A renovation of your apartment complex in 2019 will bring appreciation by raising your income and lowering your expenses. When you raise the operating income on a multi-family property, you raise the value on the entire property. Here are some tips that will help you strategically renovate your apartment complex:
AESTHETICS. Turn unused utilitarian areas, such as loading zones, into resident-friendly areas by redesigning them. Stamped concrete, landscaping, barbecues and seating will created a quiet space that residents will greatly enjoy. Improvements such as these improve quality of life, as well as functioning as a great marketing tool for the property.
COMFORT. Upgrading HVAC systems to be more energy efficient will save money, and often you as the owner can receive an efficiency rebate from your local energy company, depending on the brand you purchase and install.
LAUNDRY ROOMS. These spaces often get neglected, and yet it is one place that your tenants will spend a significant amount of time. Energy efficient appliances, upgraded floor that is easy to maintain, and lots of light, will make this part of your complex a pleasure to be in. A great selling point!
GO RETRO. Mid-twentieth century is cool, these days, and if your renovations include wood floors, period carpeting, and retro paint choices, these items will attract a demographic that includes young professionals.
SECURITY AND SIZZLE. Excellent lighting in all resident areas, such as hallways, corners, streets, and parking lots, are a great choice, as will be installing security systems. You can choose to install telephone-based door locking systems; these are inexpensive and easy to use. To add “sizzle”, consider offering free WiFi or washer/dryer combos in units. Ceiling fans, trendy paint choices, fresh landscaping (maybe even a community garden space!), blinds, and other on-trend choices will attract appreciative residents.
MAINTENANCE. Have a maintenance plan in place to protect your investment and to keep your property looking top-notch. Once your renovations are completed, you will want to make sure everything stays in stellar condition for years to come.
When it comes to renovations and maintenance, you can always call on the Ascension General Contractors team. We are here to help!
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