Category

Renovations

Dec 23
0

Apartment Flooring

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When renovating apartments it is important to make decisions that will tend to increase the property’s value, regardless of whether you want to sell it or rent it out. One of the major changes you can do to your apartment is to install the ideal apartment flooring that will considerably increase the rental rates. You may be wondering, what exactly is the ideal type of flooring? The answer is flooring that does a good job of making your apartment look great, is affordable and durable. Read on to find out what type of flooring you should install for your particular apartment.

Value of Your Apartment

Firstly, you should find the market value of your apartment before settling on a specific type of flooring. It would be impractical to spend an exorbitant amount of cash on flooring if the market value itself is of an average value. If you own a high-end apartment, then without a doubt you should opt for the best possible type of flooring that would further add to the value of your property.

High-Value Apartment Flooring

For a property of a high value, you should consider the following flooring:

High-End Wood Flooring
When it comes to wood flooring, nothing comes close to hardwood flooring. In the United States, The National Wood Flooring Association carried out a survey in which they asked real estate agents about the results of installing hardwood floors in their properties. Eighty-two percent stated that hardwood floors increased the value of their property and fetched a greater rent. This supports that installing the right flooring is an excellent way to increase the property cash flow and help pay off any apartment loans that may be registered against the property.

Carpeting
If you prefer going for carpeting, then ensure that you install a high-quality plush carpet rather than a builder’s grade one. Premium quality carpets will increase rental rates of your apartment.

Tiles
Tiling is another option that is both beautiful and durable. For your premium apartment, go for a deluxe stone option, such as marble. Marble comes in various exotic designs and who wouldn’t want to live in an apartment that features exotic Mediterranean-style marble tiles that leave an impression?

Mid-Value Apartment Flooring

You should expect a high turnover rate at mid-value apartments; therefore consider options that are durable and long lasting.

Affordable Wood Flooring
Laminate flooring and engineered hardwood flooring are excellent options that are both affordable and extremely durable. These will not only add beauty to your apartment, but will also go a long way in adding value and getting you handsome rental rates.

Carpeting
It is recommended to avoid carpeting as they can retain odour and get stained easily, especially if you have a high turnover rate with new tenants coming and going. You want to make an investment that will last.

Durable Tiles
Tiles are among the best options for your flooring. You should opt for tiles that are made for use in high traffic areas so that they do not crack or get damaged.

Conclusion

Renovating your apartment flooring is a great way to add value to your property. You should consider the above options when choosing the type of flooring for your apartment. You will be surprised at the increase in value of your property and the rental rates once you’re done with the renovations!

 

Oct 28
0

Renovating Apartments for Profit

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The great, global recession has come and gone, there have been significant ups and downs across all industries, and the world has slowly started getting back to normal. Certain global real estate markets suffered their own share of booms and slumps through recent turbulent times, yet they too are starting to get back on their feet. With this new growth comes the re-emergence of an old trend: renovating apartments for profit and selling them for a return on investment.
 

All the Renovation

It is highly essential of course, to know what improvements will add the most value to an apartment, so that the largest possible profits can be generated.
 
• Research It: As in most things, research is fundamental to the process of generating substantial profits from renovating apartments for profit and selling or renting them. Consider its type, its location, and the people most likely to be interested in it, and try to think like a prospective buyer would before you start making any changes.
 
• Budget It: If you aim to earn double the amount you spend, you must strive to spend only half of what you earn. Never, ever let the budget go out of control. Maintain a buffer for unforeseen circumstances and issues, and focus on the small, inexpensive improvements that add large, significant contributions to the apartment’s value.
 
• Paint It: If it looks good, it will sell good. Nothing works the charm quite like a cosmetic makeover of an apartment. Paint can be incredibly refreshing to an apartment’s look and its feel, it is inexpensive, and provides an incredible return on investment.
 

All the Finance

If budgeting is important, then planning finances is extremely crucial to the ‘renovate and sell’ process. As a commercial real estate owner or investor, you need to plan exactly how much you’re willing to spend on purchasing a property and how much you should spend on renovating it. This estimate will include consideration for an estimate of the property’s value once you’re done making improvements to it as well.
 
When renovating apartments, financing is one way of making sure you do not miss out on an investment worthy apartment, and the subsequent profits it promises to provide after renovation is complete. Such commercial mortgages can be acquired through loans for renovation from various banks and financial institutions.
 

All the Value

There are a variety of improvements that commercial real estate investors can make to an apartment that add value to the property. As discussed earlier, the first and foremost, on most occasions, is to paint the apartment afresh. Nothing adds to the value of property like its visual appeal does. There are several other things as well that can be done to generate the largest possible profits:
 
• Electricity and Plumbing: Although these factors do not add value aesthetically, they remain worth an investor’s consideration. Any apartment, before being improved upon to look good, needs to be comfortable and complete with the necessary amenities.
 
• Woodwork: This is another area that can add considerable value to an apartment. The doors, windows, cabinets etc. need to at least be in a decent, presentable condition.
 
• Fixtures: Light fittings and bathroom fixtures are small considerations, mostly inexpensive, yet they can provide significant contributions to the value of an apartment. Even door and window handles, or the locks on the doors, can add or take away from the value a prospective client will put on the property.
 
Renovating apartments for profit in order to sell them for a return has been a popular trend, and continues to be so, as it often provides profits. It is essential however, to make sure that the renovations done serve their purpose of adding value to the property so that profits, not losses, can be made.