Mar 17, 2020
How to Increase Apartment Property Value
If you’re in the business of renting out apartments to people, then you’re probably interested in how you can make more money for your spaces. The only way to do this is by increasing the property value of your apartment building.
There are many ways to do this that don’t cost much to invest in and can be done within a few months. Continue reading to find out how you can start creating a plan today!
Having up to date and new appliances can increase the value of your apartment spaces. Having clean, fresh, stainless steel appliances not only boosts the price but gives the apartment that “WOW” factor, which will make renters more likely to choose your space.
If you’re thinking about investing for the long run, we suggest you purchase the newest model, so they stay current for many years to come. Also, with the rise of personal assistant services for homes, like the Amazon Echo or Alexa, you might want to choose machines that’ll work with those devices.
Many appliances have these types of features embedded in them already. If you have recently bought a machine without connection compatibility, don’t worry! There are add ons you can buy to update semi-new appliances.
For example, if your apartment building has a laundry room, and it only accepts coins, you can make an update by adding a card or online payment reader to collect payments. The experts state that doing this “saves time by eliminating the need for coins, it attracts new residents, and adds value to your property.”
Paint and Clean
Another simple way to increase the value of a room is by giving it a fresh coat of paint. It provides a place with a crisp new look. Even the smallest marks on the walls can make somewhere look older or dirtier.
There are more colors to paint a wall than just white. Feel free to keep the colors neutral and light, but have tints of blues or greens. Don’t pick any color too harsh or wild because that might deter people away.
Also, make sure the apartment is spotless before anyone comes to look at it. The most important places are the bathroom and the kitchen. If you’re not putting in brand new appliances or bathroom fixtures into those spaces, take the extra time to deep clean them.
Look at all the little spots and get rid of all stains. Nothing’s more of a turn off if the place is dirty before a tenant moves in. They don’t want to imagine how the last people were who lived in the space. They want to see a clean canvas that they can make a home out of.
Add Curb Appeal
We all want to drive up to our homes and like what we see. This is the same with apartment buildings as well. If the outside of the place looks old or run down, most people are going to think that the inside looks the same.
Investing in a landscaper can up the value of your property. Have them plant trees and perennial plants. Then, they will come back every year, and you’ll only have to do a bit of maintenance.
Besides flowers and plants, make sure to add new lights around the building and parking lot. This will make your tenants feel safe at night time. Also, make sure that the road and sidewalks are new. It’s a good idea to make sure there are no potholes or dangerous parts in the cement.
The Bottom Line
There are many things you can do to increase the value of your apartment building. Don’t do too much at one time, update little by little. As more people rent apartments, you’ll have more money to make renovations.
Start thinking about what your places are lacking or if they need updating. Then, you can begin today!