Are you planning on upgrading your commercial investment property? If so, you’ve come to the right place!
In this article we will share with you several upgrades that you should make which will add value to your investment property.
Rooftops are too often overlooked and underutilized spaces in the multifamily sector. Outdoor space in general has been one of the top factors influencing homebuyer decisions for several years, and we can see by what new condo and apartment builders are doing that it matters a lot in leasing, too.
Affordable options for roofs include sustainable gardens and vegetation for insulation, as well as lounging and entertainment areas featuring outdoor furniture. Tenants can sell themselves on accepting smaller rental units if they have great community spaces to use and show off to friends.
2. Washers & Dryers
Multifamily Executive points to laundry facilities as upgrades for adding value. Case studies have shown that this amenity can add from $50 to over $300 per month in rents. How much any of these improvements truly boosts rents and net income can vary widely based on location and demographics. So, carefully look at your local math before making a final decision.
In some areas and buildings, you may be better off adding a community laundry space or simply putting in washer and dryer hookups and letting tenants take care of the expense of their own appliances.
Fitness facilities are probably still the number one most in-demand amenity for multifamily properties and communities. Commercial gym equipment may not be inexpensive, and there is always liability to consider. Still, it is an addition you can make in one space that can add value to all of your units at once.
Some properties even offer fitness classes like yoga and spinning. You can bring in personal trainers and instructors and simply let them advertise and take a percentage of any money they make without adding to your overhead.
4. Fast Internet
Fast internet is only becoming more important. With as much as 60 percent of the population already working remotely or from home and millions more expected to do so in the next few years, it has become a basic utility—not a luxury.
Providing community wifi—or at least being wired for high-speed service—can offer a lot of value and may even help your renters pay their rent on time. If you’re remodeling unit interiors, consider upgrading outlets with USB sockets and adding more outlets to accommodate today’s booming number of devices used.
Source – Bigger Pockets
Contact RPM Central Valley
To learn more about the property management services we can offer you contact RPM Central Valley today by calling us at (209) 572-2222 or click here to connect with us online.