There are many factors to consider before you start restoring multifamily properties like apartment complexes, condos, townhouses, and duplexes. How extensive of a project do you want to take on? How many of the units are currently occupied by tenants? These are just some of the questions you may have when undertaking a project such as an apartment building renovation.
Here are 10 steps and tips you can follow as you plan major multifamily renovations.
It’s critical to conduct research when you’re looking to renovate any multifamily property. You need to understand the integrity of the property to know the urgent repairs the building needs. While it is common to find additional areas of repair needed during a renovation, you don’t want to be surprised by urgent repairs that were visible prior to beginning the project.
2. Be Aware of Your Market
Knowing the current market standard for multifamily properties will help you decide on suitable, long-lasting design choices. When renovating a multifamily property, it is important to remember that many tenants will live in the unit over the years. Consider how often the space will be used and find designs and patterns that are neutral enough to withstand the passing of years.
3. Set a Budget
When you work on restoring multiple units at once, the costs can quickly add up. it’s easy to consider your personal preferences and tastes and find yourself going over budget. Set a budget so you know your spending limits and can prioritize more important repairs first.
4. Talk to Current Tenants
Tenants often know what needs fixing. If the property you’re renovating has tenants, talk to them to better understand what can be improved. You can also reassure them that renovations are in their best interest if anyone expresses any doubts.
Be sure to keep the residents being impacted by renovations and repairs in the apartment updated throughout the renovation process, too. Communicating and keeping them informed can be the difference between happy tenants or receiving numerous complaints.
5. Identify Renovations With a High Return on Investment
A goal of renovations is to have a high ROI. You can identify remodeling projects that are within your budget and will positively impact your tenants and how much you can rent the unit for in the future.
You will want to be selective about which projects you choose to complete first to account for any unexpected issues that eat up your contingency and take you over budget.
6. Contemplate Cosmetic Renovations
Some renovations can have a lasting impact without breaking the bank. Cosmetic renovations like installing a dishwasher in the kitchen or upgrading the flooring can elevate the status of a unit without increasing the cost too much.
These can also result in happier tenants and increased rent from future renters.
7. Choose Long-Lasting Materials
While you determine what renovations need to happen, consider the types of materials you should use. When you use durable materials, like wood flooring, you can ensure your renovations will hold up the wear and tear of new tenants as years go by. Sometimes, tenants can be harder on the space that you would be. Children and pets can also add additional wear on the space.
8. Partner With Reliable Contractors
Hire professionals to complete the renovations. When you hire experts, they’ll guide you in the right direction, whether you’re unsure which materials to use or which renovations to prioritize on a budget. The right contractors will help you every step of the way, from the initial design to completion.
Renovate a Multifamily Property With Beantown Builders
Beantown Builders is a full-service general contractor. We specialize in quality residential modeling, including renovating multifamily buildings. We’ll work with you at every step to ensure you’re happy with the results.
Start your renovation journey when you schedule a free consultation and request a quote today.