If you’ve owned apartments for some time, you would undoubtedly be entertaining the thought of renovating the rental spaces. You will want to purchase new furnishing and replace certain items for improvement. Sometimes, we might also be attracted to new and modern styles when our furniture looks outdated.
Renovating your apartments can be exciting and challenging, especially if you plan to upgrade the whole area, including the common spaces. This blog will cover what property owners need to consider when renovating apartments.
Is Renovating Your Apartment Vital?
Yes, through well-planned renovations, your apartment can stand out from others in terms of comfort and functionality. You can create more adequate storage, maximize the layout, and replace lighting to enhance your property’s value and look. The pros of improving your apartment include:
Improving Outdated Features
After a couple of years, your apartment can look start to look dated given the diverse designs in the market. You may want to update the fixtures, appliances, and hardware around your property. You will also find that upgrading can lead to other benefits. For example, replacing your appliance can result in utility bill savings. Your space also feels more refreshing when items are replaced with modern finishes. It makes the space brighter and more visually appealing.
Elevating Property Value
When an apartment is newly renovated, renters will attach more value to the unit since they want to live in an improved and upgraded space. If you plan to sell your property in the future, it can also fetch a high price due to its newer and updated amenities and features.
Offering a More Customized Space
Tenants want to feel comfortable in their rentals and personalizing the space around them leads to a cozy feeling of home. To appeal to a wide range of tenants, ensure that your apartment has a neutral color pallet. This way tenants can more easily add in their flare to make the space feel more like home.
Providing More Safety and Maintenance of Home Systems
Apartment renovation can also increase your property and home system maintenance safety. You can upgrade your plumbing, electrical, and heating systems to fit the current safety codes. By updating them every few years, there is more security assurance. This not only ensures legal compliance, but also aids in tenant retention.
How To Plan the Renovation Process
Consider the following tips for planning renovations:
Evaluate Your Apartment’s Existing Condition
Before making changes to your apartment, it’s best to list what needs to be improved. Assess the following items:
- Older appliances
- Damaged flooring
- Condition of pipes and electrical wires
- Adherence to updated safety and building codes
Knowing where to focus your attention makes it easy to prioritize the big items and double down on what requires immediate repairs.
Think About Why You Started a Renovation Program
If you have narrowed down the main reasons for the upgrades, you can set your objectives and plan your resources wisely. Ask whether you wanted to maximize a certain space or improve the appearance of a room. When you’re clear on what you want, focusing on the project won’t be an issue.
Review Your Budget and Schedule
Make sure that you calculate your possible expenses, in terms of labor fees, permits, materials, and additional unforeseen charges. Setting aside a contingency budget is helpful so you won’t get stressed over spending extra for something you failed to account for. It’s also vital to have a timeline for the project so it doesn’t last too long and you can easily keep things on track.
Engage the Services of a Renovation Expert
Check for trusted renovation specialists in your area and ask for pricing quotes so it will be easy to compare their services and fees. Make sure that licensed and insured contractors are hired to renovate your apartment. You can also view their reviews to see if the previous clients were satisfied with the finished job.
Craft a Detailed Renovation Plan
A plan that contains all of the elements of the updates you want will guide you perfectly on what should be done next. It will also be easy to narrow down the project into smaller tasks that can make the completion easier. You can separate tasks into fixture or furniture replacements, new system installations, and electrical or plumbing upgrades.
How To Prepare for Your Apartment Renovation
The following are steps to take when preparing for apartment renovations:
- Acquire necessary permits – Usually, bigger projects will need permits, such as bathroom upgrades or electrical improvements. Make sure to comply with the local building codes to avoid any legal disputes.
- Sending out the proper notices – If you currently have renters staying in the apartment, make sure to send out appropriate notices to ensure that everyone can prepare. Notices will also help limit disruptions and miscommunications.
- Pick top-quality materials that match your budget – Aside from aesthetics, make sure that the items in the apartment are functional and easy to maintain. Choose the best and most affordable styles for flooring, cabinets, countertops, and paint.
Bottom Line
Apartment renovation can be an exciting time, but make sure to plan and work with reliable professionals. A well-renovated apartment can be a welcoming space for tenants to live in. If you need help managing your rental properties reach out to a property management expert like East Bay Property Management today!
