Have an older community that needs some updates? Focus on upgrades that will deliver in both rental rates and sales prices. Make sure your enhancements are appropriate for your demographic, area, and property. What will make the largest impact for your property and property location?
These five upgrades are proven to refresh a community and deliver a high return for the investment.
1) Paint. Nothing updates the look and feel of a community better than new paint. Exterior paint sets the tone for the community and helps create a positive first impression on prospective residents. Watch for exterior wood rot around roofs and garages. Simple items like these will make a community feel worn and dated.
2) Appliances. Residents appreciate new appliances and will happily pay a premium to have them in the apartment home. Consider replacing any dated appliances to increase the rental value of your community.
3) Common Area Amenities. Small changes can make a big impact with community amenities. Adding a dog park, updating your BBQ pits, ensuring your pool is good upkeep (no stains or pool decking in disrepair), or updating landscaping can make a huge difference in the community without breaking the budget.
4) Fixtures. One of the most cost effective ways to update an apartment home. Replace dated lighting, faucets, ceiling fans, towel bars, or electrical plates. Nothing says dated like brass fixtures and rusty sink faucets. These inexpensive enhancements will make leasing easier and allow for a higher rental rate.
5) Countertops. Stained Linoleum Counters? Time for a replacement! Granite, granite, everywhere! Communities have been replacing old, worn out counters with granite and receiving a high return rate. Pick a neutral color that will accompany most of your demographics tastes and furniture. Avoid trendy colors or counters that will date within a few years to increase sustainability.
Now is the time to take advantage of the market and increase the profitability of your property. These basic enhancements will help to increase the market value of your apartment homes and purchase price if you decide to sell. Upgrades will increase not only the overall value of your community but also increase tenant loyalty and happiness.