Apartment living has become a popular option for people of all ages. That’s one of the reasons thousands have invested in building, purchasing, and improving apartments. Many of the new and renovated properties have made apartment living an attractive way to reside within a community in a resort style setting. Existing properties should take notice of how to add value to apartment buildings.

Make improvements to parking

Some buildings failed to plan appropriately when estimating the number of vehicles per unit for each tenant. This could cause problems with adequate parking, making the apartment building less attractive. Coming up with a solution to add more spaces will help add value to apartment buildings. If there isn’t enough room to add spaces, building a parking garage or carport area is another option.
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Updating the external area of the apartment could be as simple as giving the building a fresh coat of paint. You could also update old signage or remove unnecessary signs and get rid of or update anything with rust, mold or stains. You should repair or replace cracked or stained cement and sidewalks. Make sure the pool area and chairs are updated and clean also.
Lastly, you should make sure the building is always free of trash. Invest in a company to handle picking up trash door-to-door. Tenants will appreciate this, and won’t mind having it as part of the rent cost. Showing good external representations will add value to apartments.

Renovate internally to add value to apartment buildings

A few changes to the inside of apartments can make them more attractive and increase their value. Make upgrades to units by adding features like wood floors, new carpet, marble counter tops in the kitchen and bathrooms, new ceiling fans, stainless steel appliances, and fresh paint. Adding value by renovating is where you will incur most of the expenses.
The key thing to keep in mind with renovations is to make sure the return outweighs the investment. Some owners of seasoned apartment buildings have even renovated just half of the property. That cuts the cost of investments and leaves more than one option for new tenants.

Improve the apartment lighting

Lighting is important on the inside and outside of the building. On the outside, it’s a good safety measure to have adequate lighting around the building for tenants. New fixtures will also add character to the building and make it more attractive.
On the inside, lighting is a part of the updated features that newer apartments have. Older apartments have some rooms with no lights at all, and tenants must add lamps. Built in lights will improve the overall appearance of the apartment. New lighting structures with energy efficient bulbs could will also lower the cost of power bills for the property. Consider making updates to lights to save money and add value to apartment buildings.

Increase profitability

Finding areas to save money and increase profits is another way to improve the value of apartment buildings. Updates to lighting is just a start to finding ways to save money. You should also find ways of cutting the cost of other bills like water and heating. If you’re covering the cost of each tenant’s water bill, maintain repairs to leaky faucets and make sure toilets are running properly. You should also do a periodic review of other expenses, like insurance, trash service, landscaping, pool cleaning, and janitorial service. Lastly, make sure the price of rent is adequate in comparison to the amenities tenants receive.

Add square footage

Adding square footage, especially rentable square footage, will make the property a more lucrative investment. There may be something that wasn’t included in the original plans. Some older apartments don’t have many of the updated features that newly build apartments have. This is a good time to evaluate. Some ideas include adding a rentable party space or media room, parking garages, washer/dryer connections, or a Wi-Fi cafe.
With apartment living becoming increasingly attractive, it’s best to stay up to date on what prospective tenants are looking for. Those will be the same features buyers will try to find when searching for property. Added tenant satisfaction means added value. Making small improvements to make the building more attractive, add more options, and make living arrangements more comfortable will add value to apartment buildings.