Turning over an apartment typically refers to the period between one tenant leaving and a new one moving in. This period is perfect for making any renovations or completing a remodeling project.
However, juggling everything can be a bit of a challenge if you don’t know where to start. To help you out, here’s our ultimate guide to apartment turnovers.
How Long Does an Apartment Turnover Take?
If the apartment only needs a fresh coat of paint, it’s possible to turn it in less than a week. But if you want more extensive renovation work, the timeline will depend on the project’s scope.
For example, remodeling a bathroom can take several weeks, as can renovating a kitchen. To get a comprehensive timeline, you’ll need to get some early quotes for the project you have in mind.
Knowing What to Renovate
Deciding what you should renovate or remodel is perhaps the most important step in the turnover process. The most obvious choices are bathrooms and kitchens, as these get a lot of use and can look outdated quickly.
But renovating or remodeling living spaces, such as bedrooms and offices, can be beneficial too. For example, switching to hardwood flooring could save you costs in the long run because it’s easier to maintain than carpet.
Choosing a Budget
Once you have a rough idea of the projects you want to start, you must settle on a budget. This is generally harder for apartments you’re renting because you don’t directly benefit from the renovations in the same way.
For more information, you can check out our article on choosing a renovation budget. Of course, you’ll want to adjust it slightly for a rental apartment.
While you can increase rent to make back the money, it’ll take a long time to do so. For example, a $5,000 kitchen renovation would take 50 months to recoup the costs if you increased rent by $200 a month. Finding the balance between your renovation budget and how you make the money back can be challenging, but it is possible.
Planning for an Apartment Turnover
Ideally, if you know you want to turn over an apartment, it’ll help to get estimates before the tenant moves out. If they’ve served you notice (or you’ve served it to them), try to use their last month to get some contractors in to price up the job.
This way, you can start the work as soon as they move out. Doing so minimizes downtime between tenants, which is objectively lost money in a rental apartment. However, it’s fair to say that it’s worth it because a renovated apartment will be a much more attractive prospect for the next renter.
Getting Started on Your Apartment Turnover
Turning over an apartment is necessary and can massively improve the value if done properly. So, if you want to turn over your apartment, get in touch! We’re experts in renovation and remodeling, and we can easily guide you through the whole process.