Outdated kitchens in your multi-family apartment building may very well appeal to the type of tenants that you want least. This is because when they see outdated they then think cheap and will want to pay less. And since the type of tenants that you want to live there will also think low quality and not rent there; what do you have left? Empty apartments or tenants who pay less. This is because one of the biggest decision makers on a rental deal is how the kitchen will fit in with potential renters’ needs. Too, if the kitchen is up-to-date and attractive, it can raise the rents as much as a $100 per month. So what are renters looking for in a kitchen? Well, below are some answers so that you can style your rental unit kitchens.
- The cabinets: These are usually what tenants will look at first to see if they fit their needs for space. They also want to see cabinets that are functional and up-to-date? So you need to decide if the cabinets need sprucing up. Often here changing the hardware is all that is needed to give them a functional, modern look. A professional too can repair cabinets and make them look like new additionally.
- The appliances: If you have old chipped stoves and rattling refrigerators, it may be time to replace them. So here, something a little more energy efficient and nice looking is a better bargain in the long run than hanging onto the old appliances just because they still work.
- Countertops: Are the countertops dingy? Are they chipped and scratched? Do they have a modern feel? If so, you may want to hire a contractor to come in and do a little fixing up. Now here, you want to choose material that can withstand wear and tear. Also choose a darker color countertop which will look cleaner and blend in any stains that will come about.
- Paint: When tenants move out, it’s time to repaint. This is because food byproducts in steam and splattered cooking oils can build up on the walls and kitchen cabinets. This can create a dingy appearance as well as leave an “old grease” look. So a new coat of paint in the kitchen especially can change all that and make the apartment look fresh and appealing. You might want to touch up with stain if needed too.
In the end updating the kitchens in your apartment building can give you a higher amount of income.
If 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.
When you are buying a multifamily property and considering having it undergo renovation to make it safe for senior citizens, there are some things to consider. Seniors have different needs than younger non-senior tenants. Remodeling with those differences in mind will help you to rent out the property you are purchasing then.
When having property undergo multifamily construction and renovating for senior citizens, safety concerns are the primary need. Like keeping everything on a one floor level if possible so there aren’t steps involved. Any carpeting should be firmly tacked or glued down too; or the dwelling having no carpet at all to avoid tripping. The lighting should be installed so there aren’t any dark corners also.
If there are stairs, they should be well constructed with wide tread and handrails; the handrails preferably on both sides. If the stairs are wide enough too; if a stair-lift needs to be installed at a later date by the tenant, then there won’t be a problem with it not fitting.
In the bathroom, handrails need to be installed in the shower section or even a roll-in shower for seniors in wheelchairs could be installed. Cupboards for towels could be built-in with easy access shelves. The tiles should be nonskid so there is less danger of falling for your senior tenant too.
For safety in the kitchen, again a non-skid tile or linoleum can be used. Lever type door handles should be installed on kitchen cabinets and doors for easy use for arthritic hands. Shelving too should be easy to access overhead without overstretching which can cause injury to backs or cause a fall. Plus, locks on doors should be easy to lock and unlock without difficulty.
If a balcony is part of the design of your multifamily construction for seniors, make sure the banisters are at a safe height. Also, a sliding door which slides back and forth and locks without effort is a good selling point.
Senior citizens make excellent tenants and a multifamily dwelling can be a perfect place for them to live. So when you are renovating, keep senior citizens in mind, and your property could always be full.