Exterior Renovations: 3 Benefits Multifamily Housing Investors Can’t Ignore

Home exterior renovations are not just about enhancing the appeal of your home. Though looks aren’t everything when it comes to renting out a multifamily unit, it surely doesn’t hurt to have the prettiest property on the block. Moreover, your multifamily unit may have the most beautiful interior, but if its exterior is not in harmony, you may lose out on a good chunk of potential tenants. In this brief read, you will learn why exterior renovations are important for your multifamily housing unit.

1. Increased Rent
They say, “don’t judge a book by its cover”, unfortunately, that’s exactly what prospective tenants do, when it comes to renting a multifamily unit. Renovating your property not only enhances its curb appeal, but also puts it in line with the progressive expectations of tenants and their modern lifestyles. It helps your old property to stand at par with newly constructed modern rental properties that are asking much higher rents, making you a clear winner and giving you the option to increase rents.

2. Reduced Cost of Maintenance
Yes, exterior renovation projects actually enhance the life of your multifamily unit, averting the need of recurrent maintenance. Most of the multifamily unit owners now opt for vinyl siding that offers all the characteristics and appeal of wood, minus the worries of maintenance, rotting, splitting or insect damage. Moreover, vinyl siding never needs paint; if done right the first time, it will be there forever. It just requires periodic cleaning.

3. Faster Rent Outs
An unkempt property is often considered a potential hideout for intruders, which in turn makes tenants weary of the place. Overgrown bushes, feebly lighted walking arenas can make the unit look shady. Exterior renovation can fix these flaws, making it a much more appealing option for prospective tenants. Therefore, by improving the exterior of your multi-family housing unit, you are able to rent out units faster.

Conclusion
For multifamily housing owners and investors, the challenges are increasing by the day, with international behemoths setting up their colonies in all parts of the US. That’s the reason why an increasing number of stakeholders are investing in renovation, in a bid to keep pace with the rapidly changing trends in multifamily property business. Exterior renovations not only enhance the renting prospects of multifamily units, but also minimizes the maintenance cost.

Multifamily Housing: Paying Too Much in Energy Bills?

Energy bills, whether paid monthly or quarterly, are one of the major concerns of multifamily property owners and stakeholders, and in the absence of regular maintenance, the concern becomes graver. Minor maintenance needs may seem like negligible tasks that can be postponed for a later time, but in reality, as time passes, these minor problems often make a major difference to the overall energy efficiency and profitability of the property. Moreover, most of these minor repairs, if unattended, translate into substantial costs. Here, we will discuss five multifamily housing repair needs that influence energy efficiency of properties, and therefore, power bills. Let’s begin.

Roofing Problems
Roof is the one of the most essential parts of any building.  It is, therefore, necessary to address even minor issues in roofing system, before it requires expensive repairs. Calling a professional roofing service provider or home renovation company doesn’t always mean you need to get the roof revamped; rather, it allows you to make an informed decision to fix problems at the right time. As a precaution against heavy bills on roof replacement, inspect your building’s roof at least once in a month or two and if you notice any leaks, loose shingles, discolored spots or defaced patches, consult with a pro roofing service provider as soon as possible.

Drafty Windows and Doors
Cracks in old windows frames and doors may increase the energy bills as air enters inside the room through those cracks and disturbs the insulation. In addition, they reduce the aesthetic appeal or your multifamily housing unit making it less attractive to potential tenants. When you contact a professional renovation contractor, ask him for a thorough inspection of windows and doors for any such disturbing leakages.

Accumulated Rain Water
Rain water accumulation on the roofs, if unchecked, often leads to serious damages over time. Not only it can cause leakages, but unchecked water runway from roof to the ground can deface the exterior of the building. In addition, there might also be a case of soil erosion affecting the integrity of your multifamily property’s landscaping. Having a proper rain water harvesting facility in the building can help you manage the flow of rainwater from the roof.

Poor Insulation
Insulation helps in regulating indoor temperature throughout the year. Poor insulation inside multifamily housing unit can significantly increase the energy cost.  Lack of proper insulation means half of the energy used to regulate unit’s temperature is  lost, which in turn increases energy bills. Repairing the insulation system in your multifamily housing unit not only adds to the comfort level of the tenants residing there, but also allows you to save a lot on energy bills.

Unchecked Leaky Faucets and Toilets
Leaky faucets and toilets, if left unchecked for a long duration leads to water accumulation on the floor. It not only makes the floor messy and stinky, but also damages the whole flooring system as well as the walls of the building. If you notice a sudden hike in the water bill than usual, it is likely that there are some leakage issues in your multifamily housing units. To be on the safer side, call a plumber and make sure there are no hidden leaks inside the unit.

Conclusion
Home improvement repairs, if left unchecked, might cost you in the long run in the form of high energy bills. It is, therefore, important to get multifamily housing units inspected periodically to ensure that there is no pending repair. Hiring a professional multifamily housing renovation company ensures overall maintenance of your property in an efficient manner. Moreover, getting your rental property upgraded through renovation often results into increased business, as most tenants opt for well maintained and modern housing units.

5 Trending Renovation Tips: Get the Most out of Your Multi Family Property

“Deluxe is the new standard.” The reason, more and more multifamily property owners are offering deluxe facilities in their properties to an extent that they have become a standard now. Those who are left behind in this offering are only going to find it difficult to beat the competition. In fact, clean, light and bright feel spaces is trending in the multifamily property business, and every builder wants to give the nicest living and roaming space to its customers. This article presents 5 trending tips that property investors looking for multifamily development company for renovations can use to get the most out of their investment.

Welcome Green
Delighting renters with the sight of green. That’s what most property owners are doing these days–adding more green spaces within their multifamily building spaces. You can lure more tenants by adding succulents in seating areas. To bring in more natural light to living spaces, use doors with window panes, and use a single pane to provide more pool view.

Try Tiles
Tiles are the ‘in’ thing in  business these days, as many multifamily property owners are using them owing primarily to their aesthetic offerings. Get any brilliant design from brick looks to herring bone, and large cement tiles from the market to make an impact among your audience. Forget not, that these updated classics–we mean tiles–are quite economical and durable as well.

Wood Finishes: Don’t Stick to One
Though using one wood throughout may look like an obvious option, it is not anymore. Get rid of this habit if you are still using it, as the trend is of mixing. According to many interior designers, mixing wood in interior designing has become the new status quo to get that high-end look. The trend is evolving and is expected to exist in the market for a while.

Add Large, Appealing Furniture
You must have noticed that most studios often have oversized and comfortable furniture. The good news is that these type of furntiures are no more limited to studios only. Many spaces within multifamily property buildings, especially lounge, and the entry areas have big and oversized tables, sofa sets, and more these days, fitted mainly with a purpose to give customers a warm and welcoming feeling. Try on with your property, and feel the difference.

Repurpose to Control Costs
Chances are, cost is a concern for you during renovation. To optimize your investment, without exceeding expenses, use small things that make big impact. Go with 100 percent paint. Rip out the old carpets and window treatments to redo and add other details. You may salvage the facility’s floor to keep it shining and looking new, without having to invest a hefty amount on reflooring it entirely.

Conclusion
Renovating your multifamily properties is a nice and economical way to create better living spaces, without enduring a costly project that starts from ground zero. To optimize your investment, however, you need to focus on the latest trends in your business that other multifamily property owners are experimenting, and residents are embracing. At the same time, it is imperative to find an experienced multifamily development company that provides renovations services.