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Renovating a multifamily property is done to create nicer apartment buildings, better community amenities and an overall better living space for residents. But the road to transforming aging interiors into high-quality luxurious apartment homes is a tough one. Residents are often faced with inconveniences such as loud noises, debris, and inaccessible amenities, but in the end are also rewarded with better living spaces.
To ensure the smooth running of the renovation process, here are some actions property owners and operators should keep in mind.
Renovations are often done partially to address significant, delayed maintenance and potential safety hazards, but to also to make the units more energy efficient as well as desirable to all residents. Being transparent and realistic about the renovation process will give the residents a heads up as to what they should expect. For instance, renovations tend to be disruptive at times, but they are usually short-lived, and they make for a long lasting, and comfortable living for the community.
A multifamily property means several families living together in a plot. It means there may be as many different opinions as there are people. Residents should be able to voice their concerns, complaints and opinions to the property managers while the renovations are underway. While every concern or complaint cannot be addressed, it is always appreciated to know that the concern is at least acknowledged.
Any repair or renovation rarely goes as planned. But if the residents are updated about the progress or about a change in the timeline of a particular service under repair, they can make other arrangements to use such facilities or plan their activities around the updated timeline.
Renovating existing communities in well-developed locations is a good way to attract new residents to move in. Don’t shy away from media and social media coverage. Instead, take the proactive approach to create a positive buzz about the developments in the community.
Major renovations, despite being temporarily inconvenient to residents, are ultimately highly beneficial for them. It provides them with a higher quality home, an improved community space and an overall better quality of life. Constant communication between the property managers and the residents plays an essential part in the success of any major renovation projects.