Increasing the value of a property is one of the biggest concerns for most owners, shareholders, and property managers. So, as a property manager, it is only normal if you are constantly finding ways to increase your apartment's value. There are many opportunities that aren't known such as apartment recycling or trash valet. However, there are many other ways. So, in this article, we will go over some of the best ways to increase the value of your apartment building, along with some other information that you might find helpful.
Is Investing in an Apartment A Good Investment?
Buying apartments is undoubtedly a good investment if you know how to manage your property to get the best out of it. One of the most incredible things regarding apartments is that they are generally less expensive than homes, making them a wonderful place to start if you are a beginner investor. Apartment ownership is the most efficient way to expand your property investment portfolio. Besides, apartments, like other properties, are eligible for real estate tax deductions. These costs include the cost of the property, as well as any damages and additional unforeseen expenses. If you keep in mind a few things, the value of your apartment building will increase over time. Thus, buying and maintaining them will undoubtedly help your real estate portfolio grow faster.
7 Ways to Increase the Value of an Apartment Building
There are several ways to raise the property's value, regardless if you intend to sell soon or perhaps like to keep growing the worth of your property investment. So, here are a few fantastic ways to increase the value of an apartment building for your convenience:
1. Trash Valet
Providing Trash Valet Service will wow your residents and boost the property's value. It is no doubt a time-saving facility. In addition, it will help you enhance your recycling and waste operation, the hygiene of your building, and tenant satisfaction.
The valet trash company will collect trash from the building per the schedule and keep the space tidy. So, neither you nor your residents will have to worry about junk removal anymore. So, it is one of the best ways to increase the value of your apartment building.
2. Invest In Property Renovations
You can also increase your property value by renovating or upgrading the interiors, shared areas, or curb aesthetics. A simple bathroom or kitchen makeover often provides 100% or more significant profits. The amount will differ based on the finishing you pick and the quality of work you're opting for. Most property renovations no matter how big or small generate an increase to your apartment's existing condition and value. However, we have found that typically larger renovations generate larger returns. Specifically, bathroom and kitchen renovations are the key to increasing your property's value if it is within your current budget. It is equally important to note that, buyers are sometimes more receptive to superficial alterations than extensive renovations. For instance, the value of a new paint job is very significant, especially considering how inexpensive it is. Furthermore, other modest renovations, such as replacing light fittings or changing doors or windows, can boost your apartment building value. Moreover, fresh mulch and flowering cells are simple landscape items that can assist your property make a terrific first impression. These improvements are budget friendly and can increase the communities you serve. Plus, the best thing is you can complete several of them with a small team. This overall appearance will attract prospective buyers, evaluators, prospective tenants and thus increase your apartment's value. If your apartment is currently experiencing any difficulties with increasing the budget then feel free to contact us.
3. Invest in Property maintenance
A well-maintained apartment will retain or improve in value, whereas a lack of upkeep will reduce the building's market price and rental rates. Not only that, but also by reducing risks and prolonging the life of appliances and equipment, effective apartment maintenance can lead to cost savings. The bottom line is that things depreciate especially with apartment buildings. Lack of property maintenance is one of the most common cited reasons why tenants leave or decide to live somewhere else. If your property is looking to increase the budget for the property maintenance then feel free to contact us.
4. Recycling management
Everybody must think about recycling if they want to increase the value of their home. Landfills, as we all know, depreciate property values since individuals don't want to live close to them. So, by ensuring proper recycling management, you may decrease the amount of trash in landfills. According to the National Multifamily Housing Council, 52% of Americans live in multi-family properties and this number will only increase as the years continue. Introducing effective recycling management will help decrease the proximity of landfills next to your property which will only increase the value of your property. If you are wondering about how to introduce recycling management into your property then feel free to contact us.
5. Provide Cleaning Facilities & a Clean Property
Garbage, grime, clutter, filth and unusual odors are not appealing characteristics but they will drive down the value of your property and drive away tenants faster than anything else. If tenants are running away from your property then it typically means investors and an exit strategy will appear nothing more than a business fantasy. On the other hand, if your property is clean, it will attract more tenants, more positive reviews, and more investors. You can hire hallway trash cleaners or local trash hauling companies to keep the building tidy. Buyers will be more interested in staying in an apartment where they won't have to worry about cleaning all the time. So, ensuring your building is neat and clean will increase your property's value immediately. It applies to both the exterior and the inside of the apartment building. If you need help with ensuring your property receives a professional clean then feel free to contact us.
6. Location Matters!
A property or apartment in the correct location can make a huge difference, whether it's the perfect neighborhood, street, sight, or floor. Remember that certain areas and apartment styles are in high demand. According to Investopedia.com, location is one of the most critical factors influencing a property's worth. You must ask yourself the following questions before buying an apartment if you want its value to increase over time:
Is the location of the property convenient to the city center?
Is it within walking distance of public transportation, schools, restaurants, and shops?
Is the property in a desired neighborhood and what is the outlook of the neighborhood?
Will I face public backlash if I decide to build or expand my apartment in this neighborhood?
Am I near to a highway or a busy road? (Typically we see properties next to busy roads sell for less in the market)
Is there an active commercial development in my neighborhood? (Think are there any schools, public transportation, civic development and more)
People prefer to live near to their workplaces and leisure activities while maintaining the notion of safety. Thus, properties in such regions would be more valuable. Moreover, owing to circumstances like crime rates or unemployment, some areas generally have a more positive image than others. If two apartments are just a few blocks away but in separate postcodes, their values can vary dramatically. Location is important and sometimes can be the determining factor as to whether a deal closes. If you would like to learn more about how we can be a crime deterrent for your property regardless of what neighborhood you are in then feel free to contact us.
7. Finish Off The Incomplete Spaces
When establishing a property's appropriate value, completed square footage is an essential aspect to consider. You might not want to spend much money on a significant renovation and that is understandable when you are looking at financial management. However, basic measures like carpeting or putting up drywall can transform an incomplete room into a vital contributor to your house. By increasing the finished room's footprint, you can raise the value of your property. If you would like to learn more about how you can increase the budget for your next property renovation then feel free to contact us.
Conclusion
By now, you've got to know several ways to increase the value of your apartment. However, keeping your property clean and tidy is one of the best ways to attract more tenants, more investors, and maybe even a promotion if you are a property manager. Here at Brigham Clean our services extend past just picking up the trash everday. So, if you're looking for apartment recycling or trash valet services, don't hesitate to contact us anytime.
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