Affordable Ways to Add Value

Affordable Ways to Add Value

Team Gage

When investing in a value-add renovation, you must consciously balance your renovation budget to not over or underspend. For instance, if you do not upgrade areas of the unit that are in bad shape or outdated, you may not attract residents at higher rents. What materials are budget-conscious and also translate to increased rents?

The following ideas will help you attract renters with beautiful renovated units and communities, without breaking the bank.

If you think apartments need to be vacant for a renovation, think again. Team Gage regularly tackles occupied unit renovations, performing countertop installations, plumbing, electrical and cabinet install, all in occupied units. A clear plan and communication with tenants are crucial.

Install New Countertops

Prefab quartz and granite make it easy to install new counters quickly.

Install LED Light Fixtures and Fans

Dispose of outdated fixtures and have your GC install energy-efficient LED fixtures and fans.

New Faucets and Sinks

New plumbing fixtures in kitchens and bathrooms are easy to install and can be completed with an occupied unit as it does not disturb the tenant for longer than a few hours for the work time.

New Cabinet Doors & Handles

Doors can be installed quickly with new cabinet handles that will completely transform old cabinet boxes.

Install New Appliances

New stainless appliances update a kitchen and offer an immediate value increase for the unit.

Install Washer/Dryer

Stackable washers and ventless dryers are an amazing appliance upgrade that can be installed quickly in an occupied unit. Residents will love the convenience and will pay increased monthly rent.

Exterior Improvements

Curb appeal is what drives residents either into your leasing office or down the street to your competitor’s property. If the property is not well-cared for and safe, your residents will know. But you can improve your property’s outside look with exterior improvements.

Dumpster Enclosure

Easy to construct and maintain, dumpster enclosures cover unsightly trash receptacles.

Exterior Fence

A layer of privacy will improve your property, especially if located on a busy street. A fence will add curb appeal and privacy for residents.

Increase your ROI!

Every property is different but it is always worth it to examine value-add strategies that will pad your bottom line and keep your units occupied.