Increase Your ROI with Multi-Family Renovation
If your multifamily property is in need of some serious upgrades, there are some small to medium size improvements that can give your property a fresh look and skyrocket the appeal. Here are great additions you can make to each apartment unit. These updates will provide major returns on investment and give your units the value they deserve!
Research & Plan:
The first step in an extensive renovation project is to identify what elements of the building need work, what benefits they will yield, and how much they will ultimately affect the value of the property. Depending on the scope of the project, this can range from smaller details to complete renovations. By carefully researching and planning, buildings go from drab and dated into homes that are desirable and up-to-date.
A well-designed lobby reflects on the building´s luxury and sophistication. It is the actual first impression that residents get while entering the building. The lobby is said to be almost always used space, either for residents or visitors. Therefore, it is very crucial to focus on details to provide a comfortable, safe and considerate social atmosphere.
Your kitchen is always the first thing any potential tenant sees in your property. There is no better way to attract millennials and baby boomers to lease your apartment than with a picture perfect kitchen. Your apartment’s kitchen is everything from an open display of stylish appliances to trendy cabinets, sleek countertops and attractive lighting. Making a big change in these rooms not only attracts new tenants, but it helps convert current leases into a long-term relationship with your property. Pet friendly apartments are becoming increasingly more popular as millennial renters prefer them over dogs so their homes stay clean, pristine and odor free! Create the luxury space your tenants deserve with multi-family renovations in your kitchens.
An increasing necessity in pandemic
There are many exciting and innovative ideas for saving space in your home. Today you can find a hidden bed in almost any design imaginable. From mid-century, to modern designs, to traditional. Space saving hidden beds can be integrated into existing living or bedroom areas to create an extra room for guests, short-term children’s sleepovers, home offices and more.
Managed Internet/Wi-Fi Services
Internet/Wi-Fi service provided by a third party, such as a building manager or landlord, is called managed wi-fi. Managed wi-fi offers many benefits to building residents, including video intercom, smart apartment access control, package lockers, and more. Multi family buildings are beginning to offer managed wi-fi as a built-in service for the residents and it’s a great value addition.
Residents want to wash their clothes in their own home without the hassle of going to a laundromat. One of the best ways to add significant value to your multi-family renovation is by providing tenants with personal washers and dryers. Doing so will offer extra convenience, allowing occupants the freedom to clean their things when and how they want without ever having to fuss over someone removing their items or the outmoded washer/dryer ruining their delicates. Ventless washer and dryer combo can be used if looking for a solution for small space living.
Parking is one of the biggest luxuries of apartment living. After a hard day’s work, no one wants to spend an additional thirty minutes driving around the neighborhood looking for a parking space, let alone park a mile away from their home. For those with the capital and space, investing in an aboveground or underground garage could make a massive difference
Renters want to have the option of getting work done in addition to relaxing in common areas. By creating gathering places, you can encourage communal relationships, which improves the quality of life. Examples of this include:
- Barbeque areas
- Outdoor seating and working spaces
Smart Home and High tech
Renters demand modern amenities. New home technology is taking the world by storm, especially among young people. Consider adding these smart-home features to your home:
- Keyless entry
- Alexa or Google Home integration
- Smart Lights
- Smart Thermostat
- Cameras on the premises
Talk to us! We can assist you with all aspects of a property renovation, from capital improvements to repositioning your newly purchased property to attract the kind of tenants who will appreciate the premium features of your new space. We’ll bring our expertise and attention to detail to your project, so you can focus on other things.