Spring is in the air and, as homeowners gear up for spring cleaning, it may be in your best interest to do some upgrading at your apartment properties as well.
You might be asking yourself, “Is that truly necessary?”
Yes. It is. The reality is that your biggest enemy as a real estate investor and landlord is a vacancy. In light of this, it is critical that you master the art of getting and retaining good tenants, and one of the best ways to do this is to make your investment property more desirable to renters through apartment renovation efforts.
Your apartment community should be not only functional but also attractive and comfortable. So here’s a rundown on the top renovations and updates to make to your apartment building this spring.
Spruce Up the Kitchens
Updating your apartment complex’s kitchens is one of the smartest apartment renovation moves you can make as a landlord, especially if a kitchen has mismatched appliances. In this situation, you should keep the kitchen’s newest appliance and replace the other older appliances to match them. Matching your microwave, dishwasher, and oven finishes will immediately make the kitchen look more cohesive and functional.
In addition, you can make your kitchens more aesthetically pleasing by sanding and painting your existing cabinets. Then, you can top off your cabinet update with new, sleek hardware that will add a modern touch to your cabinetry. New countertops can also make your apartment units’ kitchens look newly renovated. Take your apartment renovation further by also installing glass tile backsplashes or even contemporary-looking faucets.
Update Your Bathrooms
Another one of the top ways to add value to apartments is to update your complex’s bathrooms. Why? Because many possible renters look for updated bathrooms. Simple fixes, like updating toilets, showerheads, faucets, and cabinet hardware, can be transformational for your units.
Also, if your bathrooms aren’t large, try to maximize the space you do have. For instance, use barn or pocket doors versus regular doors, and consider converting bathtubs into walk-in showers. You could also install shelves to create more storage without taking up large amounts of room. Finally, incorporating new vanities and increased counter space into your apartment renovation can further help to elevate an apartment unit’s bathroom design.
Modernize the Living Rooms
If you’d like to completely renovate an apartment community, consider also replacing the living room carpets or existing flooring with hardwood floors. Hardwood is a popular material used in rentals because it is simple to maintain and looks modern.
You can also create accent walls in your apartment units’ living rooms to make these spaces look more appealing. What’s great about this apartment renovation idea is that it isn’t expensive, yet it will set your living spaces apart from the traditional all-white walls.
If you’ve got a little more money and time, consider also knocking down walls to create more open space, if necessary. The open concept will make your apartment units feel brighter and larger.
Don’t Forget the Outdoors and the Amenities
Be sure to include outdoor upgrades as part of your spring apartment renovation process. For instance, you could complete some landscaping and add new signage. In addition, consider refreshing the exterior of your building with attractive balcony railings or even fresh siding.
Also, be sure to upgrade your amenities to further make your apartment community stand out for all of the right reasons. For instance, renovate the spa/pool area, fitness center, or club room. And consider adding stacked washers/dryers to your units rather than resorting to a community laundry room. In this case, you can convert your no-longer-needed laundry facility into an area for activities or even tenant storage.
The Benefits of Updating
Moving forward with an apartment renovation this spring will certainly make your apartment complex more attractive to prospective tenants, but it carries with it several other benefits as well.
For instance, if you install energy-efficient windows or programmable thermostats, you can decrease your utility costs for future renters. And this can be an attractive selling point. Along these lines, consider also adding energy-efficient light fixtures to your units. Replace any old heating, ventilation, and air conditioning systems with their more energy-efficient counterparts.
Also, by incorporating higher-quality and newer appliances and countertops, you can increase the rental experience in your property, which means that your tenants may want to stay with you longer. In addition, your new products will most likely not require as much maintenance, which will save you both money and time in the long run.
Yet another reason to complete an apartment renovation? You can deduct your renovation expenses at tax time if you’re making repairs with the goal of maintaining your investment property.
Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.