An apartment building can be a good investment because it is a dependable income stream, has several tax benefits, and appreciates in asset value over time.
However, for you to realize the maximum benefits, you need to understand how to make your apartment building attractive.
You have probably heard that people want to rent in a good apartment building, and you may have wondered what this means.
Here is a brief guide on what makes a good apartment building.
Location is extremely important to people because of factors such as ease of access to public roads and other amenities. A good apartment building should also be in an area with a low crime rate and easy access to retail and grocery stores.
The exterior of an apartment should be appealing, and the interior should have some sound control measures to reduce the impact of environmental noise.
Many people like large apartment units with large windows to let in plenty of light.
Speaking of light, tenants value good safety features like bright night lights in critical areas like corridors and entrance points.
The exterior of your apartments should be clean and free of stray objects like hanging electrical equipment, water meters and other installations that can be huge eyesores.
A good apartment is well-maintained in many ways. The general area should be neat and clean with no lingering trash. A good apartment can feature visually appealing landscaping and should be free of any pests or rodents.
A good apartment should have a clean exterior, and no dangling windows or crooked light poles. The hallways should be clean and a neat trash dumpster area near the exit. A good apartment should also have ample and well-paved parking spaces.
The interior of an apartment building is just as important as the exterior. Therefore, the interiors should be well-finished, have clean and well-lit corridors that lead to the individual units, and the apartment should have enough ventilation.
Any signs of peeling paint, graffiti and any other signs of wear and tear should be resolved immediately so that they do not compromise the aesthetics.
Ensure that the management you have in place can quickly respond to issues such as maintenance requests and other unexpected needs. They should be easy to reach, and you should provide access to emergency resources.
Good apartment buildings have amenities such as swimming pools, community rooms, outdoor areas, surveillance systems, balconies, washer and dryer units, and on-site parking.
If you can’t have them all, try to pick out a few which will make your apartment building stand out from the rest.
A good apartment building takes security seriously and thus includes a property-wide surveillance system that aims to deter crime.
Your parking lot should be well-lit, and you should consider a buzzer or an intercom to communicate with apartment units.
A good apartment has deadbolt locks, automatic exterior doors and window bar locks on the lower floors. You should also consider a key change policy for new tenants.
A good apartment needs to be energy efficient. This is good for the environment and will also incur fewer utility bills for your tenants.
Other ways of maintaining energy efficiency include installing good exterior insulation, energy-efficient windows and a smart thermostat.
Affordability is important. Ensure that your rent per square foot is competitive and favorable for tenants over other apartment buildings.
A good apartment building is always growing and improving, and this is only possible when communicating with residents consistently. Your tenants will care about how you respond to their requests, and continuous communication will allow you to develop a good relationship with the residents.
A well-laid-out apartment that flows from one space to another is attractive to prospective tenants and buyers alike. Spaces should be well utilized, and external areas like balconies and courtyards will provide extra space for your residents.
Many people own different pets and consider them part of the family. Therefore, do what you can to make your apartment pet-friendly.
Remember that there are a finite number of apartments that allow animals, and doing so could make you stand out from the rest.
Grime, dust, and dump walls among other inconveniences can put off prospective tenants and buyers. Ensure that the apartments are clean and well-maintained and that they do not suffer from crumbling walls. This can affect the general well-being of your residents.
Extra storage space is always a welcome benefit because it helps people to declutter their living spaces. Ensure that any storage spaces are clean, secure and not susceptible to dampness. Easy access is an important bonus.
Make sure that before your tenants sign a lease, they should understand the terms of the agreement, including the detailed breakdown of all the perks and features they will be paying for.
A complete leasing document should include critical items such as beginning and expiration dates, rental price, terms of payment at deposit, terms for terminating the contract and coverage of your responsibilities as a landlord.
Your apartment building should have an attractive size, structure and feel. Try to have a symmetrical floor plan with a courtyard, a terrace or a balcony. The bedrooms should have built-in wardrooms, and those with separate toilets and ensuite are a huge benefit.
Privacy should also be high on your priority list, as no one would want their neighbors peeking into their domains.
Contact an experienced real estate expert to help you identify features that people value most, and strive your best to get the mentioned features in your apartment building.
With a good plan, the right construction experts and stylish finishing, you can turn your dreams of building an apartment into a rewarding reality.
A good apartment should be safe, and have easy access to transport routes and other amenities. It should have good sound insulation, reasonable privacy, a clean and neat appearance, and it should be competitively priced.