If you are looking at multi-unit designs because you plan to erect a block of flats, many of the designs will likely feature common areas. There are pros and cons to various common areas, and the ones you select will be dependent on your goals, the type of tenants you hope to attract and your long term operating budget.
To help you decide what you want, here is a look at several common areas in multi-unit designs and the pros and cons of each of them:
1. Conference rooms
Pros: If you have office space in your complex, it allows you to market your units to executive rentals. These corporate workers or extended stay business travellers are typically willing to pay higher rent costs, and they will appreciate having access to a conference room where they can hold business meetings as needed.
Cons: If you are adding office space to attract executive renters, keep in mind that these renters are not typically long term renters. You will have to deal with lot of turnover if they are your market.
2. Outdoor spaces
Pros: If you have a large lot, you can add outdoor common spaces for gardening, playing or BBQing to your design, and many multi-unit designs have various buildings in the design oriented in ways that are complementary to outdoor spaces. Having outdoor spaces helps you market to families and people with pets.
Cons: If you have outdoor space, you have to pay a maintenance team to mow the grass. If you have a playground for kids, you may have to be aware of injuries and liability issues as well.
3. Swimming pools
Pros: Indoor or outdoor swimming pools give your property a competitive edge. They attract single workers who like to workout as well as families who want fun outlets.
Cons: Pools require maintenance, and that costs money. Additionally, you have to ensure you meet safety regulations and have the right liability insurance in place.
4. Public toilets
Pros: Many multi-unit designs include public toilets near the lobby of the building. If you have a lot of common areas such a meeting or party rooms, public toilets make these spaces easier to use. Guests and residents can use these toilets instead of having to go to the toilets in an individual unit.
Cons: With public toilets, you need to pay someone to clean them. You also have to worry about maintenance such as painting or plumbing repairs.
30 April 2015
Hello. My name is Tina and this is my home improvement blog. The bathroom is one of the most important rooms in the house. My mother used to always say that you could discover a lot about a person by how clean their bathroom was. Because of this advice, I have always been very worried about the state of my bathroom. Last year, I was convinced that the bathroom was too old and grubby so I contacted a team of contractors who came out to work on it. They re-tiled the place and installed a new sink and splashback. I really love me new bathroom and I hope you like my new blog.