Have you been looking at purchasing or building a new apartment complex to provide higher quality living to your tenants? As interest rates have been continuously higher than ever before, now is not the best time to invest in buying property or building a new complex. However, you can still achieve your dream of providing higher quality living! Apartment renovations in Bloomington from Building Maintenance Management can provide you with the high-quality apartments you’ve been dreaming of sharing with your tenants!
So, here are a list of reasons to choose apartment renovations over buying or building a new multi housing complex!
Build More Equity
By choosing to renovate, you can increase the equity of your building. If you have already been renting it out, chances are if you sold you would already make money off of the sale rather than simply receiving a net-zero profit over time, but renovations can still help shift your potential gain if you ever choose to sell your apartment complex.
High Interest Rates
As mentioned already, interest rates for loans have continued to stay high. While there has been a small dip recently, interest rates are hardly back to a reasonable place. Renovations are a smaller expense than buying or building new complexes, meaning that chances are lower that a loan will be required altogether. This means that you can save up and avoid those high interest rates!
Customize Living Spaces
Plus, no one knows your tenants like you do. By renovating, you can make more design decisions than if you just go buy a new to you complex. While overall you will have less ability to customize than if you built from the foundation up, you still have more choices available to you at a lower cost than any other option you might choose.
If you already have enough money saved up for renovations, then you can avoid loans altogether meaning that you will save money in the long run by choosing to renovate. While this lumps in with avoiding high interest rates, it is more than just that. Any interest rate is going to make a job more expensive over time than paying out of pocket. Also, by choosing the smaller expense of renovating, you can avoid the hassle of applying for loans and shopping around for the best terms.
Are you ready to learn more about what apartment renovations can do for you in Bloomington or the surrounding Twin Cities area? Call Building Maintenance Management today at 763-541-4886 or contact us!