A multi-story building offers a lot of potential for generating income. If you have such a property at your disposal, you can make significant amounts of cash by renting it out. Having a property like that in the suburbs can be ideal for rental purposes.
The possibilities are endless. You can also repurpose some floors or portions of the building to rent them out as office spaces. You can make small changes and updates to renovate and maximize the potential of your property, some of such update ideas are listed below.
1. Update Your Bathrooms
The bathrooms are a key feature of any residential building. Sure, they can be overlooked or ignored to some extent in a commercial setting but when it comes to residential units, bathrooms can make or break the deal.
Bathroom design has been changing radically in the past couple of years. Having a bathroom that is not up to date can make your property look dated which can make it harder for you to rent it out. This is why you should get bathroom renovations done to stay competitive in the market.
2. Maximize the Rental Potential
Your aim should be to maximize your rental yield. You can improve on that by thinking outside the box. If you have halls or open floors with no framing done in your building it can be a great opportunity for you to consider getting office fitouts. This way you will be able to rent out your space to businesses.
A commercial tenant will always pay more than a residential tenant, this way you will be able to extract the most from your available space in terms of earnings. As a landlord, you should focus all your efforts on making the most out of your property.
3. Get a New Paint Job
A new lick of paint is sometimes just what you need to spruce some life into an older building. With time the overall look of a property can become faded which can make it look dingy and neglected. A neglected-looking building is bound to scare away potential tenants.
The main reason for this is that people associate problems with something that is old looking, no one wants to deal with the hassle of repairs even if they do not have to pay for them. This is why you should consider getting a fresh paint job for your building to make it look newer.
4. Feature Modern Design Elements
Another way of making your property more appealing to tenants is by updating the interior design. Tenants always want
to get the most bang for their buck and a newer-looking accommodation is always preferred by a renter.
For this purpose, you can adopt the latest trend in interior design for your property. You can also update light fixtures to make the lighting inside the building more conducive. Similarly, you can get the latest bathroom fixtures installed to give your property a modern feel.
Getting a kitchen remodeled can also be helpful in making your offering on the market more appealing to potential tenants.