Of late, the multifamily housing market has had strong demand, and according to the National Association of Home Builders (NAHB) it will continue in 2015. The Multifamily Production Index (MPI) released by the NAHB revealed that in the last three years, the reading of index remained consistently at 50 or above. Amid these favorable market conditions, when the multifamily housing market is growing, property owners are looking for affordable housing renovation contractors. But how is it possible to cut renovation costs? Start by focusing on the priorities.
Priority #1: Kitchen
The National Association of Realtors observes that most of the prospective multifamily homebuyers’ first concern is the kitchen. For someone who can’t afford a complete overhaul of the kitchen, here are some tips from a leading contractor:
i.Replace cabinet doors but leave the cabinet box intact.
ii.Change countertops with stainless steel or granite countertops. If granite is too expensive then try your own hand by getting concrete mix, which is affordable and stylish.
iii.Paint your kitchen. Paint is the most affordable way to completely transform the look of your property, inside and out.
Priority #2: Bathroom
Bathrooms are the second biggest concern of prospective buyers. Experts observe that bathroom renovations can give an 80% to 90% return on investment. Renovation of a small bathroom may cost approximately $1000, which will include upgrading the vanity and sink. To keep costs under control, one can use a pedestal sink and freestanding cabinets for storage.
Priority #3: Enhance curb appeal
A home’s curb appeal is the first thing that attracts potential buyers. Here are some quick options suggested by leading contractors to enhance curb appeal:
i.Make the entranceway attractive with planters, flowers, and a hardwood bench or set of chairs and a small patio table. You can also add lighting fixtures.
ii.Build a wood deck in your home’s outdoor living space.
iii.Replace the lawn, which could be the best renovation work you can do, for fresh grass.
Managing multifamily renovation projects requires smart planning right from the start to keep the renovation work on schedule. Apartment owners and their managers not only have to handle renovation work, they also have to manage the residents. Experts recommend owners first identify the most important parts of their house that can give maximum return for minimum investment. In addition, they observe that investment in eco-friendly things, like installation of a tank-less hot water heater, during renovation is a smart investment.
Multifamily Building Renovations 