How to Plan an Apartment Complex Renovation
Many property owners renovate their apartment complexes to increase occupant satisfaction and boost rents. But a renovation can also bring added benefits such as improved resale value, increased tenant attraction and retention, and increased community pride.
Before you start banging and sawing, set some clear goals for your project. Establishing a goal and a plan will help save you time, money, and stress.
Budget
Before the renovation begins, owners should work out a budget for the project. The budget should include labor costs, materials, architectural fees, and permit costs. Additionally, it is important to consider the cost of any unusable space that will need to be brought up to code during the renovation. This could include amenity spaces, lobbies, elevator shafts and stairwells, and any other space that isn’t currently rentable.
Once the budget is set, the next step is to decide which improvements will be made. This will depend on the target demographic for the property, and what features are most likely to appeal to them. For example, a pool or a fitness center may be a big draw for young adults looking for an apartment in the city. However, these types of improvements will add to the overall cost of the renovation and can increase monthly rental rates by up to 10%.
Another factor to consider when working out a budget is the amount of time that the renovation will take. This will impact the cost of construction as well as the number of apartments that will need to be vacated during the construction process. In addition to these expenses, apartment complex renovation apartment complex owners should also make sure they have adequate insurance in place to cover any issues that arise during the renovation.
Design
Once the basic layout is established, it’s time to start getting into the design elements. Using inspiration from magazines, online platforms, or consulting with a professional designer are good starting points. The key is to make sure the chosen design elements are consistent with the overall apartment renovation.
Kitchens are a common upgrade in apartment complex renovations. Today’s residents often place a high priority on having a kitchen that matches their lifestyle and design preferences. For example, many people prefer an open concept where the kitchen, living room and dining area are all connected without walls in between. This creates a spacious feel and allows for more storage.
Upgrading flooring and wall treatments also contribute to the aesthetics of a renovated apartment. Incorporating new floor materials like wood, stone or tile flooring can enhance the appeal of a unit and add value to the property. New wall treatments include painting, wallpaper or decorative finishes that can transform a space with ease.
Depending on your building’s management and the scope of work, a resident may need to lower their rent during the renovation process. Having a frank discussion about the situation with your tenants can help to keep everyone happy and prevent issues down the road.
Structural Changes
Depending on the scope of renovations, some structural changes may be required. Painting walls, replacing built-in furniture, and updating window or door frames usually fall outside of the major works category and don’t necessitate a lengthy approval process. However, any major changes to kitchens or bathrooms are likely to require permission from the Owners Corporation, and you’ll want to review their strata by-laws for further guidance.
Upgrading electrical and plumbing systems is a common component of apartment complex renovations. Often, this involves rewiring rooms and upgrading switches, light fixtures, and outlets. It’s important to consider the long-term durability of materials, and to engage professional electricians and plumbers to ensure that all work is done properly and complies with relevant regulations.
Embracing technology in apartment renovations adds to the property’s appeal and rent value. Installing smart home appliances and features such as keyless entry improves security and reduces utility costs, which can attract environmentally conscious tenants. Other tech upgrades like energy-efficient windows and LED lighting increase sustainability and add to the overall cost effectiveness of a space.
A reputable and reliable residential renovation contractor can help you plan and execute your apartment complex’s next big upgrade, from concept to completion. They can provide advice and recommendations, competitive options, and apartment renovation companies industry expertise to help you achieve your vision for a transformed space.
Electrical and Plumbing Systems
The plumbing system in an apartment building serves a variety of purposes, including supplying water, removing wastewater, ventilating gases, and supplying hot water. A comprehensive understanding of the various components and their functions is crucial for preventing plumbing issues in apartments.
Apartments typically share their plumbing systems with other apartments in the same building, so the overall quality of their water depends on all residents’ actions. Leaking pipes are common problems that affect the water supply, and they can lead to high water bills and structural damage to walls, floors, and ceilings. Proper maintenance and prompt repairs prevent leaks and help keep the water supply clean and healthy.
The water distribution system transports water from the water heater to each apartment, where it is used for showers, washing machines, and sinks. It may be divided into zones or building sections to control temperature and allow for easier isolation of problems. Water filtration and treatment systems can improve the quality of the water for residents.
The drainage system removes wastewater and rainwater from the building. It consists of pipes, traps, and vents that carry the water to drains, sewer lines, or sewage tanks. Proper maintenance and regular inspections can prevent clogs and other problems, such as foul odors from drains. A professional plumber can inspect the entire drainage system to ensure its proper functioning and avoid sewage spills or other environmental hazards.
