Here’s how to efficiently schedule and execute renovations on multi-family properties, taking into consideration factors such as tenants and property value.
Check Out the Competition
Before you lift a hammer or paint a wall, do your homework and explore the competition. Tour similar properties to see what they offer. Consider selling points, amenities they have that you do not, and so on. Only then will you have a good idea of what it takes to move to the next level and increase the value of your multi-family.
Set a Budget
Now that you have a clear set of goals for your renovation, you need to set a budget to keep costs in line. From materials and labor to unexpected expenses and delays, be realistic about your budget so you don’t overspend. Allocate enough funds to cover the basic renovations, but leave some wiggle room for unexpected expenses that can and will arise.
Consider Current Residents
If you currently have residents living in the home, at least a part of the building should remain habitable if you want to offset project costs with guaranteed rental income. But keep in mind that even minor renovations cause disruption to your residents, so be as honest and upfront as you can about the process and what to expect.
- Gather input before beginning renovations. Send them surveys about any amenities or improvements they would like to see.
- Let them know the timeline. Mention start and end dates, as well as when contractors will be in the building. Include any possible loud noises or disruptions they can expect. You may even want to send them a mockup of the renovations and how they will transform the home.
- Highlight benefits. From fitness centers to tennis courts, highlight any amenities you are adding and how they will benefit residents.
- Emphasize safety. Some parts of your building’s common spaces may contain equipment, electrical wiring, and other hazards during the renovation process. Be clear about safety, add signage, and offer alternate walking paths.
Invest in Curb Appeal
Interior improvements aren’t the only way to add value to your multi-family property. Invest in curb appeal projects as well to make it more visually appealing. Some examples include:
- Walkways and ramps
- New windows, doors, and entry systems
- Outdoor gathering spaces
- Fresh coat of paint
- New roof
- Solar-powered lighting
- Seating areas
Improving curb appeal not only gives the current residents something nice to look at, it will go a long way toward attracting new tenants when the time comes.
Flexibility is key when managing renovations. Be sure to reassess your plan throughout the process and make changes as needed, as priorities evolve over time. Keep open lines of communication with your contractors to ensure you remain in the loop on every decision.
In the end, multi-family renovations increase property value, so any improvements you can make (especially those with a focus on sustainability and technology) will benefit you, your property, and your residents.
Contact Allstar Construction for Multi-Family Renovations
Ready to tackle multi-family property exterior renovations but aren’t sure where to start? Get a free online quote on anything from siding to roofing. We have vast experience providing renovations to multi-family dwellings in North Dakota.