When investing in apartment buildings, finding and buying attractive real estate assets at competitive selling prices is only the first step. The following one is making your apartments more inviting to potential tenants, thus increasing the rent they are willing to pay and the market value of the building and each individual unit. Let’s look at five quick ways in which building owners can boost the value of their investment.
Add In-demand Amenities
Each apartment in your building should feature the most basic amenities, such as a dishwasher, a microwave oven, a washing machine, a dryer, and walk-in closets. In order to give your real estate asset an additional boost in value, you could also consider adding more advanced amenities. Examples are high-end audio systems, plasma TVs, outdoor patios, and spa-like bathrooms.
Depending on the type of building, you could also add community amenities accessible by tenants in shared spaces (e.g., a fitness center, a swimming pool, a lounge area, or a sauna). Installing these amenities usually requires one significant investment but can noticeably increase the attractiveness of each apartment unit.
Upgrade Your Security System
Safety is a major concern for tenants when looking for a new apartment to live in. Some of the main risks your building is exposed to include theft, vandalism, and fire. Both your building and its units should allow residents to feel comfortable and insulated from these threats at all times.
To achieve this goal, you need to implement a security system for apartment buildings, that is, a set of integrated solutions and technologies.
First, you should set up modern access control solutions for each entry and exit point. This will ensure that no unauthorized individual can get into your premises. Some of the most effective access control for apartment buildings include keypads, commercial rfid door locks, and proximity readers.
Next, your apartment building should feature effective video security solutions. This works both as a deterrent against criminals and as a tool to collect evidence in the event of a crime. Cameras should be placed in all strategic locations, including hallways, lobbies, and entrances. Thanks to cloud-based technologies, now you can also access your surveillance footage in real-time with any device and from anywhere.
Obviously, an effective security system should include fire and carbon monoxide detectors, as well as alarm solutions that can readily alert security staff or the authorities if any suspicious activity is detected.
Give the Kitchen a Makeover
The kitchen is an essential part of every apartment, and remodeling it in your units can give them a significant boost in terms of attractiveness. Simple things (such as changing the cabinet doors or replacing outdated appliances with modern ones) can make a huge difference.
You could also make small changes to the layout and design of the kitchen, such as adding a breakfast bar or an island. This can help create a sense of openness and spaciousness in the room.
Your kitchen’s design should be the right balance between functionality and aesthetic appeal. Invest in quality materials and select a color palette that is eye-pleasing and reflective of your building’s brand.
Restyle Your Walls and Floors
Prospective tenants will also appreciate a fresh look in your apartments. Refreshing the walls and floors is a relatively simple and cost-effective way to give each unit a new look.
For the walls, you could consider changing their color or adding decorative elements such as wallpapers and murals. You could also use more durable materials such as ceramic tiles and natural stone.
When it comes to floors, hardwood is a popular choice among tenants. However, you could also go for ceramic or porcelain tiles and even natural stone.
Finally, consider adding some area rugs and mats to create a more cozy atmosphere in the unit. Investing in quality materials for your walls and floors is key to creating a lasting impression on your tenants.
Focus on Curb Appeal
When tenants first arrive at your apartment building, the first thing they will notice is its exterior. That’s why it is essential to take care of the curb appeal of your structure.
You should pay special attention to the landscaping and lighting, as these elements will greatly impact how your tenants perceive the building. Make sure that your entryways and pathways are well-lit, inviting, and feeling safe.
You can also give the building a new look by repainting its exterior, replacing old fixtures, and updating the signage. This will go a long way in making your apartment building stand out from the rest.
To Sum It Up
To attract and retain quality tenants, you must focus on making your apartment building a desirable place to live. This can be achieved by investing in modern security solutions, remodeling the kitchen, and giving the units a new look. Remember to also take care of your building’s curb appeal to make an excellent first impression