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Cost-Effective Multi-Family Home Renovation Ideas

With lowered risks, passive income, and options and benefits that come with owning a multi-family property, this area of real estate is attractive. 

If you’re an owner of a multi-family property, then you may see a renovation on the horizon, or maybe all it needs is a cosmetic makeover before you can list. 

Multi-family renovations don’t have to take over your budget; there are multiple options that you can consider to get a good quality product, expert knowledge, and guidance, and even installation for everything that you need in your ideal range, all within a good timeframe. These projects include replacing countertops, updating cabinets, and more. 

The top priority for most property managers is to make a great return on their investment and to increase the value of the property that they purchased. Here we’ll discuss renovation ideas to not only fit your vision, but also your budget. Just keep reading. 

Replace the Dated Countertops

The first and most obvious change that you can make to any property is in the kitchen. Potential buyers or renters pay more attention to the kitchen and bathroom(s) than anywhere else in a home. A full renovation is always an option, but if you already own or are in the market for a multi-unit property, remember that you do not have to do a full gut of a room to prepare to turn a profit. Instead, look at key things in a room. 

What are the main things that will catch the eye of a potential buyer or renter? One answer is countertops. Pick a countertop that can work as a beautiful focal point of the room, that makes the room feel sleek and spacious, and that is durable. 

Think quartz, for instance. Quartz countertops are the perfect material for any commercial property because they are nonporous. That basically means that there are absolutely no holes or cracks on the surface to allow drinks or other spills to create stains. 

If you click here, you’ll find some appropriate options for your property that can work with any paint color, fixture, or appliance. Versatility has never been simpler.

Update Those Cabinets

Once you update those countertops, the cabinets shouldn’t be too far behind. If the countertop is one of the first things those potential buyers see in the kitchen, the cabinets will be the next thing, or vice-versa. Cabinets create great dimension in spaces and can offer height, portray new styles, and obviously give your tenants storage options. 

Whether you want uppers and lowers or one or the other, cabinets are essential pieces that can be used in your property bathroom, kitchen, or other rooms.

With various styles, colors, and finishes, it won’t be hard to find the perfect way to make your units stand out from the competition. With that being said, never be afraid to stray away from the standard rental kitchen or bathroom style cabinet. 

Click here to explore different options that will not only open your eyes to design, but also realize the business-savvy aspect of featuring the right cabinet throughout your property.

Switch Hardware to Reflect the Property Style

One thing that cannot go untouched is the fixtures that are throughout your property. Different fixtures, regardless of what room they are in, can often be the tell-all when it comes to dating your property. If you bought a multi-unit space that was built in the 80s, your fixtures should not reflect that. 

This is something that can often go overlooked. Although when someone puts in a new sink, they are bound to put in a new faucet design, aspects can still go as missed opportunities. It’s a missed opportunity to install a large farmhouse-style sink and only put in a faucet that just compliments the size. The color, finish, and style should complement everything else, and the sink should work to showcase the faucet. 

The larger items, while obviously, the first things the human eye will be drawn to, are still the things that showcase and compliment the smaller scale items in a space.

The good thing is that replacing fixtures is fairly easy, and even if you decide on more high-end options, they still may be on the lower side of your budget. For commercial units, go with something sleek, appropriate for the space, and unique.

Paint Units with Aesthetic in Mind

The aesthetic is everything. The way that you portray the property in person will show even more true in print, so keep this in mind when you’re planning your renovation before you get too eager about the listing photos that will be taken. Whether this is interior or exterior, the paint should complement the aesthetic that you’re going for. 

Often times in commercial spaces, you’ll have the opportunity to experiment with color, texture, and overall design. This is a great opportunity to think about the products that you want to incorporate. Once you pick your products, pick a paint color that contrasts well rather than harshly or does it the other way around and pick a paint color first. Don’t forget how low cost this can be.

Tailor the Décor to a Theme or Setting

Décor, everyone loves décor—especially potential occupants. Finding décor options that will appropriately fit your space can work as the icing on top of your property renovation. Décor showcases the work that you have done. It can complement the color scheme that you’ve chosen and visually outline the cabinets, counters, paint, and other items that you have used to build out space. 

We often downplay the effect that our senses have on us. You would be more inclined to sign a lease after you have viewed a space that was properly staged and decorated than if you went into a unit that was bare. This is because your imagination had the opportunity to run rampant, and you could actually see the potential that is being offered. Your potential tenant wants to have that same experience. 

Although this is not necessarily a renovation itself, it is, however, a renovation tactic. That just means that décor can work for you by tying in the space, creating a welcoming environment for your target audience, and portraying your theme through visuals.

Allow the Space to be Versatile

Versatility can be the key to a great renovation. This can mean a wide range of things from design, furniture placement, room layout…you name it. When renovating a multi-family property, it’s easy to get caught in the standard view of how things are often laid out. 

Rather, it’s better to think in the way of how you can marginalize on something like interchangeability. If you own an apartment building, allow the rooms to be put together in a way that makes your tenants excited and actually able to decorate. This can mean eliminating “hard to match” color schemes or taking out tired designs and furniture. 

Make the Bathrooms Work for You

The bathrooms within your property have the potential to increase the profit that you turn if planned out properly. This can be true for any type of commercial space but especially those residential-style apartment buildings or complexes. You have the opportunity to raise your prices slightly if what you have done in the key areas of your property are up to date, code, and interest. 

Potential buyers and renters often seek out style, so your goal should be to give them exactly that. For example, if you put an S1004 Shaker Cabinet with a Snow-White Countertop, it still remains neutral while still being different from the competition and providing a new aesthetic. The same goes for putting an E7029 Slab cabinet with a Sparkling White Countertop.

Both combinations have a couple of things in common; uniqueness and high-quality from the look of the material to the material itself. You can find these products by clicking here.

Have More Than One Style of Unit

Having more than one unit style does not mean having various types of properties. It simply means that depending on the type of property that you do own, you may benefit from offering potential buyers or renters different living options. Some of your units may have different layouts, or they may all be identical. 

Even if they are, you can easily categorize the units by aesthetic, or in other words, you can easily categorize the rooms by upgrades and materials. Here is where you’ll need to recognize the potential in a multi-family property. All of the units can have different rates regardless of the actual square footage, and because of that, you can lower your potential renovation costs even more. 

You can do this by renovating some units in different ways, meaning that some may have more expensive products featured throughout, or the designs may interchange. Either way that you decide to do it, if you can recognize how to categorize design, you can remain cost-effective. This obviously will depend on the type of property that you own. Click here to see a few projects to get some inspiration to support your next renovation idea.

Don’t Sacrifice Quality for Quantity, While Staying on Budget

A multi-family home renovation can become quite costly. That, however, does not mean that you have to skip corners, go the cheap route, or sacrifice quality. Due to the tax benefits and potential value increases that will come with a renovation, try to keep in mind that what you invest into the property is what you’ll get out of it. 

By purchasing high-quality feature materials that will take up the bulk of your renovation, such as the countertops, cabinets, and appliances, you’re essentially focusing your budget on the important incorporations first. 

With the appropriate resources, you don’t have to prioritize different parts of your renovation. If you aren’t a carpenter yourself, or even if you are, it’s important during any renovation that you find a trusted resource, and when picking one, you want to keep in mind dependability, quality, variety, and cost. 

There’s a difference in having skilled craftsmen take over the installation of your kitchen cabinets compared to calling the first cabinet supplier that you find in the yellow pages, or as we use more often; the internet.

Add Amenities If You can

Not every multi-family property needs or has the space for amenities outside of the units, but if your property is able to offer the space, use it. Every amount of square footage that you have access to has the potential to add to that return on your investment. 

Amenities don’t have to be large ticket items like a community pool or a detached game room. Instead, think of the smaller scale and affordable, which can be just as good so long as you can keep in mind what your target audience will utilize.

Amenities that are cost-effective can mean anything from a volleyball court and a gated dog park, to converting additional space into a small community gym, or just adding in a bocce ball court or grill area with picnic tables. Either route that you decide to take, always keep your investment in mind and recognize the actual potential of your property.

How Can I Keep My Multifamily Property Renovation Cost-Effective?

Remaining competitive within your market is essential. To do that, many property managers will consider renovations and other upgrades to their properties. Renovations aren’t necessarily cheap, and depending on the number of units within your property, a cosmetic facelift may still run a bit higher than you expected. 

Configure your financial strategy before you take to the product option research. Base your design on what you want to offer while keeping your competition in mind. 

These tactics are important because renovations, especially if you’re going down to the nails and studs of your property, can quickly exceed your budget and your energy. Since that isn’t what you want to do, it’s important to keep cost-effectiveness in mind while planning your renovation because, yes, a renovation can remain affordable.

The key to keeping yourself within and possibly even under budget is to stick to what you know that you need and to obtain those items first. Determine the neighborhood where your property is and decide on amenities, finishes, and furniture that will appeal to those buyers while still outdoing your competition with something more. 

Go for durability and versatility because higher quality items, especially with professional installation, can save you money in the long run. 

With that approach, you won’t have to update or replace some things for a long period of time. One of the most common mistakes that property managers make is thinking cheap from the start and then having to switch out some of their options a few months down the road every year or two.

Keep your potential buyers/renters in mind, as well as the state of the market while renovating and stating your prices. This is just to increase your awareness to being fair, knowledgeable, and conscious of the options that you make throughout your renovation. The main goal here is to go one step at a time, to design from either the outside in or vice-versa, and to determine your needs before you start to shop around. 

You don’t have to be a project manager or a financial whiz to keep your renovation on time and on budget. All you need is a reliable resource/supplier, knowledge of your area, and determination to offer great spaces to your potential tenants.

Superior Commercial Solutions Is a Reliable Resource That You Can Use

Superior Commercial Solutions (SCS) has raised the bar and set a top industry standard in the design, supply, and installation industries. Product quality and customer satisfaction always come first for our company, and the top feature of working with this organization is that they have the goal to keep clients within their budget. 

From a general standpoint, if you were to hire someone to build and install custom cabinets, the process can take three to four months to not only build but ship your products from the time that the order you placed was actually approved. That is not even including the hassle of having to deal with a sub-contractor for installation etc. With SCS, after your order is fully manufactured, you may only have to wait four weeks for them to arrive, and the company handles installation for you. 

So go ahead and say goodbye to that potential headache that comes with dealing with sub-contractors and middlemen. The company handles design, production, and installation while also offering design consultations if you need assistance from an expert, all while focusing on your budget. 

Not sure where to start? You’re not alone. Whether you are preparing for a renovation for your multi-family property or just preparing for a general renovation for another type of commercial property, you can click here to contact Superior Commercial Solutions with inquiries or to schedule a consultation. We’re based in Utah, but operate across all of the United States.