Let’s face it, at the end of the day, your goal is to add value to your property, whether it be through upgrades, improvements, or customer satisfaction. An increased property value means that the rent can be increased, investments are more likely, and should you choose to sell, the price would be higher. If you are unsure of ways to improve your property value or perhaps don’t know which option is best for you, keep reading for some great ideas.
People love amenities! It’s plain and simple, add amenities that residents will love. Of course, there are the common classics like gyms and swimming pools, which will up your value, but the more unique you get, the better. Things like movie theaters and business centers are all great ideas because they save your residents money and trips out. Plus, they are easy to update with the times. Also, consider investing in amenities that residents would love to use in times like these when they need a little sunshine and fresh air, like tennis courts and basketball courts.
Focus on the Details
Just like the phrase says, the devil is in the details. No matter how small an aspect, never underestimate its ability to make or break your pricing. Something as simple as upgraded lighting or crown molding can significantly increase your appeal. Although it’s essential to update the big things like paint and carpet, don’t forget that the small details can make you stand out from the rest.
No one wants to move into an apartment with old, out-dated appliances. A well worn, second-hand fridge with a broken icemaker is not going to add any value nor encourage anyone to lease with you. However, all upgraded stainless steel appliances are something you can advertise. Also, an in-unit washer and dryer can add significant value to your community as well and offer unbeatable convenience to your residents.
Next time you decide to give your apartments an upgrade, consider these surefire ways to increase your property value. Have any additional questions? Share them with us in the comments below.