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4 Areas to Renovate in a Multifamily Property before Renting it out

3/15/2017
A multifamily property has immense revenue generation potential, provided the owner pays attention to minute yet essential details that increase its market worth.

ou have plans to make the existing multifamily unit a better residential space, hiring an experienced multifamily renovation contractor is the ideal way to go about the upgradation. After associating with a reputable contractor, the next step is to identify the areas in the property that actually need renovation so that you add maximum value to the property while minimizing the expense. In this blog post, we discuss four main areas that need renovation before you rent out the multifamily property.

 

  1. The Main Entrance

The curb-appeal of the house draws attention of tenants looking for an accommodation and passersby. Make sure to paint the main door in colors that might not be too bright, yet have a bold appeal. The color white, for instance, has a soothing effect, is timeless and helps in maintaining a positive aura. Besides the main door, you can also paint the walls in white to make the property look more spacious.

  1. Upgraded Security System

When it comes to the security of families residing in the multifamily unit, check if the security systems are upgraded and functioning properly. The security of tenants is the responsibility of the owner of the property, so make sure to install CCTV cameras, gate systems, intercom systems wiring and fire alarm systems in the premises.

  1. Environment-Friendly

Environment friendly multifamily units are gradually gaining popularity for their many benefits including lower power consumption and carbon footprints. The demand of eco-friendly property is rising and so are their prices. You can start with installing Spray Polyurethane Foam-based (SPF) roofing systems on metal and large windows. Apart from the roof, use of solar panels and LED lights also contribute to making a property environment friendly.

  1. Amenities

Multifamily apartments have less open and common space as compared to the traditional units and that’s the reason, property owners need to provide certain amenities and social space to attract the potential tenants. Consider having amenities such as premium parking area, swimming pool, play area and gymnasium within the premises. If budget allows, you can also provide free Wi-Fi and open a child-care center in the complex.

The Last Few Words

The demand of multifamily properties might be surging today, the competition is stiff. If you wish to earn the maximum revenue from the property, you need to ensure that tenants get all sorts of comfort and facilities for the money that they are paying. Start with the exterior renovation and other upgrade ideas we have discussed in the blog post, as these subtle changes would also make a lot of difference immediately.

 

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Multifamily Renovation and Restoration Contractor
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