Whether you are renovating a small or large apartment complex and regardless of whether you plan to keep it for decades or quickly flip it to a new owner, these tips will help you renovate it with an eye towards a maximum return on investment:
Tip: Be Mindful that All Appliances You Install Will Require Maintenance, Repair, and Replacement
When renovating an apartment complex, it's easy to get caught up in the trap of wanting each unit to be nice enough for your own family members to move into and providing as amenities as possible. While this is noble, it can also cause some serious unintended cost issues down the road.
For example, if you install stackable washers and dryers in each unit, then you will be responsible for maintaining, repairing, and replacing the appliances well into the future. In addition, if the washing machine malfunctions and floods an apartment, then you will also be responsible for repairing this damage as well.
Before installing optional appliances such as washers, dryers, and window air conditioners, make sure you are willing and able to continually maintain and repair them for your tenants. If you don't want to shoulder these future costs, then be very mindful of what you choose to install that isn't mandatory.
Tip: Enlist the Advice of an Interior Designer
When it comes to the interior design of your apartments, it's important they look professionally designed when all of the renovation work is completed.
Unfortunately, there's typically a big difference between apartment designs done by renovating owners and those of a professional interior designer. And, since your apartments need to have a quality design scheme and look fantastic to garner the highest rents or highest price when selling the building, you are advised to consult with an interior designer rather than trying to do the design work yourself.
Tip: Obtain Bids from Multiple Building Contractors and Subcontractors
As with renovating a single-family home, it's vital you obtain multiple building contractor and subcontractor bids for all of the work you want to be completed on your apartment complex. To make this process easier, you should consider working with contractors who regularly engage in apartment complex renovation services.
Finally, since you want the contractors to be bidding on the same exact work and the same exact materials to complete that work, make sure you have them bid based on a spreadsheet of tasks and materials you have created ahead of their arrival. Doing so ensures you get an apples-to-apples bid instead of multiple bids containing different items that make it hard to compare them to each other.
For more information, contact local professionals like those found at Northeast Construction INC.