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 For instance, if you do not upgrade areas of the unit that are in bad shape or outdated, you may not attract residents at higher rents.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.