Create a Revenue Stream with Your Clubhouse

community-clubhouseIf you have a great clubhouse on your multi-family property, it can be an advantage in more than one way. Good tenants will appreciate a high-end clubhouse or community room. They can hold events like baby showers, graduation parties, community gatherings, barbeques and many other gatherings. This will help you retain your best tenants. It’s also an advantage in terms of attracting new tenants. This type of feature helps your property stand out from other rental communities in a positive way. Many landowners invest in renovation projects that upgrade their clubhouses from average to exceptional.

If you are considering a remodeling project involving your property’s clubhouse or community room, you know that the costs may be significant. Before you decide the renovation is too expensive, consider the opportunities a high-end clubhouse or community room can provide. It’s not just a perk for your tenants. You can actually create a revenue stream using your clubhouse. How? You can rent the clubhouse out to people besides your tenants. People are always looking for convenient venues for parties and gatherings. You can advertise your clubhouse as a possibility if it is nice enough to attract renters. Some property owners also charge tenants if they hold gatherings in the clubhouse.

Renovation becomes much less daunting if you know the clubhouse will pay for itself over time. To make the property attractive, it will have to stand out from other potential venues. You should consider a variety of amenities when you are planning a renovation. The more amenities you can offer, the more likely it is that you’ll attract business.

The best amenities are those that make it convenient for renters to hold a fun and tasteful event. An updated kitchen with an oven, microwave, sinks and a full-sized refrigerator make it easy for party givers to prepare and serve refreshments. It’s also a good idea to provide counter space for food preparation. The clubhouse should also have adequate and clean restrooms. Seating is also important for gatherings. Tables and comfortable chairs should be available for guests. You should include all these things when you plan a remodel.