Over the past few years, savvy investors have startedventuring into the multifamily real estate market. This type of real estategenerally comes in the form of duplexes and apartment complexes. If youcurrently own an apartment complex, your top concern should be keeping itappealing. The more appealing your apartment complex is, the easier it will beto keepall of the units occupied.
Currently, over 39million Americans live in apartment complexes. If your complex is startingto look worn and dated, it is time to take action. Are you trying tosuccessfully renovate your apartment complex? If so, here are some things youshould consider.
Before you jump feet first into an apartment complexremodel, you need to work on getting organized. Trying to start an extensiveremodeling project without a clear direction of what you want to accomplish canbe extremely problematic. As you start to consider how to renovate yourapartment complex, be sure to assess the return you will receive on yourpotential investment. Ideally, you want to choose renovation projects that addvalue to your multifamily property.
If you want to add value to your property, then focus ondoing things like:
· Upgrade washer/dryer units
· Modernize your HVAC units
· Make common areas more appealing
· Alter your landscaping
By investing in these projects, you can get a sound returnin the future. The more you know about what you want to change, the smootheryour apartment complex renovation project will go.
If the main goal of your renovation project is to remaincompetitive in your local market, then taking a look at other complexes in yourarea is crucial. Getting familiar with what other apartment complexes areoffering can help you see where changes need to be made. Looking at acompetitor’s website will help you see what color schemes they are using intheir units.
Gathering information on other apartment complexes in yourarea can make your renovation project much easier. Once you have a list ofthings you want to change, you can set a budget for your renovation. With thisbudget in hand, you can start to interview construction companies in your area.By providing these companies with your budget, you can avoid overspending onthis project.
Taking on the right apartment complex renovations will bemuch easier if you seek out feedback from your tenants. The tenants you havewill help you pinpoint problems that need to be addressed. After you figure outwhat projects you will be investing in, don’t forget to keep your tenants inthe loop. If these renovation projects require you to enter the units, then youneed to create a schedule so tenants can prepare. By keeping your tenants inthe loop, you can avoid any misunderstandings during this process.
Implementing the tips above can help you have a stress-freeapartment complex renovation experience.