Suppose you are a multifamily building owner looking to renovate your property but don’t know where to start. Look no further.
Multifamily renovations, such as apartment renovations, can be overwhelming, daunting, and become a monumental task. However, don’t get discouraged.
Here are some steps you can take that will help make your project go as smoothly as possible:
Start With a Detailed Plan.
Before you actually start with the heavy lifting part of your project, you’ll need to make a detailed plan. When you go into the actual work with a detailed plan, you are less likely to encounter hiccups along the way. Sure, you will probably encounter some issues, but being prepared for them will save you time and money.
Map out and schedule every aspect of your project, such as details about companies you will be working with, permits that will need to be attained, and an approximate timeframe on when your project will be completed. You will also want to make a detailed list of the materials your project will require and if they are available. This will also have an impact on your timeframe.
Map Out a Detailed Budget.
Start by jotting down your priorities and how much they will cost you. Because doing multifamily renovations is a huge project, you will need to be meticulous about mapping out your budget. Unfortunately, we’ve all seen projects come to a screeching halt because of the requirements needed (not enough materials, cannot pay labor costs), which is why a budget is incredibly important.
What should be included in your budget plan?
Windows and Doors.
You will also want to have a money cushion stashed away to cover the costs of any unforeseen issues that may happen along the way.
Keep the Value of Your Property and Individual Units in Mind.
If you are renovating on a budget, the best way to add value to your property is in the units themselves. This is the best way to get more bang for your buck because you’ll be able to have higher rent rates. Happy tenants = happy property owners.
Plus, when you think about adding value to your property, it will be beneficial to you if you decide to sell your property and make a great return on your investment.
Things you can do to add value include:
Boosting curb appeal with landscaping.
Choose High-Quality Materials.
You get what you pay for, so don’t skimp on the quality of the materials you use for your multifamily renovation project. So, do some in-depth research on current trends and find out what materials you’ll need to add some pizzazz to your property to make it more intriguing to potential renters or buyers; make sure that you are adding high-quality materials.
For example, stay away from peel-and-stick flooring. Instead, invest in superior flooring that can handle daily wear and tear from tenants, their kids, and pets. Opt for nice cabinets and countertops in the kitchen. It has been said that kitchens can make or break the sale of a home. Also, instead of using low-cost appliances that may break easily, choose high-quality ones that will last for years.
High-quality materials will save you money on repairs and replacements in the long run.
Motivating Staff Throughout the Process.
When you take care of your staff and contractors, they will take pride in their work and be motivated to do a good job. If you encourage them to work with a purpose, they will work efficiently in order to provide an exceptional community for the residents.
Talk to Your Current Residents.
Letting your current residents know your renovation plans will help them visualize the value it will bring to their community. It will also give them a heads up for when contractors will be on the premises, so they are aware of times that there may be noise from construction, and they will be aware of strangers coming in and out of the building.
What About Your Parking Structure?
Parking can be a huge win in the renovation process. Inconvenient parking on its own can deter new tenants from wanting to live in your renovated space. If your parking area is not covered, this may be something to consider adding during your renovations. You can also do simple things like painting railings and doors leading to the parking structure and pressure washing to add value to your property.
Be Firm with Your Contractors About Due Dates.
Make sure that your contractors know the date you expect work to begin and be completed. It is also wise to remind them from time to time during the process and set up some penalties if they do not adhere to your due dates. For example, you can charge an additional $100 for each day that they go over the deadline.
Back to the Residents.
You’ll want to keep current residents involved not just during the process but after it is completed as well. For example, community managers that work on the property can provide snacks in communal areas, such as the clubhouse. After everything is done, you might want to consider having a ribbon-cutting ceremony and inviting the current residents to join.
But not just the residents, you may also want to invite the mayor, building officers, city officials, and the chamber of commerce. You can also try to get media coverage through local newspapers and news stations to show how your renovations improve the community.
Codes and Inspections.
Be sure that you and your staff adhere to all codes and inspection requirements. Not doing so will result in time and money lost. So, check your local regulations (they will vary from location to location) and determine what your local inspectors will check for on the premises.
As always, it is really important that you hire the right professionals to get any renovation job done quickly and efficiently. At Superior Commercial Solutions, we promise to give you the best. So contact us today, and let us help you with your renovation dreams.