Many real estate investors choose to purchase multi-family homes to add to their portfolios. The maintenance demands are similar to those of a single-family home and they can be a great way to diversify an investment portfolio. However, multi-family homes usually need a renovation at some point in time. Here are some tips on keeping the costs low during a renovation:
1. Get estimates
Many multi-family homes need renovated shortly after being purchased. After buying the property, get estimates for everything that needs to be done to the property. Building Resources Inc.’s main focus is multi-family properties when it comes to commercial renovation. They will be able to provide the owner with an accurate assessment of the necessary repairs.
2. Think simple
Massive changes are not always necessary to update the building. Often new flooring and paint can make a huge impact on the property. Sometimes buyers will want to go bigger by tearing down walls to open up rooms or possibly an entire kitchen remodel, but they should keep their budget in mind when making these decisions.
3. Focus on the front yard
Curb appeal is extremely important to drawing in potential renters. This is one main reason to make the front yard a priority ahead of the backyard. If there’s enough time and money, a nice backyard is a great benefit too.
4. Get rid of odors
One of the biggest turn offs to potential tenants is odors. Odors can be related to mildew, pets, cigarette smoke, and more. Carpets often trap these smells, so if odors are present, start by removing the carpets and giving the whole place a good cleaning.
5. Clean up trash and messes
Owners or their property managers should do routine maintenance and inspections of the property to keep everything clean and pristine. Clean shared spaces in the building such as hallways and remove any trash that might have accumulated. Also take care of the outside landscaping by trimming trees and bushes.
6. Get rid of bad appliances
Fix any appliances that just need a quick fix and some cleaning. If the appliance is damaged beyond repair, get rid of it. The replacement appliances don’t need to be the latest and greatest, but they should be clean and fully operational.
7. Don’t let it seem vacant
There are times when multi-family properties might remain unoccupied. Units that look empty are more likely to attract vandals or unwanted guests. There are ways to make the unit appear occupied such as a radio to make noise or automatic lights. Be sure to check on the unit often for vandalism.
As stated before, Building Resources Inc. specializes in multi-family renovations. The team works quickly and efficiently to minimize downtime for the owner. Multi-family home investors in need of a renovation team should contact Building Resources Inc.