage space. 

Another way is to turn your balcony into a slice of doggy paradise. This is especially great if the home or apartment you’re trying to sell is pet-friendly. Decorating the balcony is also simple as you’ll only need a white picket fence, a doghouse, some synthetic grass, and a couple of planters that are designed to create the perfect dog park.  

Balconies Increase Rental Yields

Balconies are a great investment for any landlord or builder as they significantly increase the price of that particular home or apartment. If your rental or buyer are having difficulties figuring out what to do with their balconies, share with them some ideas that you’ve curated, and get them excited in designing their very own balcony space.

With proper construction, and some creativity and brainstorming, you’ll be on the path to making a sizable profit on the balconies that you’ve integrated within your home. 

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  • Paul Keeley

    Balconies are romantic !

  • Daniel Gallo

    I love eating my breakfast in a balcony

  • John Carpenter

    Indoor swimming pool over a balcony for me, just need to wait a few years to afford it.

  • Alexander Polinski

    I really like balconies cause they are convenient

  • Jamie Hill

    It's all about the view

  • Rachel Smith

    Well I gotta refurbish mine ASAP !!

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Luke Fitzpatrick

Tech Expert

Luke Fitzpatrick has been published in Forbes, Yahoo! News and Influencive. He is also a guest lecturer at the University of Sydney, lecturing in Cross-Cultural Management and the Pre-MBA Program. You can connect with him on LinkedIn.

   

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