Recommended Updates for Older Apartment Buildings
Whether you have purchased a new investment and are ready for rehab, or have owned an apartment building for a while, there are certain renovations that are highly recommended for old buildings. If you own an older apartment building, here are some recommended updates to get you started.
Concrete Fencing and Other Recommended Apartment Building Updates
Concrete fencing is a great addition to an older building. It provides your tenants with security and protects your property from intruders. Concrete fencing can also reduce noise pollution, making the apartment building a more desirable place to live.
Although your apartment may be clean and freshly painted, there may be nothing to set it apart. Try adding or enhancing some accents in the building. With an older building, you may see that there are some natural structures that can be exposed or enhanced to set the apartment building apart. If the interior of your apartment is somewhat basic, try adding an accent wall with paint or updating the fixtures on cabinets and doors. Anything that gives the apartment a little personality without being overwhelming is a sell able asset.
A clean and friendly laundry room is essential to any apartment building. If you have a laundry room that charges tenants for its use, you will make no money if no one wants to do laundry there. A dark or dank laundry room will discourage tenants from doing their laundry on the premises. In addition, a conveniently located and up-to-date laundry room can mean the difference for potential tenants between renting one of your apartments or choosing another building.
The front lobby, entrance, or foyer will have a great impact on the impression potential tenants get of your building. You want this to be a “wow” factor for prospective tenants. Make sure that it is well lit, clean and attractive. Simple decor or even greenery can help to make it feel more homey and stylish.
Make sure that your apartment building is safe for your tenants by ensuring that it has an updated sprinkler system in case of a fire. Many cities and states are updating the building code laws to require older apartment buildings to install the systems. Updating now puts you ahead of the game and keeps you up to code with no delays.
Keep your building up to date and capitalize on your investment by renovating these few items.