If you are looking to upgrade your multifamily property and want to know what the benefits will be, look no further. In this article, we will show you reasons why upgrades, renovations, and remodels will boost your property’s value.
Property managers and investors should work together to develop a strategy that will make your building more profitable and appealing to potential residents.
Here are a few examples of particular strategies that can help you attain your goals:
Boosting renters’ value – Potential renters will be more inclined to stay in your property if there are desirable amenities. Simply adding a washer and dryer, an upgraded refrigerator, a dishwasher, or a garbage disposal will allow you to charge a higher amount for rent. A washer and dryer will save tenants the inconvenience of taking their laundry to a laundromat.
Being proactive will help fill vacancies – Empty units equal money lost. Consider hiring a management company to market your property. A professional has a broad reach and knowledge of successful strategies to help you fill your units with tenants in no time.
Add additional square footage to your space – The bigger, the better, right? More living space will undoubtedly draw in a bigger crowd. If your building is compatible with an outdoor living space, i.e., an enclosed patio or porch, this can be an excellent opportunity to offer more to potential renters.
Think about how your space can be more energy efficient – When you decrease the amount of energy that it takes to keep your space warm and filled with sufficient electricity, you will see a significant change in how much your tenants will pay monthly, which is an intriguing factor for renters.
Go green – Sustainability is a big deal to a lot of people, and this is something that is exceptionally important to millennials. No matter how old a building is, you can make several changes to make it energy efficient or “green.”
Here are some energy-efficient changes you may want to consider to save you money and boost your properties value:
1. Upgrade windows to decrease utility costs, prevent drafts, and block outside noise.
2. Install energy-efficient appliances.
3. Install energy-efficient lighting.
4. Decrease utility costs by increasing insulation.
Boost curb appeal – The first thing people see when they check out your property is the look of the outside of your building, including landscaping (especially landscaping). Here are a few suggestions for exterior upgrades to consider:
Refresh the exterior paint.
Replace the siding for a new look and feel.
Increase the visual appeal of your landscaping by adding flowers and greenery.
Now let’s adventure into the world where curb appeal is crucial for those who have a multifamily building for sale. Not only will advancing your curb appeal draw renters to your multifamily home, but if you choose to sell at some point, your home’s exterior will draw people in initially. Here’s why:
It is the very first thing that a potential buyer will see.
For some buyers (and renters), curb appeal can be a make-or-break situation.
It reflects how you maintain the home.
It naturally increases the overall value of the house.
It helps your property stand out from other homes in the market.
Remodel existing features – If your multifamily property needs remodeling, there are a few key areas that you should focus on, such as:
Kitchen upgrades – A fresh coat of paint, new cabinets, or updated appliances can make your kitchen extremely inviting.
Flooring – Start by replacing outdated carpets and updating vinyl, tile, or wood flooring. Shag carpet may have been a fantastic trend in the 70s, but it may not add any value to your building today. You’d be surprised how much the value of your property will rise by simply replacing flooring.
Update light fixtures – Distinct lighting (especially in the kitchen) adds a charm that your renters will love. Lighting adds a special touch of ambiance to any living space. Vanity lights in the bathrooms, ceiling lights, and track lighting are easy ways to give your unit a face-lift.
Apply valid rental rate increases – As the value of your property increases, you can proportionately raise your rental rates. But here are a few things you should consider that will directly impact rent.
Where the building is located
Are there added features or remodeling?
How old is the building?
What are the types of current tenants in the building?
Competition for similar spaces in the area
Boost the security of your building – This can be easily done by adding new doors, such as durable front and back doors; this increases security, safety, style, and curb appeal. Specifically, these doors:
Where the building is located.
Entry doors – These are designed to be sturdy and protect all who enter.
Storm doors – Storm doors add another layer of protection and safety that your tenants will appreciate.
Patio doors – like storm doors, patio doors add a layer of protection.
Here is the bottom line of why investing in the upgrades of your multifamily buildings is a grand idea:
Some people invest in stocks, but investing in your real estate can be just as — if not more — lucrative when you take a little time to put in the work to make your property spectacular and enticing to potential buyers and renters.
When upgrading your multifamily property, you want each unit to be filled to make money off your investment. When your space is filled, you will see a steady income from the families that are living in your space. When you make your property shiny, sparkly, fresh, and clean, you’ll invite various people to rent or buy your property.
No matter what your intentions are for embarking on upgrades, renovations, and remodeling the ins and outs of your multifamily home, your best bet is to leave it up to professionals. Superior Commercial Solutions has the best resources to upgrade your multifamily property and boost its overall value. So contact us today, and let’s get this upgrade show on the road.