How Much Does It Cost to Renovate a Small Apartment Complex?
July 28, 2023
Renovating your apartment can be an exciting and thrilling journey, but only if you execute it right. One of the questions you’ll encounter when preparing for the project is how much does it cost to renovate a small apartment. Renovating your apartment is no small task. It requires lots of preparation to ensure the renovation runs smoothly and correctly.
Unwanted expenses can arise anywhere, forcing you to start taking out loans from anyone and everyone or chicken out altogether. However, if you plan your renovation correctly, it can be gratifying! Here are a few things to consider to understand how much does it cost to renovate your apartment.
1. The Roof
When you want to know how much does it cost to renovate a small apartment, consider the roof’s state. It’s the most critical exterior part of your apartment complex. Without complicating things, your roof protects you, your family, your furry best friend, and your home from the elements.
Even if you’re diligent with your roofing maintenance schedule, you’ll eventually need to include a roofing inspection in your list of renovations. That may mean making a significant financial decision on whether to repair or replace it. A roofer is the best person to recommend the most effective solution here. Don’t just go by the word of your friend who swears they can do a better job than the local roofer; it takes more than a few tutorials to become a pro.
If your roof was installed correctly and has several years left according to its expected lifespan, it can hold with a few repairs. Getting a new one is safer and wise if the current installation is almost reaching the end of its useful life. How long your roof lasts depends on the materials’ quality and your environment. High-quality ones can last up to 15 years or even more.
Consider getting a new roof if yours has leaks, the edges have curling shingles, the surface has little or no granules, you can spot mold growth, lots of missing or loose shingles, and other visible excessive damage. According to Forbes, renovating your roof costs around $8,000 when you use asphalt shingles. You can opt for other materials like metal roofing, concrete files, or clay, which are pricey but can last up to 50 years when installed properly.
Installing a new roof is a complex process and can pose a safety hazard to your property and loved ones if you do it yourself. That’s why you should consider hiring a roofing company to do the work for you. They’re experienced and insured. Luckily, the roofing business has developed easy-to-install products that last longer and require minimal repair costs.
When considering how much does it cost to renovate a small apartment, ensure your plumbing system is intact. This is among your apartment’s most delicate features. Maintaining it can help you avoid unnecessary and messy leaks that could cost you a significant amount of money.
Plumbing system problems could range from minor faults like clogged drains or overflowing toilets to serious issues like interior leakages and frozen pipes. You can prevent these problems by being constantly aware of the condition of your plumbing system.
It’s a good idea to familiarize yourself with plumbing systems’ basics, such as operating the shut-off valve, water meter gauges, and unclogging drains. It may not initially seem like it, but doing this will save you time and money. Inspect for leaks regularly to ensure you don’t end up with messy overflows.
An excellent way to do this is to check if your walls and floors have a ‘sweating’ look. You can also check your meter regularly and at intervals when you aren’t using water in your apartment to see if there’s any water leakage. If there’s any leak, you can call a plumber to fix it for you.
Understanding what you can and can’t fix is essential, especially if you’re a do-it-yourself enthusiast. You can address minor problems in the apartment complex, such as unclogging toilets. However, when it comes to serious plumbing issues like frozen or clogged pipes, it’s essential to call a drain cleaning company to help you fix them.
When considering how much does it cost to renovate a small apartment, look into the benefits of incorporating solar energy. Going solar can drastically reduce your carbon footing and the energy use in your apartment, significantly reducing your energy costs. Discuss with your builder beforehand so they can identify the best position to install your solar panels and ensure maximum efficiency.
Ensure your builder has experience installing these panels. It’s one thing to say you know how to install it, and it’s another to do it well. Most builders have an understanding of solar panels and the impact they have on the environment.
In most cases, the roof is the best location to install your panels because it provides constant, direct exposure to the sun, but not all roofs are suitable for solar installation service. The professionals will first ensure your roof is structurally stable to withstand the weight of the panels for a lifetime. If your roof is angled, they’ll install satellite dishes on the other side to ensure that your roof doesn’t look too clamped up and is aesthetically pleasing.
Install New Light Fixtures
As you look for an answer to the question of how much does it cost to renovate a small apartment, consider installing new light fixtures. Most of the illumination in multi-family buildings is often from out-of-date gas discharge lamps. Compared to incandescent lights, they’re more powerful and bright but fall short of LED lighting in dependability, output, and price.
As gas discharge lamps age, they overheat more frequently, changing the color or brightness of the light they produce. They also tend to dim and start turning on and off unpredictably. If some older fixtures malfunction, your property will become dangerous to stroll around at night. Criminals like to hide in the shadows, and an apartment complex with old lights provides enough. Such issues can cause tenants to start looking for cheap movers.
Replacing old fixtures with LED ones can solve this issue as they’re currently the most reliable. LED lamps employ cutting-edge lighting technology, known as semiconductors. Even when they’re near the end of their useful life, the technology ensures a constant, dependable stream of light that won’t fade or keep flashing on and off.
Compared to incandescent or gas discharge lights, they last much longer. Every LED bulb can last up to 50,000 hours, which significantly lowers system maintenance and delays the advent of dangerous dark zones, according to The LED Spot. To answer the question, how much does it cost to renovate your apartment in the case of this project, according to HomeGuide, new light fixtures cost an average of $100 to $650, depending on the size. Consider how replacing the current ones will fit into your budget.
Pinting is another great project to consider when looking for the answer to how much does it cost to renovate your apartment. As the building owner, you must ensure the apartment always has tenants. When people see that the apartment complex is well-maintained from the outside, they’ll assume the occupants of the building are also taken care of.
It only takes the first look at your property for them to make this conclusion. If the outside paint appears faded or old, perhaps a brand-new color or paint job is what the apartment building needs to look brand-new once again. According to BusinessHue, it typically costs $1,800 to $3,600 to paint a 900 square feet apartment.
Another great renovation to consider when thinking of how much does it cost to renovate your apartment is investing in custom garage doors. This project can make your property more functional for the tenants. However, this isn’t the type of undertaking to start without notifying those it’ll affect.
As the homeowner, you’re all too aware of the volume of calls you receive whenever a communal amenity is momentarily unavailable. You must give sufficient written notice of your intended replacement of the garage door or subterranean overhead door to keep the residents happy and reduce the number of inquiries or complaints. Give homeowners enough time to move their cars and find alternative parking spaces, so give notice well in advance. Your written notification should reassure residents that you’re doing everything to reduce downtime and disruptions.
If the current doors are still in good condition, you can do a few repairs here and there. Don’t always be in a rush to get a replacement. First, establish if they’re necessary and will add any value. Always enlist the help of garage door repair companies to ensure an effective job.
According to Forbes, installing new garage doors will cost about $1,600. Weight the cost and how it fits into your budget. If it’s beyond your means, look into financing options. There are many ways to get financial help for your renovation project.
What You Need to Know About Fixing and Flipping
You probably already know this, but if you’ve bought a rundown apartment complex hoping to turn it around and sell for a profit, you’ll need to invest your money, time, and effort, not forgetting the blood, sweat, and tears. If you acquire a Class D apartment complex and only change the drapes, don’t expect crazy returns. Look at what your competition offers, not just those with comparable property values.
Major upgrades might move a dilapidated property well up the quality curve. You want this if you’re trying to turn it around for a profit. At this level, capital renovations can involve merging smaller apartments to allow room for more expansive floor plans, changing or adding windows with the help of a cutting wall sawing service, and adding garage parking. Investing in energy-efficient appliances is also a great improvement project.
What Time Is Best for Renovations?
The best time to renovate your small apartment complex depends on several factors. These include your budget, the property’s condition, and the local rental market. When possible, it’s best to schedule your renovations for when the market is strong. By doing this, you’ll enjoy gains soon through increased rent and improved appeal or retention.
However, a weak rental market in your area isn’t a good excuse to put off property improvements. It all comes down to the state of the building, the rent that’s currently being paid compared to the market rate, and other crucial factors like vacancy. Look at it this way; if your community has subpar vacancies, even during a difficult period for the market, it might be a great chance to get repairs done in those vacant units or throughout the entire property, ranging from small upgrades to a complete renovation. If you do it when the complex is full, you risk suffering a greater loss in rental income as people start looking for residential moving services.
Longer-Term Property Maintenance
You’re better off performing preventative than reactive maintenance. While installing copper or PEX plumbing to replace some of the older galvanized pipes may be costly, hiring a plumber to fix a huge leak at 2 a.m. on a Sunday will undoubtedly leave a bigger dent in your wallet. Even if it’s not the main focus of your remodeling work, performing longer-term maintenance alongside other upgrades is often more cost-effective. Creating a gym out of a community lounge? Since you’re there, you may as well take care of the floor and walls, as you’ll soon need to repair or upgrade them.
Not every property requires restoration. However, a well-planned capital improvement project can refresh your property’s aesthetic and appeal to potential tenants. Seek the advice of contractors specializing in the projects you’re considering before proceeding. Doing this will help you avoid making unnecessary mistakes.
Sure, you may have to pay a fee for the consultation, but it’s worth it. You can’t compare the cost of professional advice to the costly repairs you may have to cover if you make the wrong choices. Don’t just go by your neighbor’s word, who is always bragging about their great collection of tools.
If you’re worried about the costs, you’ll be happy to know that, regardless of the scale of your project, you have several financing options. Consult a landlord attorney for help navigating your options. They can also offer valuable insight into how much does it cost to renovate your apartment.