In business, there’s no such thing as an overnight success. Instead, success–and increased revenue–comes from small, incremental changes. For condo complexes, the changes which boost the bottom line the most are often small condo renovations.
By understanding the small condo renovations that boost your complex’s value the most, you know what renovations to prioritize–and what to request in free estimates when searching for the right contractor.
Fresh Paint and Flooring
The devil–and the rent increase–is in the details. And what are two details people always notice when touring condos? Paint and flooring. By prioritizing paint touch-ups and flooring work, you can increase rent AND save money, since these projects require less investment than condo remodels.
When looking at painting and flooring, don’t neglect the exterior. First Colonial Inn hired a commercial contractor to redo their balcony flooring and heard nothing but rave reviews from residents about the improved outdoor spaces in their units.
We all love a modern, spacious kitchen. In fact, some estimates indicate you can increase monthly rent by over $100 if you update your kitchen. As a commercial property, you’ll want to work with a commercial contractor who can bring down the cost of kitchen upgrades while still providing the value that allows you to increase rent.
When renovating your condo units, don’t forget about the bathrooms! An Australian contractor found that for every $1 spent renovating a bathroom, landlords earned $4 in return. We have found a similar ROI in the Chesapeake, Hampton Roads, and Virginia Beach areas.
The reason why you see such a return on bathroom renovations is simple: a great bathroom is more inviting and updated sprinklers and plumbing can save residents money on their water bills.
This last point won’t directly correlate to raising rent prices, but it does boost your Google reviews: minimal disruption. If there’s one thing we all hate, it’s waking up at 6am to the sound of construction next door.
Your residents won’t appreciate it if their day is seriously disrupted by a contractor. Because of this, it’s best to work with a commercial contractor who’s fluent in the art of minimal disruption.
When choosing a contractor for your small condo renovations, select one who has past projects where their team worked while a commercial site stayed open, such as our work with Commonwealth Senior Living or McCormick Law.
Want an on-time, on-budget condo renovation in the Virginia Beach, Chesapeake, or Hampton Roads areas? Check out Carlton Building Services’ past work. If our ability to build the future fits your project, reach out for a free estimate on your condo renovation.