10 Creative Ways to Increase the Value of Apartment Complexes
Savvy realty investors are always on a lookout for ways to enhance the value of their property and boost their cash flows. Are you one of them? If not, then you need to hurry up and get on the bandwagon because you might be making less money on a property that could earn you so much more. Apartment complex owners have the benefit to control the value of their property since there are numerous means to do so depending on your creativity.
Stumped on where to start? We got you covered! Here are 10 ways to enhance the value of your apartment complexes or building to get you started.
1. Renovate to Add Appeal
Let’s get the obvious one out of the way. There is no doubt that renovations can add value to your property and make it more appealing to potential tenants. Add simple, yet elegant, bathroom and kitchen fixtures, give the paint an extra coat, and add in new appliances and voila! You can charge more rent for these improvements to enhance your cash flow.
2. Build Storage Units
Remember that old winter coat, your teenage bike, and your grandmother’s big old craft box? Yes, they are practically of no value to you but too precious to be thrown away! If you have ever lived in an apartment yourself, you must have faced this dilemma at some point! Likewise, this is a typical problem for others as well and they would be willing to pay a little extra if they are offered storage units where they can keep that extra stuff. You can easily create storage in an empty space in your building or even on the rooftop.
3. Score with Premium Parking
Finding a parking space is indeed a hassle. Offer your tenants reserved parking at a premium spot and they will happily pay you extra. All you have to do is place some signs or put up notices that inform the tenants about reserved parking spots and they will be booked before you know it!
4. Curb Their Hunger with Vending Machines
Save your tenants a trip to the store by installing vending machines in your building. Technology of today’s vending machines are quite impressive with added features like automatic recording and bank card. It will offer convenience to you tenants and enhance the overall value of your real estate.
5. Give It a Luxurious Feel with Concierge Services
Give your apartment complex a luxurious feel by offering concierge services to assist them with booking transportation, restaurants, hotels and other services. These are little chores but charming and luxurious enough to add value to the rental service.
6. Make an Internet/Cable
Everyone needs internet or cable access nowadays and tenants usually pay local providers a good sum for these services. You can make a wholesale agreement with a local provider for your apartment complexes and include it as an amenity. With a wholesale package, you would be able to offer the residents lower fees than what they would individually pay, all the while also making a profit. Who would say no to that?
7. Enhance the Curb Appeal
This is an obvious yet most commonly overlooked feature when it comes to enhancing a property’s value! Many real estate owners spend thousands in decorating or renovating the interior of the apartment but neglect the exterior which is imperative in earning the very first pleasant impression. Add a fresh paint of coat and a few plants around your apartment complexes and the value of your apartment will surely mount.
8. Go Green with LED Lighting
As majority of us are already seeking sustainable lifestyle, this is a great way to impress potential tenants. Install LED lightening inside apartments as well as around the common areas of apartment complexes. You would save on utilities and since they are long lasting, there won’t be a need to pay maintenance in order to change them often.
9. Save Up On Water Bill
In majority of the cases, the owner of the building pays the water bill. But, the unwanted leaks and drips turn out heavy on your maintenance budget. Be proactive, and inspect all the units before even reaching out to the potential tenants. You can also encourage the residents to inform about any leaks no matter how small. Another smart way is to install low flow showerheads, faucets and toilets to not only add value but also to reduce the cost.
10. Offer Convenience by Installing Washers and Dryers
Offering washers and dryers in your apartment complexes is without a doubt one of the best amenities you can offer your tenants and boost the value of your real estate. The best thing about owning apartment complexes is that adding just a small value can do wonders for your property. Including all of even a few of these amenities would help you enhance the value of your property. In the long run, these added values would mean major profits for you.
How creative are you with your apartment complex? Share your opinion in the comments below!