What's best way to renovate block of flats advice pls

There are 2 components to my question
What and how

block of very small 2 bed flats can b earning some 20000 more a year if it was renovated

Part 1 is what to do I'd like ideas for what will be worth doing to bring in higher rent
Eg kitchen bathroom carpet door handles lights paint dishwasher air con heating
Storage cages
Outdoor render garden paint plants outdoor seating area
Water pressure clean concrete
What else

Part 2 is how it's best to do this for lowest cost but also with losing least rent

What is the loss and benefit dollar wise
If we emptied all flats and did them all at once losing tenants but we want higher paying tenants

Or as they become vacant doing them up one by one
Or leaving one vacant for flats to move into one at a time while their flat is renovated .
They r currently rent for some 340 but with a reno could apparently go for 420 . I've seen other identical flats go for this much after renovation
What is the best way to renovate to lose the least dollarwise from rent or from obtaining higher rent .

If we empty them all, what must we first organise so they r empty minimally just for actual installation if kitcgen vathroom lights door handles carpet painting with all measured organised b4 to take minimal no rent time
Thanks you

 

Hey Justine, have you got some pics for us?

 

That does sound like a lot of work for $20k more a year. How many units are there?
What is the budget to do all the work? How many years of the additional rent will it take to pay off the renovation.

In terms of speed and economies of scale it would be easiest to do it all at once but that requires no income whilst you are doing it. The other tenants might not wish to live in a construction zone or require a rent reduction to live there during that time so it might not be worth trying to keep them for that period.

If you need the rental income then it would be best to do them one at a time as they fall vacant.

 

I'd be inclined to serve notice on all of them. Get your ducks lined up ie quotes and orders for kitchens, tiler, painter, plumber, waterproofer, carpet, BIR, sparky etc. Program the works and knock it over quickly. Possibly engage a builder to run it.

 

I too am interested to know how many units are in this block, and how quickly you'll manage to rent them out when they're renovated. I'd be extremely wary of having all of them hit the rental market at once. Could lead to long vacancy for some of them. IF renovating is going to pay off, can you do them in a staggered manner, one at a time?

 

Hi Justine

Is this the block of units, owned by your relatives, mentioned in other threads?

Definitely need more information about number of flats, location and budget.