Colorado Real Estate Journal - January 2016
There is ample evidence that in the coming year, there will be more occupants than available units in the greater Denver area. Word has gotten out that Colorado is a great place to live, bringing a steady influx of new residents. When you have less inventory than demand, it is easy to call it a landlord/seller’s market. But when you look at the bigger picture, competition is fierce on both sides of the table. Developers have been quick to respond to this demand by building new complexes around the city, and many properties have gone through major remodels. Prospective quality residents have more options than ever before. Thus, this is not the time to be complacent, but rather a good time to step up the game of your property. This is where the investment in some maintenance and cosmetic enhancements can make a big difference. The look and feel of a property not only leaves an intellectual impact but an emotional one as well – it just feels good. There is an aesthetic pleasure and a feeling of safety. These good feelings about a space are greatly diminished with unkept landscaping, dingy lighting, faded or cracking paint, outdated color schemes, old fixtures and worn carpeting. The major areas to give a once over and make sure re up to task include the exterior landscape, exterior paint, common areas and the interior of the units, as well as the general infrastructure of roofing, heating, cooling, pipes, doors, windows, drainage and plumbing. When it comes to the exterior of a building, getting it repainted at the earliest opportunity not only enhances the property’s curb appeal, but also prevents further damage to any exposed wood or metal that can easily rot or rust. A professional exterior paint job can last seven to 10 years, but this timeframe can be reduced significantly with winter weather or excess precipitation, especially hail. To keep interiors looking fresh, you may want to consider painting every three to five years. A regular visual inspection is your best way to make an assessment about paint. To further enhance your property and redefine, revive and transform it, it is valuable to look at color. There is plenty of research that goes into what types of color palettes attracts millennials, Gen X or Y, baby boomers or the great generation. Color palettes evolve yearly based on certain zeitgeists influencing public consciousness. One of the leading trends is the application of warm grays that border on khaki and turn into blushed neutrals. These colors remind us to live well, be well and stay well, and are vital to creating spaces to unplug. They represent natural materials, honed and sheer of ancient alabaster and marble hues; they reflect new therapies that draw us to the colors of nomadic sand baths and holistic massage rooms. This color theme, coined Pura Vida, was discussed at ColorMix 2016 with Sherwin-Williams, other leading paint suppliers and the American Society of Interior Designers. The other three colors palettes of 2016 speak to other cultural nuances. Dashing greens and cheeky pinks with a flower power that’s as crisply modern as it is soulfully vintage acknowledge multifamily living is back, and this palette connects across generations. Olive and denim, dusky wools and brass buttons glinting in the sunlight make us think rugged determination. The future keeps arriving, in icy blues, shimmering pewter, sophisticated plums and other mesmerizing hues in stunning gloss finishes. It may be helpful to consider how various color palettes can be applied most effectively to your property. A “new feel” can go a long way to give you the competitive advantage in an ever-increasing competitive market, with no forecast of slowing down anytime soon.