Looking around at the multifamily trends and the shifting demographics may make it seem that older apartments are not a relevant option for attracting the hard to please millennial crowd. However, with the right renovations, even the oldest apartment building can reinvent itself and attract a wide range of tenants. As the premier agent for apartment buildings for sale in the Lower Mainland, I would like to share the following inexpensive ways you can update an older apartment.
Low Cost Materials
Regardless of what type of renovation you are going to be undertaking, it all starts with finding the right materials. Not all materials are equal and you will quickly find a large price gap between certain choices. Although natural wood is trendy and quite an appealing material in today’s multifamily environment, this material is quite costly and difficult to maintain.
Luckily there are many low-cost alternatives that include:
- Aluminum siding.
- Concrete panels or pre-fabricated finished slabs (for counter tops).
- Fiber board.
- Porcelain tile.
If used right, these inexpensive materials can give any older apartment a makeover and create that ever-appealing contemporary look.
Increase Curb Appeal
Sometimes a new coat of paint just isn’t going to be enough to increase the curb appeal of your older multifamily property. If you are looking for a change, start with choosing an inexpensive material such as aluminum siding or look at a combination of materials to get your desired look.
Regardless of what type of material and look you choose, trim can make all the difference. If it is a contemporary look you are striving for then metal trim is a must. Many architects use metal trim to create patterns or geometric shapes with contrasting colours to make the exterior of any building stand out.
Here’s the Deal:
Try to find a manufacturer that produces both the siding material as well as the trim material. Most manufacturers offer a discount or package if purchased together and there will be no surprises when installing the product.
When renovating your multi-family property, start with renovations that are going to save you money in the long run. These renovations include:
- Installing smart thermostats and other energy efficient appliances. Many of these items come with a tax break incentive.
- New windows. This can reduce your energy bill by up to 25 % and will definitely boost your property’s curb appeal.
- Upgrade flooring. Many tenants are willing to pay more for hardwood floors and they are far more durable and will outlast carpet, saving you cleaning and replacement costs.
- Modernize plumbing to save costly maintenance and water damage. You can also install low flow options for showers and toilets to attract that millennial demographic.
Not only will these renovations save you money in the long run and further increase the value of your investment, they will also allow you to charge more rent. It has been shown time and again that the new demographics of renters are quite willing to pay for added amenities and technology.
Breathe new life into your older multifamily property by following these simple tips. These renovations will not only transform your building, they will also allow you to attract and retain a whole new set of tenants. If you would like other ways to enhance your multifamily property or would like to see some of the new and exciting apartment blocks available in the Lower Mainland, please contact me today. I look forward to working with you soon.