Do you want to ensure that your multi-family property is creating long-term value that helps retain occupants? After all, that’s the primary purpose of owning multi-family homes. Having good renters who treat your property with care and pay the rent on time is the key to a successful commercial property. However, what can you do to attract and retain good tenants? The answer is to simply smartly invest in appealing upgrades that will make people want to move in. In this blog, we’ll be going over 4 multi-family renovations that add value to your property.
1. Upgrade the Cabinets
Did you know that kitchens are one of the top determining factors that help influence people’s decisions when deciding where to move in? Multi-family units with updated kitchens are highly appealing to renters. Simply by replacing the cabinetry, you can give a kitchen a fresh touch of life. New appliances also tend to be a major selling point that will attract occupants. The latest refrigerators and stoves look attractive and add energy efficiency that all tenants enjoy. With a nice-looking kitchen, you’ll be able to attract not only more tenants, but the best ones!
2. Enhance Curb Appeal
The exterior of your property is the very first thing that potential renters will see. The overall look of your multi-family unit complex will go a long way towards influencing whether they sign the cataract or not. That’s why it’s vital that you keep the exterior looking sharp and clean. Luckily, there are many ways you can add new life to your property! You can create a great first impression with:
A new paint job – A fresh coat of paint can brighten up the look of your multi-family units.
Siding – If your multi-family buildings’ current siding is old, faded, and worn, it’s recommended to replace the siding.
Landscaping – Sometimes, a little greenery is all that is needed to attract potential tenants. Everyone wants to live in a beautiful environment, so having a well-kept home routine is vital!
3. Increase Energy Efficiency
A feature that many people are looking for when searching for a multi-family home is energy efficiency. You can do this by simply replacing the windows and doors with energy-efficient ones. Besides looking nicer and making multi-family homes more comfortable for the tenants, it’ll reduce the amount of energy all of your tenants consume! It’s good for you, the tenants, AND the environment!
4. Improve Roofing and Gutters
One of the smartest ways to keep your multi-family property in good shape and profitable is by protecting it from excess moisture and weather damage. Ignoring this issue will only grow into a bigger issue, thus requiring major repairs that will not only be expensive, but discourage tenants from living there. The primary place you should check on include:
Roof – It is important to inspect the roof yearly. If the roof has major issues, it’s a smart idea to conduct repairs before decking to replace the entire thing.
Gutters – Clear out the gutters of debris, leaves, or dirt. That will help ensure that water flows properly, preventing water from reaching the foundation.
Mold and mildew – If you suspect that your family-home building has mildew or mold, it is vital that you get it checked as soon as possible. No one will want to live in a place that exposes them and their family to mold.
Renovate your Multi-Family Property with NEWA!
Remember, a well-kept, newly renovated multi-family property can considerably boost the occupancy levels of your commercial property. We hope this blog helps you see what are the top multi-family renovations that add value to your property. If you’re ready to renovate your family-home property, the highly experienced team at NEWA Enterprises Inc is more than happy to offer you a helping hand! Contact our team today to get started
