You’ve bought your next big project – an apartment building complex. It’s time to put in work to fix it up and work on improving your ROI. What’s an ROI and what does it mean for you as a new building manager? An ROI, or Return on Investment, is the amount of profit returned to after investing in something. Below, we’ve compiled a list of ways you can work on improving your ROI from your new apartment complex.
One of the largest considerations for many renters (and one of the first things people notice when touring a unit) is the flooring. The flooring is the first impression of the unit when potential residents are touring. As an owner, it can be tricky to know the best option for flooring. The biggest debate is hardwood or vinyl versus carpet flooring. Carpet is a flooring type that tends to need replacement after a few renters come and go due to the stains, dirt, and wear. This process can become expensive very quickly. Nowadays, renters actually prefer a hardwood-type of flooring as it seems cleaner and looks more modern. There is the option to even mix flooring types with choosing carpet flooring in the bedrooms and another flooring throughout the rest of the apartment unit. Currently, wide plank style hardwood is the most popular remodeling trend.
A great way to update the look of a unit quickly and easily is to replace the fixtures in the kitchen and bathrooms. Fixtures that are of higher quality, energy-efficient light fixtures, ceiling fans, faucets, and door handles will be noticed by potential residents. Providing your units with updated versions of these fixtures will also provide better durability and lower energy costs. These are small and simple changes that make a long-lasting impression.
Does the kitchen have dated linoleum as the countertop? Having this type of countertop can be a fast way to lose a potential resident. Even if the potential residents don’t realize it, one of the most important things to them is the condition and look of the countertops throughout the kitchen and bathrooms. For an instant seal of appeal, quartz or granite will be the way to go. If you are trying to be more budget-friendly, replace the old linoleum with new linoleum. Nowadays, linoleum can be crafted to look like higher-end materials, and they are much cheaper to replace if ever needed.
Appliances and cabinetry are a major area of consideration throughout an apartment. Many renters want modern styled cabinets in the kitchen as well as energy-efficient appliances to both look great and cut down on their energy bills. An important note, old and mismatched appliances will not get you the top dollar in rent and these appliances can lead to more hassle down the road with maintenance calls.
Alterra Construction Services has a dedicated and skilled team to help you improve your ROI. We specialized in Multifamily Interior Renovations. Contact us through our website or give us a call at 615-438-5734.