Interior Unit Renovation Ideas That Will Increase Profitability
It’s safe to assume maximizing profitability is a top goal for anyone who owns or manages a single apartment complex or several multi-family properties. One way to make your available living spaces more appealing to both existing and potential tenants is to be proactive about interior unit renovations in Dallas, TX. Need some help deciding where to focus your attention? Here are some improvement ideas that could make your units more profitable.
Strategic Bathroom Updates
As a source of regular traffic in an apartment, bathrooms need to be both visually appealing and functional for tenants. If bathrooms in units are falling short of both of these goals, consider any of the following strategic updates:
- Replacing bathtubs or converting tubs into bath/showers
- Installing energy efficiency toilets that uses less water
- Removing and replacing dated lighting
- Replacing drywall that’s worn or damaged, especially near water sources
Cost- Effective Kitchen Improvements
Kitchen renovations can have a return on investment as high as 90 percent. The kitchen is also one of the first things perspective tenants look at when deciding whether or not to sign on the dotted line. If you have a limited budget, focus on kitchen improvements that include:
- Adding an island to create more usable space
- Brightening things up with fresh paint
- Installing countertops that are attractive and low-maintenance
Heating and Cooling Updates
No tenant wants to be constantly disrupted by heating and cooling systems that aren’t working as intended. As a property owner or manager, it’s equally safe to assume you don’t want frequent repair costs to minimize your profits. If it’s been a while since you’ve replaced HVAC systems in your units, it’s an investment that could please tenants who prefer:
- Fewer repair/maintenance needs
- Consistent and reliable indoor comfort
- Lower utility bills
Extra Closet & Storage Space
Even fairly spacious Dallas apartments can be short on closet and storage space. If this is the case with your units, a renovation project can be a perfect excuse to tear down some unnecessary walls to expand closets or provide more space for shelving and drawers.
Open Kitchen & Dining Areas
Do your units separate the kitchen from, well, everything? If so, then one renovation you may want on your to-do list is removing walls to create a more open kitchen-dining area. Tenants will likely appreciate more opportunities to cook and socialize at the same time.
Freshly Painted Walls
Another budget-pleasing renovation for your units is a fresh coat of paint in every room. Even something as simple as using brighter colors or neutral shades that allow for more flexibility with décor and furnishings can make a huge different in how at home tenants feel in your units.
Lighting and Electrical Improvements
Looking for another affordable renovation that can have an impact? Update lighting fixtures throughout your units. If you have older units, it can be beneficial to upgrade to an electrical system that can handle increased usage from various electronics and tech devices likely to be used by tenants. Also, use updates of this nature as an excuse to look for:
- Convenient locations to install new outlets
- Rooms that may benefit from dimmers and other lighting solutions that can allow for light adjustments throughout the day
- Areas lacking in sufficient light (e.g., cooking and food-prep areas, spaces around bathroom vanities)
When you’re ready to get started with interior unit renovations in Dallas, TX, J National is the only name you need to know. We’re a fully insured and licensed general contractor prepared to handle every aspect of interior improvement projects, from electrical and plumbing updates to kitchen and bathroom makeovers. Contact us today to discuss your unit renovation plans.