10 additions to improve the value of an apartment building

Apartment buildings can be a major investment property, so they need to be renovated on a regular basis. Every well-planned renovation scheme can boost the ROI of the establishment. In this post, we bring you the best information on how to improve the value of an apartment building.

Sub-meter utilities

We have seen countless apartment buildings where tenants recklessly use utilities like gas, water, and electricity. After looking at a couple of reports, we noticed a recurring complaint from landlords that tenants don’t pay attention to constantly running toilets if they don’t pay for water. That is why every investment property, especially an apartment building, must introduce sub-metering, one of the highest value-added activities. Under this value-added activity, tenants pay for a utility.

Dryers and washers

One of the most requested amenities that comes with almost all rental apartment buildings 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’re a long-term buy-and-hold investor, then outfitting a rental space with LED lighting is a complete no-brainer. That’s because the LED lighting system consumes little to no energy. In addition, such a light bulb 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’re thinking of a couple of places within your apartment building where a vending machine could be placed, here’s our advice.

  • Use common areas, such as a 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 put up a vending machine, they will receive a percentage of the revenue of the vending machine owners/companies.

Parking Garage

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

parking voucher

Always reserve premium parking spaces in an apartment building garage for those willing to pay a premium price. The front and center spaces within a garage are in the main parking spaces, so you can charge for them accordingly. Tenants generally prefer these special parking spots, so landlords may even put up a sign that says “Premium Parking Spaces For Rent” to attract more tenants.

renovations

This is pretty conventional, and many homeowners swear by this as a great way to add value to their apartment buildings. Renovations can cover exteriors, common areas, and interiors for growing demands.

Garbage Collection Solutions

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

pet rentals

If your tenants have pets and you’re not getting paid, then exactly you’re missing out on a lot of additional income. In some areas, pet rents are as high as $100 per month.

Other service bribes

Some large apartment building owners sign a contract with a cable or Internet service provider to provide their services throughout the complex. For this task, the owners receive a small part as a bribe every time the residents hire any of these particular services.

Due to these factors, it is necessary for owners 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 every leading commercial mortgage lender’s repository.

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