How to Save Money on Apartment Complex Renovations
Renovating an apartment complex can boost rents and improve tenant retention. But the best projects rely on more than just quick fixes and aesthetic upgrades.
Choose tile flooring materials that align with your design preferences and long-term durability goals. Add wall treatments to create the desired ambiance and style.
Kitchen
Often one of the biggest areas of an apartment renovation that adds the most value is in the kitchen. However, it can also be the most costly portion of the project.
Before hiring a contractor, it’s wise to do some research online and find a firm that specializes in apartment remodeling. Check for testimonials, references and photos of their work. Also, choose a firm that has an all-inclusive service and not just labor only. This makes the process a lot easier and you know exactly what to expect.
It’s important to make sure you follow the rules of your building in terms of any major changes that you want to make. This includes reviewing the strata by-laws to understand what you can and cannot do. For example, you may need a permit to change windows or knock down walls to open up space. It’s also a good idea to get quotes for the whole project so you have an idea of how much it will cost and when it will be completed.
A few simple apartment complex kitchen upgrades can make a big difference to the overall look and feel of the home. For instance, installing a single bowl sink can make the room feel bigger and is easy to clean. Also, replacing the basic hardware with something that has a better feel will instantly upgrade the apartment complex renovation look of the kitchen. Lastly, choosing a textured laminate countertop will be more durable than granite that needs periodic sealing.
Closets
While a walk-in closet (WIC) isn’t the only way to boost storage capacity in an apartment, it is one of the most effective. Brokers Brick spoke to agreed that the feature is a draw for buyers, especially when it includes double hanging rods and shelves for shoes and accessories.
In this junior one-bedroom co-op, adding storage was a top priority for homeowners Courtney and Jim. To make space for two full closets in the bedroom without sacrificing floor space, their Sweeten contractor removed a wall dividing the room’s two cramped spaces.
If you are renovating a small bathroom, consider installing a custom shower with sliding doors. This will help save on square footage and give the room a more open feel. Installing a large mirror is another way to visually expand the space. Be sure to use a light-colored material to keep the room feeling airy and bright.
Flooring
One of the biggest apartment complex renovation costs is flooring. Refinishing or replacing floors can be expensive, but it is also a major time investment. It is important to use durable materials that will stand up to the wear and tear of residents, including kids and pets.
Renovating apartment floors can boost property value and attract new tenants. A new floor can change the feel of a room and make it more welcoming. It is also a cost-effective way to add value to an older building. The most common flooring options include vinyl, tile and hardwood.
It is essential to know your market before undertaking any renovations at an apartment complex. This will help you understand what improvements will have the most impact on your market and increase rent. For example, adding a dishwasher in the kitchen or upgrading to wood floors can enhance the appeal of an apartment and help it sell faster than comparable units.
The renovation process can be a lengthy one and it is important to hire professionals who can manage the project effectively. This includes a special inspector and asbestos testing professional to ensure that the project is up to code. It is also a good idea to work with a design-build firm, as this will allow you to work with designers and contractors all in one place, which increases efficiency.
Lighting
Adding lighting to the outside of an apartment complex will help show off its features and encourage new tenants to check it out. Make sure all areas are lit well, including stairwells and common spaces like patios and courtyards. It will also prevent residents from walking into dark areas, which can be dangerous.
When choosing light fixtures for the inside of an apartment, consider the color temperature and how they reflect on different surfaces. For instance, a warmer white can have a yellow tinge that is not flattering for skin tones, while cool temperatures provide a more natural look and better color rendering of objects. Using LED lights is also more environmentally friendly and can save on electricity costs over the long term.
Changing the ceiling-mounted lights in an apartment can make it feel more spacious and brighten up rooms. However, apartment renovation companies it is important to read the By-laws of the apartment building to see what cosmetic changes are allowed.
Pendant lights are a stylish and functional addition to any space, especially those in open-plan apartments. They can help delineate the dining and living areas of a room, as well as create a reading nook in a corner. They are also a great option for smaller apartments as they require less floor space than large chandeliers. For a simple and easy installation, opt for a plug-in wall sconce from Color Cord Company or West Elm.
