When it comes to increasing the appeal of your multifamily property, the overall perception of the dwelling is key. The more appealing your property is both inside and out will determine what types of tenants you attract as well as the monthly rent that you can charge. As the premier agent for apartment buildings for sale in the lower mainland, I would like to share the following ways on how you can optimize the value and appeal of your multifamily property.
Increase Visual Appeal
Attracting tenants all starts with increasing the visual appeal of your multifamily property – both inside and out. To make the exterior of your property more visually appealing, try the following tips:
- Repaint the exterior of the building using bold colours or two colours that provide a striking contrast to each other. Try to make corners and other symmetrical features stand out.
- Landscape the outside area around your multifamily property and try adding plants and shrubs. Keep the planting scheme symmetrical and even on both sides of the entrance way.
The suites and interior of your building are where you will want to direct most of your efforts to increase perceived value and create appeal. We will discuss various ways to achieve this goal next.
Focus on Touch Points
Tenants seem to appreciate added value on tangible items or things that they can touch. Think about upgrading the door knobs in each suite as well as features such as:
- A smart thermostat that gives tenants more control over the heating and cooling in their suite while saving you money on energy costs.
- Added security features that tenants have control over.
Another focal point when trying to provide added value is to focus on the continuity of each suite. For example, how a kitchen is laid out, the size of each appliance and even the colour and coordination of each appliance can go a long way in providing the necessary visual ascetics that tenants are looking for.
Another example of in suite continuity is flooring. Try to keep the flooring the same in every room in each suite. Vinyl flooring has come a long way and is an inexpensive alternative to hardwood. The right product will give the appearance of a far more expensive option and give the tenant that sophisticated look they desire.
Open up the space
Everyone wants open space and as much liveable space as possible. Why not give your tenants that wish and open up each suite as much as possible? There are simple tricks that can give the illusion of more space and still add a touch of class and appeal to any room. Examples include:
- Install a glass shower. This increases the view of a larger visual space and adds to the appeal of your property.
- Another option is to install bathroom cabinets 12 inches off the floor. This provides a continuous sight line and allows for a full visual view of the entire floor, giving the illusion of a larger space.
These helpful tips will allow you to create more appeal in your property while increasing the perceived value of your suites. If you are interested in other ways to add appeal and value to your multifamily investment or would like to see some of the new and exciting apartment buildings that are available, please contact me today. I look forward to hearing from you soon.