Month: March 2017
Design & Rehab: A Win-Win
Earn more revenue, and donate 3 percent of your contract to a cause of your choice!
No matter the property, it’s always a good investment to rehab.
Age Destroys All Rooms
Every building ages with time, and so does the hardware. And, with any amount of time, the look and feel of the apartment based on fixtures, hardware, and colors go out-of-date. A discerning client may look at your space and think: Wow, this place was built in the 70s, wasn’t it?
Rehabbing provides your space much needed updates that catch the eye of potential tenants, not only expanding your demographics, but allowing your property to increase the rental rates for this new clientele.
Anything you can do to help create a condo look and feel in a property will help increase the rental asking price and attract a new demographic.
New Designs Attracts New Tenants
To get a new demographic, you’ll need to present potential clients with something new. Whether your building was built in 1970 or 1901, a rehab provides the essential new look that will help sell a property. And, with new and more luxurious or modern facilities, you can attract a new demographic – young professionals who look for central city locations and luxury. This highly responsible demographic is willing to pay more per unit, respect facility rules, and pay up their accounts on time. Truly, they’re a property manager’s dream tenant.
Wow, this place was built in the 70s, wasn’t it?
Increased Bottom Line: Return on Investment
There are many variables that impact rent and asking prices for rent, including: the age of the building, where it’s located, its tenant profile, and the surrounding competition.
If your properties don’t have good curb appeal, people will just drive by and keep looking for a property that more aligns with their vision of home.
Many owners report that replacing carpeting with vinyl, tile, or wood flooring promises the greatest return on their investment. Additionally, these are great flooring choices, as they are durable and easier to maintain.
Moreover, the best rooms to reinvent are the kitchen and the bathrooms. Realtor.com estimates an 85 percent ROI on kitchen and bath remodels. From new cabinets to fixtures, faucets, and surfaces, these two rooms garner a lot of attention from tenants.
And with new space targeting a new demographic, rental rates will increase putting money back in your pocket. On average, after a unit is rehabbed, a property can increase rental rates from 10 to 30 percent.
New Year, New Style
Trends in Rehab & Design for 2017
Space to separate work and home.
As people seek retreats from a constant barrage of computer and cell phone stress, division of space is returning to style. Redesign a bathroom to give your clients a retreat from this constant barrage of distraction. Consider adding spa-like amenities, and design.
A touch of luxury: Powder Baths.
Even if you don’t have a separate space to house this room, you can emphasize luxury with the amenities like the mirror, sink, and cabinets, giving it the luxurious feel of a powder bath.
Especially for the aging boomers, curbless showers allow greater ease in access. This style has caught on with the rest of the population, and is why many bathtubs are being replaced with walk-in and sit-in showers.
A return to vibrancy in colors.
Industrial tones have dominated the market, but now a resurgence of vivid accent colors are giving homes a much needed lift. From accent walls to designs, the implementation can be simple or complex, based on your needs.
Bathrooms, in particular, are adding the design element of curves. They can help visually divide wet and dry spaces while softening square elements, like tubs, showers, and cabinets.
Farmhouse Modern is a continued favorite in design. It features natural textures and patterns in tile, wide plank wood flooring, wood countertops, and farmhouse sinks all contribute to the look.
Which Cause Do I Choose?
It might be more difficult than it sounds!
With three wonderful Causes to support from the 343Initiative, you might find yourself having trouble choosing!
Your choices are: Pets for Vets, Blanket Minnesota, and the 343 Initiative Scholarship.
Pets for Vets
US Servicemen and women give so much to us everyday on the job. Protecting our freedom and defending our borders, we owe them a debt of gratitude. Sadly, some veterans return without a warm welcome and can become lonely. Through Pets for Vets, we give our returning servicemen and women a companion animal of their choice for life, and with vaccinations and food provided for one year.
During the holidays, being in a hospital can be even scarier for a child. By supporting this cause, you give children the gift of a handmade warm blanket, a stuffed animal, and the happiness of a Christmas surprise.
343 Initiative Scholarship
In the 21st Century, education is paramount to success. Help us reward a student who best exemplifies the spirit of 343’s dedication to community. The scholarship will help pay for tuition, books, and any other expenses.
We also support education around the globe. Some funds will help build orphanages in Sierra Leone.
Need help deciding? Contact us to talk about it!