Indoor Renovations That Payoff

Apartment units require upkeep and maintenance, in addition to an aesthetic update now and then. Consider basic, but classic choices for routine updates, or consider the "extras" for a bit more boldness and change.

The Basics

When replacing carpet in units, stick with neutral tones. Shades of ivory and beige create a light, clean palette and provide tenants with more options for decoration. Tenants will be happier to have a neutral space to personalize, rather than be forced to design around a trendy carpet color.

However, when it comes to wall colors, don’t be afraid to choose a stylish shade that will give the unit a fresh feel. Wall color is much more easily changed than carpeting. One strategy for scoping out the latest wall colors is to tour new, single-family homes, according to an article in the National Apartment Association’s Best Practices Guide by Dan Lieberman, President and Founder of Horizon Management Group. Using the same trends and tricks from the newest single-family homes will help your apartment units feel more like comfortable, modern homes to tenants.

Don't forget the details, either. Light fixtures and outlet and switch covers may seem insignificant, but if they are outdated or in bad shape, they can bring down the overall look of the unit down.

The Extras

There are many ways to create the atmosphere of an upscale unit without spending big, especially in the kitchen.

"Kitchens are probably the number one area for updating and making a rental feel new," says Lieberman.

Two solutions are re-glazing laminate countertops with a faux granite look, and using laminate flooring, according to Lieberman. Granulon is a simulated marble countertop that costs significantly less than the real thing, according to Lieberman’s article in the Best Practices Guide. And faux wood laminate flooring won’t require the maintenance, upkeep and expense of true hardwood.

Another solution is to change out cabinet hardware. If a complete cabinetry overhaul isn’t in the budget or schedule, simply replacing handles and knobs with modern choices will create an entirely new look with minimal money and effort.

Another reliable investment is fixing up the bathroom, whether it's an upgrade or simply for maintenance. In general people like to pamper themselves, and they just don't want to be in a grungy bathroom. A midrange bathroom remodel has an estimated 78 percent resale value, according to Remodeling magazine's 2007 Cost vs. Value report.