Residential real estate investors often look for long-term profits by investing in different types of apartment buildings rather than single-family residences. Owners and investors of multifamily properties have far greater control over the value, management, and condition of the property, which offers greater ability to predict ongoing markets and trends.
There are many ways various types of apartment buildings can increase the overall value of the property to garner a higher return on the investment on a long and short term basis. Small upgrades to the property can improve its curb appeal, while major renovations and wholesale changes allow for higher rents and an increase in the overall value of the building.
5 Ideas to Increase the Value of Your Apartment Building
1. Sub-Metered Utilities
Depending on the types of apartment buildings and the way the property is set up, having each unit responsible for their own utilities is a great draw for today’s energy-conscious society. Sub-metered utilities force tenants into a position of being more aware of the energy they are using, and it will cut down on the overall expenses for the building.
2. Upgraded Parking
Apartment renters are more than willing to pay a premium price to be able to park their vehicles in a secure garage. Even installing carports gives landlords the chance to charge extra fees for the luxury of having a covered parking spot. Premium parking spots in front of the main entrances can also be used to bring in a little extra revenue by renting those spots to residents, also adding to the overall value of the building.
3. Increased Secure Storage Space
One of the first things prospective renters ask about is how much secure storage is available for each unit. Offering ample storage space in a secured, safe environment is a strong feature that can put you above the competition.
4. Unit and Apartment Building Exterior Renovations
You do not have to make major renovations to an apartment building exterior or individual unites to make the entire complex more appealing to possible renters and add value to the property. Large upgrades and remodeling projects can add significant value to the property, but small upgrades and improvements to individual units or common areas can have a positive effect, too.
5. Appliance Upgrades
It is not necessary to go out and replace every appliance in every unit, but when it comes time to replace older items, it is important not to skimp on quality. Younger renters have come to expect the latest in technology when it comes to their personal electronic devices, and the smart technology appliances they use in their homes.
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If you are in the market to purchase, invest in, or sell an apartment building or any other kind of commercial real estate property, MyEListing is a free online resource to list and find all types of apartment buildings for sale or lease.