Is it worth it to invest in an older apartment complex? After all, times change, and so do tenant interests. It’s important to remember that building structure, above all, is valuable. If the property is in the right place and has the right bones, it could be worth taking. Developer Steven Taylor Los Angeles seeks properties that have potential. He understands that by making specific strategic changes, he can take something considered old and run down and transform it into something others desire. Here are four ways to take your place to a current level.
1. Create an Open Floorplan
Walls are a thing of the past. In previous decades, galley kitchens were the thing, and rooms were separated to create the illusion of more space. The reality is that this closed off the area, making it seem smaller and tighter. Current renters want something open and full of light. Allow the kitchen, dining area and living space to flow into one another. This permits for an easier conversation with others and allows for parents to keep track of kids.
2. Enhance the Amenities
What can people do on the premises? Is the pool in good condition? Is the community going to have activities and perks? Invest in retooling amenities. Purchase new furniture and ensure that paths are built leading to the facility. Workout rooms are also a plus. Have a small room set aside with some cardio equipment and weights. With this onsite, residents may not need to pay for a gym. It’s convenient and saves money, ultimately allowing them to put a bit more into the rent.
3. Upgrade the Kitchen
Kitchens were once just practical. Was there a stove, microwave and countertop? If so, check that box. Today’s culture views the kitchen, though, as a designer space. Overhaul this section, placing in a luxury countertop and stainless steel appliances. These hardy upgrades create the illusion of luxury.
4. Have Work Space
When changing something old into something useful, consider the current trends in lifestyle. Steven Taylor LA does this to ensure that his renters get what they need. Today’s workforce is spending more time in the home; therefore, it’s essential to have a little spot for a desk with an accessible internet connection. If that’s not possible, transform an amenity zone into a work area where people can hop online if needed.
Don’t look down on an older property. With the right effort, it could become a jewel. Consider how you can enhance it to make others love it.