Does Luxurious Affordable Housing Construction Exist?
“Luxury” and “affordable” are rarely used to refer to the same thing. However, in the world of multifamily housing, luxurious affordable housing does exist; you just need to know where to look. First though, let’s define affordable housing. Usually, this term refers to housing specifically built or set aside for households with a lower overall income than the country’s average. The Department of Housing and Urban Development (HUD) defines affordable housing as a house or unit where the resident(s) pays 30% or less of their income on housing costs, including rent and utilities. Apartment complexes using tax credits fall under this category. Beyond this, there is an affordable housing tier often known as “workforce housing” because they attract vital professions like teachers, police officers, or firefighters who make 30% to 80% of the area’s median income. Luxurious communities and buildings can be found in both categories. Luxury can be found in additional amenities like fitness centers and clubhouses, or in higher-end materials such as vinyl plank flooring, stone countertops, in-home laundry capability, sheltered or garage parking, and faucet finishes beyond chrome such as matte black or brushed gold. Some builders find ways to include these extra touches without making too much of an impact on the build budget. Read on to find out how.
Luxurious Amenities
As an example of adding luxurious amenities, Institutional Real Estate Inc. states that communities or buildings that have an onsite fitness center charge an average of $57 more per month for rent and its addition isn’t cheap for the building owner either. However, there are creative ways for a builder to add in a fitness center to affordable housing without an impact on rent. For example, if the fitness center is for the broader community and not just residents, it may be possible to get a grant from The U. S. Department of Agriculture (USDA). It pays to look for alternative means to add in luxuries.
Higher-End Finishes
Including luxurious finishes and materials is a much easier way to add in luxury to a multifamily housing build in the affordable category. For example, vinyl plank flooring imitates the look of hardwood floors without the price tag of actual hardwood. Coming in at $0.99 to $5.00 per square foot, vinyl plank flooring is quite affordable. For a standard-sized U.S. studio apartment, this is only $1,500, assuming that vinyl flooring will be used for the entire apartment for a median of $3 per square foot. Plus, like other finishes that imitate, they are more durable. Vinyl planks are normally waterproof and scratch-resistant. They are warmer and softer than tile or real hardwood, which is easier on the feet. Plus, they’re easy to install. Also as an example, granite countertops cost $20 to $300 per square foot to install, but studio and one-bedroom apartments will require less granite to cover a smaller kitchen. Granite is durable and exudes a sense of luxury.
Luxurious Finishes for Faucets, Shower Trim, and Accessories
The easiest and most cost-effective way to add luxury into affordable housing is to upgrade the finishes and styles of faucets in the bathroom and kitchen, shower trim sets, and accessories. Simply by choosing a finish such as bronze, brushed gold or nickel, and matte black, the entire look of the apartment or BTR (build-to-rent) home is elevated enormously. Pioneer, Olympia, and Central Brass often create specification packages for their partners for this purpose. As examples in the kitchen, the Single-Handle Pull-Out Kitchen Faucet comes in upscale finishes such as PVD brushed nickel and matte black. These pair best with modern and sleek aesthetics. Another Single-Handle Pull-Out Kitchen Faucet by Olympia comes in an oil-rubbed bronze and a Moroccan bronze finish, which pair best with traditional and farmhouse chic aesthetics. The Motegi Collection Single-Handle Pull-Down Kitchen Faucet comes in a PVD brushed gold finish, which is a stylish choice that suits a modern vibe. Any of these are solid choices for adding in easy-to-install and durable faucets for instant luxury.
Wrapping it All Up
Adding a layer of posh living to an affordable housing complex is an achievable task. For amenities, seek grants and other creative ways to achieve the goal. For materials, consider granite countertops, luxurious finishes on kitchen and bathroom faucets, vinyl plank flooring, etc. Choosing a trusted partner such as Pioneer can make this task an easy one.
As a trusted supplier of faucets and fixtures for over 100 years, Pioneer, Central Brass, and Olympia are here for you. Embrace the benefits of quality, product availability, and shipping speed by partnering with Pioneer. Enjoy the peace of mind that comes with knowing your project is in good hands and transform your building or home with these beautiful and exceptionally durable faucets and shower trim sets. All are backed by a best-in-the-industry warranty, are easy to install, and will stand the test of time.
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We’ll Save You Money and Time
There are many ways to the same destination. This saying applies to multifamily housing builds just as much as to anything else in life. The ultimate goal is save as much money as possible while delivering a great finished project – that’s simply showing smart business sense. But, finding a one-off deal or sacrificing quality isn’t the only way to get a healthy ROI. We have a better way.
Pioneer works with professionals every day to develop specification packages and plans that save our valued partners both time and money, sometimes in surprising ways. It’s our goal to ensure your project meets or exceeds its expected outcome. We want to get to know you and your company and show you how we can save you money. Please reach out via our website form or call us at (800) 338-9468.
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