Renovations will generate revenue in your multi-family property. Regardless of whether you are an apartment building property owner or have been looking at adding this type of property to your portfolio, investing in certain upgrades will help to increase your property’s value as well as your profits. As the premier real estate agent for apartment buildings for sale, I would like to share these 3 renovations that will guarantee to generate returns for your multi-family property.
The possibilities for exterior upgrades are endless. If you are looking at increasing the curb appeal of your building, increasing interest and creating a good first impression, then an exterior renovation or upgrade is a must.
Some proven exterior renovations include:
- Landscaping – adding shrubs, trees or even new lighting can increase the value of a property by 10%.
- Painting – A new paint job can breathe life into any multi-family property.
- Creating or upgrading an outside common room or area – outdoor structures such as pergolas or outdoor seating areas are extremely sought after by tenants. By bringing the indoor living idea outdoors, you will not only increase the value of your property, you will also increase your retention rate.
Replacing your carpeted apartments with tile, vinyl or wood flooring offers many advantages. These include:
- It gives each apartment a more modern, clean look making that space appealing to any tenant, especially millennials and Generation-Z.
- It makes the apartment easier and less expensive to maintain and clean.
The significant long-term savings and durability of hard floor surfaces makes an upgrade or renovation one of the best ways to add value to your property, increase your profits and retain tenants.
There are certain amenities that will provide you with a better rate of return than others. The number one amenity upgrade is adding a washer and dryer in every suite. All tenants would love in-suite laundry and are willing to pay more to have this added convenience.
Another must have amenity is storage. If you do not already provide storage lockers, this is another great investment to increase your rate of return. Look to renovate any unused space such as the washer and dryer room if you now have in-suite laundry. The extra storage space can be charged out and will be appreciated by your tenants.
Investing and renovating your multi-family property is a great way to increase your rate of return and its property value. The renovations previously mentioned should be able to see returns from 10-30% depending upon where your multi-family property is located, its age and current amenities. If you would like more information about what renovations are right for your rental property or to see some of the new exciting apartment buildings that are available, please contact me today. I look forward to working with you soon.