Building Upgrades You Should Consider As A Landlord

As a landlord, you will have two main priorities. The safety of your tenants and making money. In order to maximize your profits, there are a few upgrades that you can change to your buildings. While they will cost in the short term, in the long term, you will make more money. The better your building is, the higher you can charge – because, of course, looking good and having high-quality fittings make it worth more.

Taking proactive steps is important in your building management, and you should always be thinking longterm. You will retain tenants for longer, and attract new ones with ease. 

Photo by Daniel DiNuzzo on Unsplash

Lobby

The first thing renters will see in the lobby. If it is dark and musty, the potential tenants won’t hang around for long. You are ideally looking to present a light, bright space. The higher-end it appears the more likely you will impress from the first moment. 

Gym

The chances are if you have purchased a whole building, there will be some spaces that aren’t ideal as living space but will work perfectly well as a gym. Adding a gym space into your building isn’t something that you should do lightly, but you will need to consider something similar in order to make your building even more luxurious. Your tenants will appreciate being able to use a gym, and the costs of running it can be recouped in the rental price. 

Renovate/Update The Elevators

Consider this as one of the most used places in the building. It needs to be in good working order at all times. If it is to be listed as a feature, then you’ll need to ensure you use high-quality services like the lift maintenance services from Hin Chong. Making sure the elevator is in good working order at all times will mean that your building is also efficient in terms of people’s movement. 

Windows

Depending on the age of your building, you may find that it is not as energy efficient as it could be. It should always be noted that the initial cost of replacement and repair will mean you have 20-25 years (and in some cases a lifetime) before they will need to be looked at again. There are also schemes that can give tax-rebates for being compliant in fitting new windows of a specific standard. 

Doorman

A doorman provides a welcoming face and a sense of security. They would know the incoming and outgoing of the building and be able to serve as a barrier between the tenants and people who might try to enter the building if it was otherwise unmanned. 

Security System

Part of looking after your tenants are going to be having a security system, including cameras. This will mean there is no one that comes in the building that cannot be found should the need arise. Security cameras are usually great for insurance purposes too. Plus, people are a lot less likely to misbehave if they know they can be caught on camera. 

Small changes will make a big impact on the type of tenants you can attract.

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