How Often Should You Renovate Your Apartment Community?
Apartments can be a reliable source of revenue and a solid investment. If you happen to be an owner of multi-family property or someone who manages apartments for owners, you may have concerns about when to consider exterior or interior renovations in Dallas, TX. After all, you want to keep current tenants happy and attract new ones who will be willing to stick around for a long time. There is no standard answer to “how often should renovate your apartment community” since many factors will ultimately determine the answer. However, how you respond to the following questions can give you a better idea of when to consider renovating units or exterior features.
Does Your Apartment Community Look Its Age?
First impressions matter – especially when potential tenants are seeing an apartment building or an available unit for the first time. Objectively look at your apartment complex and the individual units. If your first thought is that certain features and fixtures look out of date, assume that’s exactly what other people are thinking. When assessing your properties to determine if it’s time to renovate, consider:
- The last time major updates were made
- How the exteriors look when compared to nearby apartment buildings
- Age of key apartment features (e.g., roof, windows, lighting, pipes)
Are Repairs Becoming Increasingly Frequent and Costly?
Even if your apartment community’s exterior features still look inviting, you may have interior problems that need more attention than just repairs. If you’re getting more frequent requests for repairs, especially emergency ones, you may be better off opting for interior updates. Interior renovations in Dallas, TX are to appeal to tenants are ones involving:
- Plumbing fixtures
- Heating and cooling systems
- Kitchens and bathrooms
How Energy Efficient Is Your Apartment Community?
The need for apartment renovations isn’t always based on cosmetic factors. If tenants are starting to complain about rising utility bills, it may be a sign that heating and plumbing parts aren’t working as efficiently as they could be. A lack of energy efficiency can also be caused by:
- Windows or doors no longer capable of blocking air transfer
- Electrical fixtures that use too much power
- Toilets that use too much water
- Roofs no longer capable of sufficiently reflecting heat
Has Your Property Value Gone Down?
A steadily declining property value isn’t going to make your apartment community very appealing. Plus, the lower the value of your property goes, the more difficult it will be justify a lease or rental price that allows you to make a profit. Insurance premiums and property tax can also be affected by your apartment community’s value. When strategically planned, apartment renovations may result in:
- Insurance discounts for certain renovations
- A property value in line with values for surrounding properties
- The ability to attract and retain higher quality tenants
Ready to renovate your apartment community? J National is your one-stop source for exterior or capital expenditure renovations in Dallas, TX and interior unit improvements. We can also take care of your roofing, electrical, HVAC, plumbing, and emergency service needs. Contact us today to learn more about our multi-family property services.