How to Increase the Value of Your Apartment Building
There are a few strategic improvements that can help you sell your apartment building for the greatest value. The most important are capital improvements, which are any enhancements or improvements that will increase the income of the property by enabling you to increase rents or by reducing vacancy and tenant turnover.
Here are 10 capital improvements you can make to help your apartment building sell for more money:
Paint Exterior – Painting the exterior of your apartment can improve your curb appeal and make a better first impression with new tenants and potential buyers.
Add New Hardware – Adding new hardware to kitchen cabinets and drawers can give your kitchen an updated look, without a lot of expense.
Update Backsplash – Updating the kitchen backsplash can also be an affordable way to improve your units’ kitchen.
Install Tile or Hard Surface Flooring – Replacing old carpet with tile or hard surface flooring can make maintenance between tenants easier and allow you to increase rent.
Install Washer/Dryer – Installing a washer and dryer combo can also allow you to charge more per unit, increasing the value of your apartment building.
Update Appliances – Updating kitchen appliances can also be a great way to increase rents and help you sell for more money.
Install New Toilet Seat – Installing a new toilet seat can instantly give the toilets in your units an updated look. Also, new “low flow” toilets can greatly reduce your water utility expense.
Re-Grout Tub/Shower Tiles – Consider re-grouting the tiles and replacing any chipped tiles in the bathroom.
Update Light Fixtures – Replacing outdated lighting fixtures with an inexpensive, eye-catching fixture can also be a great way to improve your units.
Improve Landscape – Planting new shrubs or giving your front yard a good cleanup can improve your curb appeal and attract new tenants.
Seal and Stripe Parking Lot – Sealing and striping your parking lot will also improve your curb appeal and greatly add to the buyer’s or tenant’s first impression.
Whether these improvements will allow you to increase rents or reduce vacancy and tenant turnover depends entirely on your multifamily property. Work with a multifamily investment advisor to determine which of these improvements will add the most value to your property.
At 100Units.com, our experienced multifamily investment advisors have closed more than $100 million in multifamily property transactions, building a vast network of domestic and international buyers whom are always interested in purchasing additional properties from us. If you are interested in selling an apartment building in Central Florida, contact us today and we’ll tell you exactly how we can help you get the most money for your property. ]]>