Things to Consider When Refurbishing Old Apartment Complexes
Getting into apartment flipping can be lucrative and personally rewarding. It can also be a big hassle with many complications. Being able to visualize the completed project is a must. Start with a big picture in mind and then focus in on the details that will make the property an amazing place to live.
Location is Key
Experienced apartment building investors like Steven Taylor Los Angeles know that the biggest consideration for flipping is location. A property that needs almost no refurbishment isn’t going to make you enough money if it’s in a part of town where no one wants to live. On the other hand, a junky apartment complex in a sought-after neighborhood is almost always worth the money you put into making it habitable.
Reimagine the Space
Unless you demolish the building, there is little you can do about its orientation on the piece of land. However, you can reimagine the land the building sits on. Consider moving the entrance to a less busy side street. Determine whether the upkeep and liability of a pool is worth the money or if it could be filled in and landscaped, creating a beautiful greenspace for residents. If there are several courtyards, perhaps one could be fenced and turned into a doggie play area. Hedges can be added for privacy or and overgrown areas trimmed for security. In other words, although the building stays put, the atmosphere around it can change completely.
Modernize the Property
Landlords like Steven Taylor LA know the importance of modernizing the entire property from the inside out. Often this might include updating units to be on a more efficient HVAC system. Sometimes it means replumbing. If you want to be able to ask for rent that is in line with other newer properties, you have to offer a compatible living space. If the newer units across the street advertise stainless steel appliances and covered parking, you need to up your game. Added security features like solid wood doors, deadbolt locks, peepholes and code-access gates could make your property stand out. In addition, installing engineered hardwood floors, recessed lighting and shutters (rather than plastic mini blinds) could ultimately make your renters feel like they are getting more for their money.
Becoming a landlord is ultimately about whether you can make money; however, because you’re dealing with real people and not just facts and figures, it’s also about creating a great place to live for your tenants. Finding the right balance between the two is the road to success.