How to add value to your apartment building?
Have you ever thought why major real estate players and activists invest in apartments instead of single-family homes? There’re several convincing reasons with “control” being the biggest. Large multifamily real estate owners can be exceptional at controlling value of their unit to a greater extant as compared to single and small family units. In apartments, choice of adding value is limited but if you proceed creatively, you might as well stumble on extraordinary solutions and various options. Here’s what you should do:
The sub-meter utilities1
Tenants come in all shapes, sizes and types, including those who’ve had their apartment building’s windows wide open during bitter winter with heat blasting out constantly. Then there’re some who would never report of a constantly running toilet only because they don’t ever pay for water. Depending on property mechanics, dynamics and type of tenant, sub-metering is among the largest value-additions nowadays.
Wash & dry facility
Perhaps the number one amenity to add to your apartment rental is the option of washers and dryers. If you’re a proud owner of a rental unit, it can add approximately $40-to-$75 per month to the income.
LED lighting option is a no-brainer solution especially if you’re a long-term investor of buy and hold unit. The first benefit is its ability to give off ample light without consuming too much energy thus saving on electricity bill. The second benefit is its longevity as the bulb can last for approximately 25 years which further relieves you from frequent maintenance and replacement.
Would you believe that income generated from a vending machine can surely increase value of your property! There’re many ways to setup a vending machine such as:
- In common areas like snack and drink vending machines in workout areas, near the pool so on.
- In laundry rooms where a vending machine contains essential household items such as detergent, stain remover pen, carpet and fabric cleaner so on.
The best feature is that you’re relieved from actually buying the machine. Simply place a request at the company and they’ll have it installed for you. In return, you’ll get a share in the income it’ll generate over time.
Garage or parking unit
People are actually willing to pay extra for a parking space or appropriate garage setting for their vehicles. You can surely place additional charges for garage use but make sure the amount is acceptable and per the market rate. Less expensive alternatives would be carports.
Renovations & trash pick-up services
Renovating the interiors, common areas and other corners of the apartment rental unit is one of the most common yet best ways to increase rental demand and potential occupants would willingly accept the offer. Besides, it’s a creative way to freshen up the looks of your property.
Do you’ve a full-time maintenance service or call one whenever needed? You may register with a trash pick-up service and decide on the days you wish them to come. Other residents are surely to go along with the option which will keep the unit and its surroundings clean.
Pet rent & storage units
If you’re still holding off profitable renters just because of their pets, it’s perhaps the most unwise decision. You can charge extra rent for the pet they’d bring which is very much acceptable and legal. Pet aside, what about storage options in the apartment unit to keep the belongings! Unless your apartment unit come up with a suitable storage option for renters, it’ll create a clutter and cause inconvenience for everyone; not to mention the risk of pest infestation.
Internet & cable television service
Most of the modern apartment units nowadays are equipped with Wi-Fi and cable television for which tenants agree paying a bit extra. It saves them from the hassle of finding the most appropriate service providers so definitely a value addition.
The above tips would surely optimise your rental unit in the best way, promising healthy and smooth income generation.