If you own an apartment building or if you’re thinking of investing in one, you can maximize your profits by renovating the building before your new tenants arrive. In order to get a return on your investment, you need to think carefully about how you want to spend your money. After all, improvement projects are costly and time consuming, especially when they apply to multiple units. The trick is to focus on the features that your tenants care about most. While this varies from market to market, you can start by investing in the basics. Here are the top apartment and condo building renovations that increase property value.
Swap Out the Carpet
Carpet is out. If you want to attract a high-end clientele with your apartment building, start by ripping out the carpet. Tenants tend to associate carpet with germs and dirt. People like knowing that they can see and touch the bare floor. Adding a concrete or wood finish to the floor will give your building a contemporary feel.
Upgrade the Kitchen
If you want to increase property value, focus on the spaces that people spend the most time in. The kitchen is often one of the most important features of an apartment. Redoing the cabinetry and the counters can be a great selling point when you list your units online.
Dazzle with the Lighting
Installing new lights is one of the most cost-effective ways to increase property value. Swapping out your old lighting fixtures will make an ordinary room feel brand new. Get rid of any bright, unflattering florescent lights and replace them with something softer. Spending tons of money on renovations doesn’t make a lot of sense if the lighting in the room doesn’t do the space justice.
Don’t Skimp on the Bathroom
The bathroom is another important room in any apartment. Everybody uses it; so why not spruce it up a little bit? Pull out those scummy tiles and give the bathroom the love it deserves. You can upgrade the counters, the lighting, and the showerhead. While you’re at it, you might as well add a tiny shelf for more storage space.
Appliances for In-Home Convenience
Your tenants will swoon when they see some brand new stainless steel appliances. Renters don’t usually have their own appliances. You can sweeten the deal by spending a little extra on some toasters, microwaves, and even some washers and dryers.
JS Tamers works with property owners to help them understand the renovations that are going to have the best impact on their bottom line. We know how to increase property value by focusing on the features that matter. Contact us today to learn more.