Adding value to your multifamily property can be expensive. While upgrades to kitchens and bathrooms will yield a higher rent from prospective tenants, these investments can be costly upfront. Here are some ways to help provide a return on your investment.
Start From the Inside
Increasing the appeal of your units from the inside doesn’t have to include a complete overhaul. Consider smaller changes like lighting upgrades. Most apartments come with ceiling mount light fixtures that can be easily replaced with a more appealing pendant light fixture. Adding trim, switching out cabinet handles, and replacing toilets are other ways of making noticeable changes without breaking the bank.
If you’re looking to make larger upgrades, consider adding new appliances like in-unit washers, dryers, and dishwashers. Air conditioning is also crucial, along with high-speed internet access.
Let Technology Do the Talking
Technology is making our lives easier every day, so noticeable upgrades like app-enabled heating and air conditioning, keyless entry, and enhanced security features are new ways of attracting tenants. You may also consider adding smart lighting to your list of tech features. You get the benefit of light bulbs you can change to different colors, controlled with an app on your phone or by voice control.
The Perks of Your Community
Another way to add value to your multifamily property is by adding amenities. There are large, expensive amenities like workout rooms and pools, but not all of them have to be so pricey. Look into upgrades like dry cleaning lockers, which allow your tenants to drop off and pick up their items without the hassle. These types of amenities are increasingly standard in high-end properties but can be incorporated into older buildings as well.
Are you a real estate professional looking for representation in commercial transactions? Caiaccio Law Firm’s clientele includes commercial and residential developers, sponsors, investors, and lenders. Our firm’s experience in commercial real estate transactions covers property types, including multifamily, single family, retail, hotel, and office properties. We have a specific concentration in representing multifamily operators, property management firms, and commercial developers.