Apartment rentals are a great source of passive income. However, it doesn’t come without any challenges. Finding tenants to lease each unit may not be as easy as you think, especially if you’re working with an old, outdated apartment complex.
Whether you inherited the property from your great-great-grandfather or bought it at a very low price, chances are that you would want to make the most out of it. Lucky for you, there are ways you can rehabilitate the building without breaking the bank.
If the building itself is structurally sound, rehabilitating the windows, doors, and interior of the units should be a piece of cake.
First, Get Rid of Debris
If the place didn’t have any residents for several years, you probably have a debris problem in your hands. Before you can even get people to look at your apartment complex, you should first make sure that it looks decent when viewed right from the curb.
Removing debris not only helps you get a good start at rehabilitating your apartment, but it also helps with getting in good terms with the neighbors. It is also beneficial to clean the surroundings of the property first, especially if you’re doing some remodeling that may require a permit from the local authorities. Keep in mind the building codes to avoid facing enforcement citations when you’re just about to make your rental property an asset rather than a liability.
How to Create an Inviting Apartment Complex
Staging is one of the most useful marketing tools when you’re trying to lease out an apartment. Because of this, every landlord should have at least one unit spruced up. From there, each unit must generally be inviting even with just the doors, windows, floor, and walls.
The key is to start from the floor and work your way up to the ceiling. Here are some tips on improving the basic elements and rooms of an apartment unit:
When deciding what to do with the floor of your apartment complex, you must first consider several factors.
First, set a specific budget for the entire building so you know what type of flooring material you can afford. Durability should also be a priority, especially in high traffic areas such as hallways and lobby.
Finally, you should also think about the overall aesthetics. Consider whether your future tenants would want a place with homely wall-to-wall carpeted floors, classic hardwood, or modern tiles.
Doors and Windows
Reinventing the doors and windows is an excellent way to make a significant improvement in any space. For apartments and condominiums, every unit door must be spruced up, either by changing the paint and hardware or replacing this part of the building altogether.
The same goes for windows. Just make sure that they still complement the exterior appearance of the structure and comply with local building codes.
If you have a bigger budget, you can easily have the walls repainted a more modern hue. But if you’re already tight on cash but still want to make your apartment attractive for renters, your best option is to use wallpapers to enhance the interior design of each unit.
When choosing a wallpaper, you should first consider how it would look like with the floors. Neutrals are always your safest bet, but you can also mix it up a little but adding geometrically patterned wall coverings in shades of grey or brown.
If you have a theme in mind, you should make sure that the design you choose complements it. For example, if you want to create a relaxing nautical interior, using blue and white wallpaper should do the trick.
Kitchen and Bathroom
The kitchen and bathroom are two of the most popular renovation projects in residential buildings. Apartments with additional amenities like built-in washer-dryers and heated bathroom floors are quite popular among tenants.
In fact, tenants still prefer to have their own washing machines even if the building already has a common laundry room. Having this type of added amenity not only makes the apartment more appealing, but it also increases its rent value by as much as five percent.
For bathrooms, a heated bathroom floor is also quite attractive. However, adding this is only a good option for landlords who are gutting their floors during the apartment rehabilitation process.
A living room without the furnishings should have a suitable base to allow potential renters to create their own interior design that reflects their personality. A canvass for an artist, so to speak.
Since this part of the house is considered a high-traffic area, it will require a hardwearing floor. Some of your most viable options include bamboo and timber, but you may also use the more luxurious vinyl or carpet twist for a timeless interior design.
A Profitable Rehabilitation
Salvaging an unattractive apartment building may require a significant investment on your part. To make it worth your time, money, and effort, you must make sure that you follow these tips on and work your way into a healthy cash flow as a landlord.
James Prathap is the General Manager at NGC Nafees, top importers and exporters of wallpapers, flooring and fabric in the Middle East. Formed three decades ago, the business also offers high-quality panoramics, coordinated fabrics, and creative stickers for residential and commercial projects.