How to renovate your apartment complex?

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How to renovate your apartment complex?
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• If youre in the real estate business, youre
  probably well-versed in the value of renovations.
  Whether your building is on the lower end of the
  quality scale or a high-end onecapital
  improvements can significantly increase the
  income and ROI of your property.
• Why renovate your multi-family apartment?
• There are a variety of reasons why you might want
  to invest in modernizing your apartment
  community. For example, you may want to upgrade
  the units to draw in new renters, or you may need
  to do repairs to keep your current tenants
  satisfied. Or, you may have purchased an older
  property with the intent of rehabbing and
  redeveloping it. Regardless of the reason,
  investment in your property can increase its
  value and enhance your bottom line.

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• Of course, apartment renovations arent always
  cheap. Read on to learn about the basics of
  renovating your apartment.
• Higher rental values
• This should be self-evident. Older multifamily
  communities with fewer amenities typically cannot
  charge as much in rent as newer multifamily
  properties with high-end community amenities.
  Unless, of course, they have a killer location.
  The bottom line is that by providing quality to
  your tenants, you will typically charge more.

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• Attracting the tenants
• Suppose you own a Class A building thats a bit
  older and located in an area where theres a lot
  of new construction going on. As new luxury units
  start to roll in, will your building be able to
  keep up with demand in its current condition?
  Maybe, maybe not. Either way, you run the risk of
  increasing your vacancy rate and therefore your
  vacancy costs.

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• But what does slightly older mean? Before you
  get offended, Im not talking about
  old-fashioned. Even a few years of neglect can
  be detrimental to renters looking for the best
  possible living experience. But, generally
  speaking, if your competitors are providing
  amenities, apartment amenities, and services that
  youre currently lacking, its time to upgrade.
  Even if that means adding a community garden, or
  replacing equipment in your fitness center.
• And this isnt just for high-end communities. A
  class C community has the potential to bring even
  more value to the table by adding new amenities
  or replacing legacy systems.
• The best part? It doesnt have to be expensive.
  Even a small addition like a community garden can
  make your apartment complex stand out.

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• When is the best time to renovate?
• The right time for a multifamily property
  renovation depends on several factors, such as
  your budget, your propertys condition, and your
  areas rental market.
• If you have the money to spend, renovating your
  property is typically best done when the market
  is at its strongest. This means youll benefit in
  the short run from higher rents and higher
  attraction or retention rates.

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• Your local rental market might not be strong, but
  that doesnt mean property upgrades shouldnt be
  done. Its all about your property condition, the
  difference between in-place and market rentals,
  and other key factors like vacancy.
• For example, if your community has low vacancy
  rates, even during one of the worst times in the
  market, it could be an excellent time to do
  renovations from small improvements to gut
  renovations in those empty units or all across
  the property. Do it when youre full? You could
  suffer a more significant loss in rental revenues.

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• RZ Construction Group Inc is the best fully
  inclusive general contractor in NYC. From initial
  design to final clean up, our results speak for
  themselves. We are fully licensed, insured, and
  bonded to provide both commercial and residential
  construction services to customers in Astoria and
  the surrounding area. We also offer apartment
  renovation in Queens NY. Proud to serve New York
  State for 25 years. No job is too small nor too
  big. If you are looking for apartment renovation
  in Queens, NY or want to know more about our wide
  range of professional but affordable construction
  and repair services, reach out to us at (718)
  938-9887.