Apartment buildings are the major investment properties that you can have. These buildings need to be renovated periodically to improve their value. A well-planned renovation program helps in boosting the ROI. This article is going to discuss some of the great improvements that would contribute to improving the value of an apartment building.
Installation of sub-meter utilities
Some tenants are known for using some of the utilities such as electricity. Water and gas recklessly. This might lead to recurrent complaints from the apartment’s owners especially if these tenants are unable to pay their utility bills. This is the main reason why you find some owners introducing sub-meters in their building. This is considered to be one of the biggest value addition activities. This makes the tenants pay their bills.
Washers and dryers
These are very demanding amenities which are found in almost all the apartment buildings. A washer-and-dryer system is an important addition to any residential building. The property owner should add this amenity in his apartment.
As a property owner, you should consider equipping your rental space with thus lighting system especially if you are a long-term investor. The LED lighting system consumes very little energy and can last for very many years. These lights help in saving the maintenance charges greatly.
These machines help in generating income in the rental apartment. They play a significant role in improving the value of your property. These machines can be installed in the common areas like in the gym and parking area.
Prime parking spots should be reserved in your apartment building’s garage since some people would be willing to pay for them. You can choose the center, and front spots as the prime parking since they are the most prefer parking spots. Rentals with such parking spots are more likely to lure more customers.
This is the most conventional way of adding value to your apartment building. Many property owners trust this method. These improvements encompass the common areas, the exterior, and interior for increasing demands.
Some tenants might be rearing pets in your property. You need to charge them to generate additional income. The pent rents can go up to $100 per month in some areas.
Trash pick-up solutions
You can hire a full-time maintenance person for picking up trash. Most of the residents hate carrying the trash bags to the dumpsters. This means that the property owners should hire a person who can carry these bags.s