Improvements Every Apartment Owner Should Consider
If you own an older apartment building that was constructed more than a few years ago it can be a struggle to compete with newer complexes and their high-end details. Thankfully there are improvements that can be made that don’t have to come with extreme overhead costs for the owner, yet can make a significant difference in improving the property.
Whether you own apartments in Denver, CO or anywhere else, consider making these improvements to increase the value and bring in new tenants. Apartment building investing is an excellent addition to an investor’s portfolio, and income from the investment can be maximised by upgrading the property.
Upgrade Appliances
Making improvements in the individual units is likely to bring the biggest bang for the buck. In a recent Street Easy survey, the No. 1 amenity New Yorkers were looking for in an apartment is a washer and dryer, while a dishwasher was often mentioned too. If you can install those appliances or make upgrades to current ones you’re likely to attract more tenants and make your current tenants happier too. Upgrading to include Energy-Star certified appliances is a big plus as it can lower your tenant’s energy bills without sacrificing the performance of appliances.
Paint
One of the easiest and least expensive ways to improve your building is to grab a paintbrush, or hire someone else to do it for you. Simply painting the units can bring one of the highest returns on investment, transforming the interior from shabby to fabulous. Using neutral colors is best, such as gray walls with white trim, but whatever you choose, stick with the same shades for each one. Be sure to register the brand and color of the paint at your local paint, home improvement or hardware store so that you can easily get more when you need to and there won’t be any mix-ups.
Outdoor Spaces
As an owner looking for improvements, don’t forget to focus on curb appeal. If the complex looks as if it hasn’t been well-maintained it’s likely to drive potential tenants away. On the other end of the spectrum, if it looks great, you’ll attract their attention. Focus on improving green spaces like a lawn and/or adding more greenery. You might even provide a space where the tenants can help create a community garden, a great way to improve appeal and encourage tenants to develop relationships with their neighbors. Lighting, grilling space, and durable outdoor furniture all make it more attractive too. If space is limited, simply placing potted planters strategically throughout the grounds can have a positive impact.
Increase Parking
One of the most frequent complaints about apartment complexes is a lack of parking. When many were constructed plans failed to appropriately estimate the number of vehicles per unit for every tenant which can cause big problems. The last thing any tenant wants to do after coming home from a long day at work is to struggle to find a place to park – it makes the entire building less attractive. If you can come up with a solution to add more spaces, build a carport area or a garage, it will add value.
Owner Improvements : Replace Old Windows
Replacing poor quality or old windows improves the aesthetic appeal while also making units more energy efficient. If the windows aren’t up to par, cold drafts can come in and heat will leak out, which means the thermostat will have to be turned up to compensate, leading to higher energy bills. In the summer, they have the opposite effect, requiring more a/c to keep the unit cool. If you can, install double pane windows as they’ll help shield units from outside noise too, another big plus.
