5 Strategic Multifamily Property Upgrades to Stay Competitive

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Even after spending a hefty sum of money, there is no guarantee that you will get the desired results even you don’t have a pre-planned multi family renovation and restoration strategy. Planning a strategy on your own is, however, not feasible, unless you are an expert.  To get help with formulating a surefire strategy that will help enhance the value of your multi family property, hire a multifamily renovation and restoration services firm that would tell what upgrades you must make to your property. Before you hire one, here are a few upgrades that we recommend.

1. Modify the Kitchen

As they say, the kitchen is the heart of a home and, therefore, it’s important to match it with the trends. To accomplish this objective, you can replace white counters with granite-style Formica. Similarly, install curvy stoves instead of bulky ones, and birch- or two-colored cabinets in place of cedar ones.

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2. Give a Touch of Luxury to Bathrooms

When tenants consider hiring a multifamily unit on rent, bathroom is no less an important factor to influence their decision. You must, therefore, take all the required steps to maintain this area of your multifamily property. To give a touch of luxury to bathrooms, upgrade chrome finishes with sophisticated materials. Likewise, install showers, and faucets, which complement the walls and other decor.

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3. Improve the Rooftop Areas

Common areas such as rooftop decks that provide sweeping views, provision to lounge, and swim under the blue skies are sure to catch your tenant’s attention. How about further improving the area by installing energy sustainable roofs that feature vegetation to solar panels for energy conservation and generation? Next, you can install barbecues that many millennials expect in multifamily units these days.

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4. Work on Landscaping

Landscaping is the first impression of your property. Although it can be cost-intensive, remember that open areas have the biggest impact on rentability. You can always make the move budget-friendly by using reusable materials. Use old shingles, and plant beads, for instance, to create pavements in garden areas. Next, you can install some beautiful flowers and juicy grass to give your property a distinct look.

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5. Install Energy-efficient Appliances

Adding a cool roof is one of the most efficient ways to make a multifamily building energy-efficient. Go one step ahead and install energy-efficient appliances that can help substantially reduce the total energy bills. An ENERGY STAR® boiler, for instance, uses 12 percent less energy in comparison to an standard boiler. Likewise, installing an ENERGY STAR® light bulb saves 70 – 90 percent energy in comparison to traditional light bulbs.

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Conclusion…

There are several other steps multifamily owners can take to upgrade their property and align it with the needs of modern tenants. However, many of us who have just stepped into the multifamily business may fail to remember the most important parts of their property, when planning renovations. Hiring an expert offering multi family renovation & restoration services, no matter you’re planning for interior or exterior renovations, will help prevent the possibility, and and enable you to get the most out of your real estate investment.

Author Bio

Groot Ethkeens

I am a professional writer for the multifamily renovation and repositioning industry. I specializes in multifamily investment and acquisition strategies, rent optimization and market trends and growth.

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