8 Tips for a Successful and Profitable Renovation

Renovations create better living spaces, improve community amenities, and raise the overall value of your property. They’re also necessary if you want to stay competitive and continue to attract and maintain residents. However, taking on a renovation project is no small task and getting the job done right the first time is every property manager’s goal. So before you get started on your apartment renovation, take a look at this list of eight great tips.

Choose a test unit to renovate before renovating a larger number of units. This will allow you to work out the details prior to beginning the rest.

1. Assess the condition of the property. The very first step when considering a renovation is to assess the condition and value of your property. If property values have increased in the past couple years and you have money to invest, the time may be right to renovate and stay competitive.

2. Make a list. After you’ve made an assessment, create a “wish list” that details the scope of the work you want done. Do you want an apartment kitchen remodel, apartment bathroom remodel, new lighting, USB ports, etc.? Determine what can stay and what must go, then put together a budget and timeline that will outline the work from the beginning to completion. This will also be helpful in calculating your return on investment and keeping tenants aware of the amount of time required for renovations.

3. Test first. Before purchasing bulk materials and starting renovations on all your units at once, it’s a good idea to start with a test unit. With a test unit, you can get a better feel for what the property will look like when the work is finished and narrow the scope and budget of your remodel accordingly.

4. Choose a good supplier. Use a single-source supplier to take the project off your hands and ensure completion of your renovation on time and on budget. A good supplier will have plenty of products in stock and can help you choose the best items for the job, no matter how large or small the scale of your renovation. If you don’t have a contractor, contact HD Supply for help.

Updating your property can be a major undertaking but one that is worth the many benefits that come with it.

5. Consider “going green.” Consider adding energy-efficient items to units. “Green” living spaces can attract environmentally conscious residents and help lower utility costs as well.

6. Begin renovations on empty units. Start renovations on vacant units to get them ready for new residents and get the best return on investment. For occupied units, take steps to prepare your current residents for upcoming renovations. You may need to make arrangements to move them to temporary units while the work is being done or schedule the work around times when the residents are not home.

7. Don’t forget to add extra time. A single unit renovation can take 10-30 days depending on the amount of work being done. To be safe, plan for the latter, then exceed expectations if the work takes less time than expected.

8. Reap the Rewards! When the renovations are complete, you can you expect to charge an extra $200-400 per month. That range can lean toward the high end if you install stainless steel appliances, light fixtures, or door and drawer fronts.

Renovating your property can be a major undertaking but one that is worth the many benefits that come along with it. Keeping your residents comfortable and safe, your units updated and relevant, and gaining potentially big returns on your investment are just a few perks of a successful renovation.

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