As a builder or real estate investor, your want your apartment or condominium complex to attract quality buyers. Whether you’re constructing from the ground up or just purchased the property and need to make some upgrades, there are simple ways to enhance the value of multi-unit properties without breaking the bank.
Tenants want to imagine themselves living in the space. By creating a good first impression and making minor adjustments, you’ll be able to fill the units quickly.
- Light fixtures: Outdated yellow gold doorknobs and light fixtures can be an immediate turnoff. When the fixtures tell the tenant that the unit is dated, it leaves them to question the quality of more important features. You don’t have to go high-end for quality results. Opt for a brushed nickel or copper for a current, yet lasting look.
- Paint: A neutral tone in each unit can breathe life into an old space. You’ll eliminate lingering odors by starting with an odor-blocking primer. Choose from warm creamy shades or muted grays to give the space some character but still be appealing to any tenant.
- Enhance curb appeal: Don’t miss out on a potential buyer or tenants because the outside of the property is lacking. Choose from easy to grow and maintain flowers. You’ll increase the curb appeal while limiting the expensive landscaping bills.
- Clean: Even if you make minimal changes to the property, have the units professionally cleaned. Having the appliances, carpet, and bathrooms cleaned will create a fresh scent and let the tenants know it’s move-in ready.
If you have fewer units to build or renovate, your budget may allow for a greater investment in the property.
- Washer and dryer: One of the most desired amenities in a multi-unit complex is a washer and dryer in each apartment. Even for small units, a stackable washer and dryer takes up little space and allows you to charge about $25 more each month in rent. You’ll quickly recover your investment and make your units much more appealing to browsing renters.
- Update flooring: Carpet can last up to 10 years, but if careless tenants or untrained pets have lived in the property, it needs to be changed much sooner than that. Update the units by replacing the carpets or add vinyl or tile flooring.
- Security: Install a security monitoring system on the property. The cameras should be focused on common areas like the mail collection area, clubhouse, and pool. Letting tenants know that the property is monitored by cameras will help them feel safer in their home.
- Appliances: If you don’t want to gut the kitchen, add updated appliances to give the space a new feel. You don’t have to go top-of-the-line. By buying appliances in bulk, you’ll likely be able to save. You should be able to find appliance packages (refrigerator, stove, microwave, and dishwasher) for under $2,000.
Consider these low- and mid-cost upgrades to your multi-unit investment property to build a good reputation as an owner and to keep the spaces consistently filled.