When renovating apartments in NYC, it's important to think ahead. Smart and thorough planning can save you time and money, both of which are required for a positive return on your investment.
One big consideration is future upgrades.
There are two types of upgrades to consider:
- First, are efficiency upgrades. These are items you can include in the renovation that saves money over time, such as high-efficiency HVAC systems and water conservation technology installs.
- Then, there are cosmetic upgrades. Cosmetic upgrades pay off in a higher rent. If more profit is your goal, take a close look at the upgrades available for you next apartment renovation.
Here are four things you can do to your units during a renovation that will bring more money to your pockets and increase the time to positive ROI.
1. Check for Leaks
An apartment renovation is an ideal time to fix leaks and plumbing issues. If drywall is part of the project, open access to the problem areas makes it a less expensive fix. Plus, waiting for a disaster to fix your plumbing will only cost you more money.
Patching leaks and improving the pipework and plumbing system will also decrease the water usage of the unit, a big expense for owners. Implementing a solution like The Water Scrooge will help you identify and fix thousands of leaks, which adds up to big savings.
2. Install Tamper-Proof Water Regulators
The reality is renters and homeowners use much more water than necessary to complete basic household tasks. And landlords pay the bill! By incorporating water saving techniques and tools, you can save money and still provide ample water flow.
The largest amount of waste can be found in showers. Water flow from showers in the United States averages 4 gallons per minute. One shower a day will account for 128 gallons of water every day for the average family.
The Water Scrooge fixtures allow you to monitor and adjust the flow, reducing the gallons per minute. Coincidentally, the United States government regulates shower flows need to be at or under 2.5 gallons per minute, almost half the amount most people use! Renters won't notice the changes, but you'll save on water usage.
With tamper-proof fixtures from The Water Scrooge, landlords can adjust the flow, so tenants have ample water pressure without the waste. Apartment dwellers won't even want to remove the devices, and with our tamper-proof fixtures, they wouldn't be able to if they did.
3. Implement the Toilet Scrooge
One of the largest areas for loss is in leaky toilets. Most tenants either never notice leaks or they never report them, costing landlords potentially thousands of dollars in wasted money in inflated water bills.
Implementing the use of the Toilet Scrooge is an investment that will pay for itself in no time. It's a 24/7 wireless toilet monitoring system to help landlords spot waste and leaks instantly, leading to more profits and less wasted on water.
The amount you can expect to save will depend on a variety of factors, including building size, occupancy size, water pressure and individual tenant habits. Most of our clients earn back their investment within the first year.
An estimated 1 in 5 toilets has a leak at any given time. Calculate the number of toilets in your building and determine how many suspects are in your possession. If you want to be conservative, cut that number in half. Now, multiply your number over the next 5-10 years.
Yeah, the Toilet Scrooge is a must-have for landlords.
4. Inexpensive Cosmetic Upgrades Make a Big Difference
There isn't going to be a huge return on your investment if the upgrades you plan for don't result in immediate increases in rent or decreases in costs. Big renovations such as fancy kitchen appliances or whirlpool tubs don't pay off the same way a high-efficiency HVAC system or new insulating windows do.
What can make a difference is improvement to the "curb appeal" of the home. New inexpensive fixtures on cabinetry, a fresh coat of paint, or a new front door can drastically change a potential renters perception of the unit.
Ready to Renovate?
The Water Scrooge is here to help..... and save you money on that next project. Reach out to us before your next project to learn how our projects can conserve water and money in your rental units.