3 Multifamily Housing Renovation Mistakes to Avoid

With more multifamily properties making their way into the market, older communities are finding the need to renovate their property to remain competitive. Whether it be kitchen remodels or replacing all windows, home improvement projects are the smartest way to retain and attract new tenants. However, property owners need to be wary of who they choose to take care of their projects. A successful multifamily housing renovation should benefit both the tenants and the owner. While there are many ways to successfully achieve this goal, there are also many mistakes that can sabotage your plans. That’s why in today’s blog, we’ll be going over 3 multifamily housing renovation mistakes to avoid.

We’ve all heard of the horror stories of renovation projects becoming nightmares due to problems with the contractor they hired. Such cases are typically the result of a poor screening process. It is vital that you conduct thorough research on your list of prominent contractors. It may be tempting to go with the contractors that offer you the lowest prices, but are they offering the quality you need for your multifamily unit? You should consider the following criteria before deciding on a contractor to work with:

Failure to ask these questions can put your multifamily property at risk! It’s vital that you get someone that knows what they’re doing. Don’t rely on your own industry knowledge to make a decision that an expert should make.

Understanding who your tenants are and what they can afford will help you make the right decisions that will help lead to a successful multifamily housing renovation. The last thing you want is invest time, money, and resources into upgrades that will not appeal to your tenants—or even worse—aren’t willing to pay a little extra for. The simplest way to avoid this mistake is to ask tenants directly. A simple survey is all you need to get all the data you need. This will help you make upgrade decisions that match with the preferences of your actual renters, and not on generalized trends or data.

While every tenant is unique and has their own taste and preferences, more people are similar in at least one regard: they want to live in an attractive home. This is to say that the curb appeal of their multifamily home has a significant impact on their choice of home. In fact, the vast majority of people believe curb appeal is important. 99% of people would rate the curb appeal of their home important, while 79% would rate it super important. Only a mere 20% rated it as somewhat important. This is a statistic that you cannot ignore. When considering renovations on multifamily property, it’s vital that you include curb appeal into the mix. As the saying goes, “First impressions never have a second chance,” so be sure to make your first impression count!

There are many great benefits to renovating your multifamily housing property—if done correctly. If you hire the wrong contractor or invest in a renovation that does not appeal to your current and potential tenants, you’ll put your investment at great risk. We hope these 3 multifamily housing renovation mistakes helped you see how you can avoid a renovation mistake that could cost you big time. If you’re looking for an experienced multifamily housing renovation contractor to help enhance your property, the skillful team at NEWA Enterprise Inc. can help! Contact us today to get started!