It is no longer much of a secret that the suburban housing market has been struggling in comparison to the urban housing market. Millennial, distrustful of the housing market, have been moving in droves into small apartments and condominiums in larger cities. In fact it is the second tier cities (smaller than Los Angeles, Houston, or New York) that are receiving a bulk load of these young residents.
This has caused a spur in developing condominiums and apartments, since there is now far higher demand to rent than it is to buy. We at US Home Developers have certainly seen this trend in action as we've started taking on more and more jobs requiring remodeling of an apartment or a condo.
But remodeling such a small space comes with it's own unique limitations, concerns, and solutions. Addressing some of these can save you time and money in the future, especially if you're planning to remodel your current apartment or condominium to sell or rent out.
Because there is a limited pool of high-end renters, that investors now have to compete to get them to move into their properties. We offer a few tips that could help you beat the odds and place your investment property ahead.
1) Remodel Everything - If you're going to remodel just the kitchen in an apartment you have to realize that most apartments have their kitchen attached to the living room which becomes the main room that the house hold will gather in. Since the kitchen is not separated, it is crucial that the new kitchen style has should match the living room, or vice versa. Making sure everything works well together is key.
Same with the bathroom. You want to make sure that the bathroom fits the over-all look of the entire apartment. It would be odd if the apartment had two separate styles in it's limited amount of rooms, and since the area is so much smaller, these differences tend to become even more pronounced.
Same with the bathroom. You want to make sure that the bathroom fits the over-all look of the entire apartment. It would be odd if the apartment had two separate styles in it's limited amount of rooms, and since the area is so much smaller, these differences tend to become even more pronounced.
2) Replace Old Windows - modern glass technology has made windows that are so much more efficient in keeping the apartment warm or cold depending on the mood of it's resident. The smaller space in condominiums means that the air temperature tends to change faster - so having windows that lower heat loss during winter, or prevent the cooler air conditioned air from escaping in the summer is key!
3) Paint Job - it is essential to have a new paint job done every time an old resident household moves out and a new one moves in. You never know what kind of stains, damage, or neglect that the previous resident had. A small investment into repainting the entire condominium gives it a brand new, fresh look, which is very enticing for would be renters.
4) Modern Style - Although styles tend to be subjective, a sure fire bet is a modern style which is appreciated and enjoyed but a vast majority of people. Rustic looks are great for houses in suburbia, but when living in the big city, residents want to incorporate the fast pace life into the design of their apartments. This also tends to be great with apartments because of it's focus on minimalist furniture, and design, allowing for more open room.
Having a place to live which has aesthetic appeal and comfort is key in attracting would be high end renters. A small investment can have long term returns, especially if you're building becomes increasingly attractive to higher and higher end renters.
Take the opportunity to make sure you hire the right remodeling contractor, one which knows and has experience with, apartment/condominium remodeling.