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10 additions to improve the value of an apartment building

Apartment buildings can be a significant investment property, so they need to be periodically renovated. Every well-planned renovation plan can boost your facility’s ROI. In this post, we bring you the latest on how to improve the value of an apartment building.

Submeter public services

We have seen countless apartment buildings where tenants recklessly use utilities such as gas, water, and electricity. After examining a couple of reports, we have noticed a recurring complaint from landlords that tenants are not paying attention to constantly running toilets if they are not paying for water. This is why all investment properties, especially an apartment building, should introduce submetering, one of the highest value-added activities. According to this value-added activity, tenants pay for a public service.

Dryers and Washers

One of the most requested amenities that come with almost every rental apartment building these days is a washer and dryer system. So if a property owner plans to add this specific service, the person should charge between $ 40 and $ 75 per month.

LED lighting

If you happen to be a long-term buy-and-hold investor, outfitting a rental space with LED lighting is a complete no-brainer. That’s because the LED lighting system consumes little or no power. In addition, a bulb of this type even lasts almost 25 years, that is, it also saves a lot of maintenance costs.

Vending machines

The income generated by a vending machine that is located inside a rental apartment can improve the value of the property. If you are thinking of a couple of places within your apartment building where a vending machine can be placed, this is our advice.

  • Use common areas, such as the parking lot, gym, or pool, to place a vending machine for snacks and drinks.
  • You can even use a couple of other less frequented common areas, like laundry rooms.

If the owners place a vending machine, they will receive a percentage of the income from the vending machine owners / companies.

Parking Garage

Renters can pay more easily if a landlord starts charging for the additional storage space that serves as their ad hoc parking space. By charging additionally for a garage area, homeowners can earn more money quickly and easily.

Parking voucher

Always reserve prime parking spots in the garage of an apartment building for those who are willing to pay a great price. The front and center spots inside a garage are below the main parking spaces, so you can charge for them accordingly. Renters generally prefer these special parking spots, so landlords can even put up a symbol that says “Premium Parking Spaces for Rent” to attract more tenants.

Renovations

This is fairly conventional and many homeowners rely on this as a great way to add value to their apartment buildings. Renovations can span exteriors, common areas, and interiors for increasing demands.

Garbage collection solutions

If an investment property has a full-time handyman, then the person can also be used to pick up trash. All residents hate carrying heavy garbage bags to nearby garbage bins. That is why tenants generally look for someone who can transport such heavy and smelly garbage bags; here comes a maintenance guy to your rescue. Property owners just need to find a person who is willing to carry everyone else’s dirty bags. Typically, such a person charges about $ 20 per resident for a month, and many residents (renters) love this option.

Pet rental

If your tenants have pets and you do not charge, then you are losing exactly a lot of additional income. In some areas, pet rents go up to $ 100 per month.

Other service bribes

Some owners of large apartment buildings contract with a cable or Internet service provider to provide their services throughout the complex. For this task, the owners receive a small portion as a bribe each time the residents sign up for any of these particular services.

Due to these factors, it is necessary for homeowners to implement each of the tips to increase the value of their apartment building. Many of these great and practical tips can be accessed from the repository of all the leading commercial mortgage lenders.

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