Investing in multi-family housing is a major commitment. You want your property to operate smoothly and generate positive revenue, but you also want the property to increase in value overall. Making improvements tends to do this, but you have to be careful about the renovations you decide to pay for. Investing significant resources into parking lot upgrades, for example, may not turn into a higher list price on the property you own. You’re looking for a high return on investment, where you get the most bang for your renovation buck. In this vein, a corridor upgrade could be one of the most efficient ways you have to grow the value of your investment.
Common Corridor Upgrades
There’s a lot you can do to improve the public spaces in your multi-family housing units. New carpet is one of the most obvious things to invest in for high-traffic areas. Improved lighting, fresh paint and upgraded signage are all relatively low-cost approaches that dramatically improve the look of a corridor. You can also invest in new unit numbers, such as replacing dulled and corroded door numbers with bright new brass hardware, or by mounting visually appealing signs on or next to residents’ doors.
Don’t overlook furniture and art as similarly easy upgrades that add significant value to a shared space in the complex. Long corridors can get monotonous and seem to stretch out ahead of you if they don’t have anything of visual interest to break the monotony. Something as simple as a low table, padded bench or a potted plant can do wonders to create a visually interesting space. Wall art doesn’t have to be expensive, and it’s another great way to convert a liminal space into something that feels much more warm and inviting.
What Makes the Corridor a Good Choice for Improvements?
Corridors are especially good targets for this kind of low-investment/high-return upgrade. As publicly accessible areas, they’re easy to reach anytime you want, unlike the units’ interiors, which may be inaccessible while residents are away. Corridors are also relatively simple spaces, without the plumbing, electrical wiring and other complications that increase the cost of interior upgrades.
The High Impact of Corridor Upgrades in Multi-Family Housing
You can get a lot out of small improvements to a corridor, vestibule or other public area in your multi-family housing unit. For an investor interested in turnkey properties, or who is looking into fast turnarounds and a profitable flip on larger and more complex commercial properties, the low cost and simplicity of corridor upgrades makes them a good first choice for improvement and resale.
Upgrading the corridor areas serves another purpose, one that might not be apparent to investors interested in a rapid turnover. It improves the general space for everyone, making the complex more attractive and more livable. That can drive increased interest and enable a more competitive rental price. Whether you’re collecting that yourself, or you’re moving a more profitable property to the next buyer, you could do worse.
Upgrade your multi-family housing investment with Complete Conversion Services, Inc—transform corridors into visually appealing, inviting spaces, enhancing property value and ensuring a high return on your renovation investment. Contact us today!