There are a variety of creative ways to add value to your apartment building. Certain utilities and appliances can help both you and your tenants. Below are 5 ways to add value to your apartment building.
Parking Space
Parking space is essential to any home or apartment building. It is important to make the parking spot as accessible as possible. You can do this by adding a garage to the apartment. It is also possible to make use of prime parking; tenants will pay a lot more money in order to get these spots. Yet another option for parking is a carport.
Trash Pickup
Regularly carrying your trash out to the dumpster can be a real pain. To offset this, you can use a trash pickup service. A person can collect the trash outside for a small fee each month. This is a very popular innovation. Once you get this service, do not be surprised if it catches on in the area.
Pet Charges
You can charge for pets. They can be a hindrance, and they might annoy the neighbors. While you cannot charge an exorbitant amount, you can add some value to the apartment building with this rule. Additionally, people avoid parting with their beloved pets. It is entirely possible to do advertise your apartment as one that is perfect for dogs or cats.
Add a Storage Unit to Your Apartment Building
People always need more space, as a result of having too much stuff. Any type of storage that you can add to your apartment building will add to its value. Many people are willing to pay large amounts of money for very simple storage solutions. This is because you are offering a home for the possessions that the tenant owns. Space comes at a premium for a reason. Advertise your property as one with plenty of storage space, if possible.
Reduce Expenses
While making money is vital, removing excess spending is just as important. Expenses for snow removal, trash service, cable, electric, heating, and licenses are all negotiable. Even more, they can add up over time. Feel free to look around for quotes; this will help you get the best deal possible.
These are the ways that you can add value to your apartment building. Find ways to make your tenants’ lives easier, and make sure to watch your expenses.
