5 Tips to Increase the Perceived Value of Your Apartments Without Breaking the Bank - FALCORE

Tenant move-outs are inevitable in any building, and unfortunately so are turnover costs. Are you looking to upgrade your units by doing a little more than just paint and plaster this year but aren’t interested in investing in costly renovation work? Here are 5 tips that can help increase your apartment's perceived value in your future tenant’s eyes, without breaking the bank. In addition, all these tips require minimal installation costs and can be done easily by your handyman or maintenance staff, so you avoid hefty labour charges.

1. Change the Door Handles

Do you have old doors in your units but don’t want to spend a few hundred dollars to replace them? Simply changing your old doorknobs for new ones can make an aged door look much more appealing to the eye. Starting at as little as $15.00 each, this switch will make it more pleasant for your renters to open their future home’s doors while visiting and make old doors look significantly more modern for a fraction of the cost. The best part? This solution can be installed in a matter of minutes.

2. Change the Light Fixtures

Ceilings are for the most part bare, exposing nothing except for, of course, your lighting. One of the first things that subconsciously catches the eye of your visitors when walking into a room is the lighting fixtures. New lighting can make even a non-renovated unit look more attractive to your future renters.

Starting around only $50.00, you can get a LED energy-efficient sleek lighting

fixture that will brighten up your rooms. These upgrades don’t only look much better, they also last a long time (25 000+ usage hours)! You won’t need to change them for at least the next few years, great ROI for little cost.

3. Replace Outlet Covers + Night Light Motion Sensor Outlets

There is nothing worse than walking into a freshly painted unit that has old outlet covers. Even if you decide not to paint, a new outlet can make your walls look fresh and cleaner. There is no excuse to leave a stained and cracked cover on your walls. How can you expect your new resident to treat your unit with care if you don’t care enough to replace the covers that cost under $1.00 each?

Want to step it up a notch? These motion sensor outlets are the perfect night lights to install in bedrooms, bathrooms and even kitchens! While significantly more expensive than regular outlets (around $10.00 each), they are still very affordable. They self-charge and are a cool addition to any home, a nice bonus in the eyes of your prospective applicant.

4. Upgrading your Shower Heads

Nobody likes taking a shower with an uneven and powerless jet. While doing a visit, it is not uncommon to see your prospective tenants check the shower pressure to make sure it is up to their standards, as they know this is something that they will be using every day. Being able to control different functions and water settings will be an added bonus to them.

Having an old shower head in even a nicely tiled bathroom can make it look old and outdated. Depending on the number of functions and quality level you are looking for, a nice new showerhead can cost starting at around only $20.00. Similarly to the lighting, this upgrade can last a few years. You won’t need to worry about your visitors testing your shower quality again!

5. Installing Smart Mirrors

It is no secret that the world is going digital, and smart homes will become the norm sooner than later. Get ahead of the curve by installing smart mirrors in your bathrooms. These mirrors can provide additional lighting, tell the time, the weather, play music and more!

While these mirrors range on average anywhere between $150.00 to $500.00 making them the most expensive item on this list, it is still a cheaper alternative than renovating your bathrooms entirely, but still manages to creates that “wow” effect. Your tenants will definitely appreciate the nice touch and it could very well help sway their decision towards your unit when deciding which apartment to choose for their next home.

BONUS TIPS

1. Installing dimmers for all lights ($15.00 - $50.00$ each)

2. Installing smart thermostats ($70.00 - $200.00$ each)

3. Installing keypad entry front door locks ($80.00 - $160.00 each)

To summarize, there is no shortage of ways to increase your apartment's perceived value for your future renters. While renovating units are undoubtedly more effective in increasing your rental rates, as seen above, there are ways to do this without breaking the bank.

Do you need help renting, managing or renovating your units in order to get the best return possible from your upcoming turnovers? Do you know what top rental rates you can charge for your vacant apartments? FALCORE can help.

Schedule a no-strings-attached free consultation with us to see how we can bring value to you and your portfolio. info@falcore.ca

(438) 580 7241