Apartment complexes are often not welcomed in residential areas. Most homeowners feel that they reduce their property value. Yet I live in a community where apartment complexes are plentiful. It has come to my attention that there are several factors that make an apartment complex valuable, desirable, and in demand. The following components are essential to the value of a complex such as leedon; safety, school district, grounds upkeep, aesthetics, amenities, management, cleanliness, structure, apartment size, and vicinity to stores.
One of the most important aspects that deem an apartment complex’s value is it safe? Is the crime rate low? Because an apartment building is a community in itself it is important that a property owner provide certain key elements to make tenants feel safe. Depending on affordability a landlord may provide a security guard, doors that have passcodes, or cameras in hallways and elevators. This may bring up the value of a property.
The school district’s success has a big impact on the group of tenants that a particular complex attracts. If the apartment complex is built in a particular affluent or successful school district there may be a high demand for that particular apartment building. In turn, high rent may invite a higher income bracket to the complex with higher expectations. As you advertise for your complex, be sure to include the school district.
One particular apartment complex is in demand in my neighborhood. One of the reasons is that it is inviting and meticulously kept up. In the spring the grass is well cut and the landscaping is beautiful. The roads in and out of the complex are well tarred without bumps or potholes. Every summer the roads are sealed and repaired and every season pleasantly kept up. This is a very good example of how an apartment complex should be kept vital.
The aesthetics of a set of apartments can mean several things. The color of the complex can affect its appeal to new tenants as well as the position of buildings. In an area where there is often snow during the winter months, it can get extremely difficult to go through to an apartment if the entryways are located in awkward positions where easy access is not possible. Having the grounds well maintained for safety and accessibility is extremely important.
Having a laundry room where there is easy access is essential to tenant comfort. If an individual has to lug laundry to the next building this can be a tremendous put off for the tenant. A pool that is indoors or outdoors can add to the value of the complex. Remember you also have to hire a lifeguard and someone to keep this area extremely clean if management will not. Exercise room and machines that are kept in order may also add to the value of the complex.
One of the most important factors that will affect your apartment complex is management. A great manager will either make you or break you. Management has to be aware of everything that goes on in the apartment complex. Word of mouth is the quickest to spread. When an apartment complex has a good manager that sees the running of the property and to tenants’ needs effectively the complex will run smoothly and be cost-effective.
Not only must the outside be kept up, but the indoor environment must also be up to standards. The hallways should be clean and meticulous. Tiled floors should be stripped and waxed. Hallways should be painted regularly and vacuumed. Small decorative touches should be added for appeal.
Having a complex that is structurally sound is essential. If a structure is old the different levels have to be checked to make sure that all parts can sustain the weights that will be placed on them. Believe it or not, there is furniture that can put undue stress on the structure of rooms and apartments. Second, make sure that all electrical systems are up to code and where they should be. These items can cost a tremendous amount of money to repair. One friend once told me how she lived in an apartment where the circuit breaker kept cutting out. She found out that her apartment and the next-door neighbors were on the same system. Whenever the neighbor used her hair dryer it threw out the breaker. The heating system is another essential that will be important to your tenants and can leech money from your investment. Smoke detectors should be checked regularly for safety. Water warmth and pressure is something else that is important to clients. Who wants a cold shower anyway?
Although an apartment complex is not a house, apartment hunters still have high expectations. Some individuals still want the same perks as a house without having the upkeep. For these tenants spacious rooms, bathroom space, large tubs, and closet space are essential element that they require. For these persons, money is usually not an option. Therefore if you want to cater to this particular client upgrading your apartment complex is important.
Vicinity to Stores
There are many of the elderly and the disabled who live in apartment complexes that require access to stores and other needed locations. For the success of an apartment, these needs are important for tenants. The vicinity of these haunts is essential to some clients as well as sidewalks, ramps, and well-lit areas. Having a community center or information center for tenants to know what is going on in the complex as well as the community is important. Depending on the complex having a beauty parlor and small shops can be a plus.
As you can see there are several ways to improve the value of an apartment complex. The latter will help a complex to be productive and prosperous.