If you are considering buying an apartment building but overhauling it seems too daunting, focus on some easy fixes to upgrade the units. Assuming the building is in good shape overall, a few little tweaks here and there could be real selling points to potential renters. Consider these investments well worth the initial cost.
If the property is already in a prime location as recommended by industry expert Steven Taylor Taylor Equities, some inexpensive upgrades may be all you need. A few shiny surfaces free of the previous tenet’s fingerprints can make a big difference.
- Replace cupboard handles and drawer pulls.
- Replace switch plate and outlet covers.
- Replace rusty air vent covers.
Moderately expensive upgrades
If you have a bit more time and money, pick a few of the following projects to add some style to each apartment. Each of these fixes can be highlighted in your rental brochure.
- Replace toilets.
- Replace faucets.
- Upgrade lighting fixtures.
More Expensive Upgrades
Complete apartment overhauls start with fresh paint everywhere. Adding some subtle warmer colors to one or two walls or trim will make the unit feel inviting. Additional updates are also worthwhile.
- Add a programmable thermostat.
- Add a tile backsplash in the kitchen.
- Replace outdated mini blinds.
After you have upgraded and updated each unit, you may like the space so much you want to move in yourself. Creating a space that you would live in shows the ultimate respect for the tenants. With a little work, you can have a beautiful property that others can easily call home.