- Renovation of an apartment can bring in a large turnover
- What do present-day renters want?
- Small apartment renovation ideas
- Cheap apartment renovation ideas
- Is it easy to renovate an apartment?
- Can I renovate an apartment that I own?
- How much will it cost for apartment renovation?
The concepts of apartments have immensely changed in the last five years. There are no longer places that are only to eat and sleep.
With the COVID-19 pandemic causing the entire country to a standstill, people have left their hi-rise neighbourhoods for large single-family houses. This is mainly due to the financial crisis and safety reasons.
This has resulted in down-trending rents and lower occupancy in apartments.
That said, let us consider the positive aspects of the situation.
As Winston Churchill puts it, "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
This period is a wonderful opportunity for apartment owners to renovate their old apartments and give them a fresh breath of life.
Renovation of an apartment can bring in a large turnover
Purchasing a new property from the previous owner means that you must add various improvements to the unit through modelling, upgrade or renovation.
Then, properties that are in a state of debilitation will definitely need partial or complete renovation to restore the lost beauty.
These improvements would mean a raised rent price, as well as a better chance of keeping the tenants continue their lease. Needless to mention, apartment renovation would also make your apartment advertising much more effective and help your rental ads stand out.
And yes, it will also help you get the best rent applicants and new tenants, which is a long term benefit.
What do present-day renters want?
Gone are the days where tenants were ready to compromise on apartments with limited facilities.
Modern-day renters are more concerned about their lifestyle, comfort and socialising. Entertaining guests in luxurious interiors is the norm of the day.
Renovating old apartments helps to bring in new life and makes the tenants happier and comfortable about their living spaces.
Small apartment renovation ideas
Here are some exciting ideas to renovate small apartments.
1. Pull down the walls
Do not hesitate to knock down a few walls because this would eventually mean opening up the space and creating a larger room.
Additionally, removing some old walls to expand a room is an affordable technique to create airy and expansive spaces that tenants (and their guests) love!
Knocking down existing interior walls and creating new ones to partition spaces can dramatically alter how the apartment looks.
Eliminate that “caged” feeling and see how it helps to fetch higher rent prices.
All said, make sure you hire a professional architect before you finalise the wall removal step.
2. Raise the ceiling
There is no denying that a high ceiling can visually enhance a space and make it seem more open and airy. For instance, old apartments have a low ceiling that can cause the residents to feel claustrophobic.
The first step in raising the ceiling is to determine whether it is possible or not. Make sure to consider the piping and structure while raising the ceiling.
If you have a drop or suspended ceiling, you can easily raise the ceiling height in your apartment.
3. Replace the old floors
Replacing your old flooring can completely transform the look of your old apartment. In addition, many modern flooring materials are affordable and easy to install.
Make sure to choose the colour tone that matches the paint colour as well as the overall ambience of the room. The new appearance can give your apartment a fresh new look, and you charge higher rent as well.
4. Add additional storage units
Adding additional storage units in unused spaces (like those below the staircase) can alter how your apartment looks as well as make it highly functional and valuable to tenants.
You could clear out old closets and redesign shelving, racks and bins to gain more space in your apartment.
5. Be creative on the shelving
Make sure to display all your travel souvenirs, colourful plates, favourite keepsakes and photos on your shelving. Adding bright shelf paper can increase vibrance and enhance the visuals of your area.
If there is no shelf space in your apartment, you can install new ones. Floating shelves are beneficial and also add elegance to an apartment. These are also helpful in increasing your kitchen storage area.
6. Open the Kitchen
Old apartments usually have small kitchens that are enclosed. However, now the trend has changed, and people now prefer open kitchens that communicate with other living spaces in the apartment.
Opening the kitchen will not only improve the space but also enhance the entire look of the apartment. These days kitchens come with adorable designs and are one of the prime focuses of any apartment.
An open one also has the possibility of including kitchen islands that are great for breakfast arrangements, or even entertaining guests to a quick snack.
7. Pay attention to the closet design
Closets are important, especially when you’re looking for tenants coming in with a family.
Ensure that you can accommodate as many closet spaces as possible when planning a renovation.
Various options like built-in closets, walk-in closets, pull-out closets, etc can be considered.
You can also work with closet manufacturers to custom design them to match your chosen interiors.
Cheap apartment renovation ideas
Here are some exciting tips for renovating your apartment and bringing in a fresh new look with minimal investment.
1. Use stylish interior painting with vibrant colours
Painting is a quick and budget-friendly option to renovate your apartment.
Use different colours for different areas or play with textures to give different visual impacts.
2. Go creative with wallpaper
Wallpapers are classic.
They are evergreen and can spice up your room.
Unlike regularly painted surfaces, wallpapers have a spatial component that can make the room appear smaller or larger.
They are very versatile and easy to install and offer a perfect way for a quick and easy makeover.
And if you get bored with your wallpaper, all you need to do is simply pull it out and stick another one.
3. Upgrade light fixtures
Proper lighting can enhance the beauty of your interiors multifold making them vibrant and dazzling.
You can choose different lighting options for different spaces. These could include options like pendant lights, track lighting or faux chandeliers to bring a new look.
4. Install new hardware
Your bathroom, kitchen and doorknobs are easy to replace with minimal investment. Use different colour options for your cabinet handles and drawers, giving a new vibrant look to your interiors.
Source: Business Cabinets
5. Replace old switch plates
You can replace your old and outdated switch plates with brand new ones. There are hundreds of options available with replicas and patterns of your favourite artwork.
You can pick the ones that blend with your interior design. In addition, you can also try out new touch-based switches.
6. Add character to your bathroom
Most apartments come with pre-installed mirrors near bathroom vanities.
Now, don’t get us wrong, they’re nice and functional- but- boring!
Spice them up by adding light fixtures, decorative borders or even a vintage mirror frame.
If you wish to bring more sunlight to your interiors, make sure to set up a mirror across the window to extract the best out of reflections.
And who doesn’t love a spa?
Now, your apartment may not be able to accommodate a spa or a sauna, but additions like a steam shower, a hot tub, a modern bathtub or a rain shower will draw people to the sheer luxury.
Additionally, you can invest in smart technology like an energy-efficient shower head that could help to lower your electricity bill and save a lot of water.
7. Add a brand new wall art
Free spaces on the wall make a room appear larger, but also leaves them feeling cold and incomplete.
Add some paintings, or artwork to make them more inviting and fun to be in!
Is it easy to renovate an apartment?
One of the first things you need to understand before renovating your apartment is that there are several shared spaces in apartments. You will, therefore, need to get your neighbours' permission before starting any work (yes, even renovation).
The local body corporate will have set laws for any alterations. This is to ensure the overall safety of other occupants who are sharing the same apartment complex.
The laws will strictly lay down instructions on how to carry out maintenance so that the safety of the occupants of the complex is ensured. These could include:
Type of materials used for construction:
- Working hours
- Handling of materials
Laws are different in different corners of the world, so make sure that you check with the local body to ensure that your alteration work complies with the governed laws.
Your application to the local body corporate will need to include:
- Plan/design changes
- Detailed scope of work
- An estimated time frame of the project
Can I renovate an apartment that I own?
One thing you need to understand is that even if you own an apartment, the owner's body corporation ultimately owns the building structure.
This means that for any changes in the building structure, you will have to seek approval as alterations could impact the overall foundation and strength of the structure.
How much will it cost for apartment renovation?
There is no straightforward answer to this question as there are several factors involved that determine the cost. These include:
- Location of neighbourhood
- Availability of resources
- Size of the layout
- Transportation cost
- Cost of raw materials etc.
On average, following are broad estimates of renovations:
- Living room– $1,500 to $5,500
- Bedrooms – $1,500 to $3,500 (per room)
- Fireplace - $900 to $3,700
- Bathrooms – $2,500 to $25,000 or more.
- Kitchen - $4,000 to $60000
If you are planning to renovate your apartment, you’ll definitely be bombarded with different ideas pooling in from neighbours, friends, the internet, the guy at the bus stand and wherever imaginable.
However, the truth is not all renovation ideas are practically possible.
There are several cases in which alterations have gone wrong, costing the landlord an unimaginable sum.
In this article, we have mentioned some exciting (and effective) ways to renovate your apartment.
However, while choosing to do so, it would be in your interest to consult an expert in the field. This will ensure that your apartment gets a structurally feasible renovation that’s within your budget too!
And yes, one that produces an awesome end result!