When you own a multi-family property, you are typically in a constant state of renovation and repair. If you are considering selling the property in the near future, you should take a different approach to your property. Instead of focusing merely on basic maintenance, you should plan projects that will help prepare to put the property on the market.
A contractor with multi-family construction experience can be a significant asset during this process. They can help you evaluate the weaknesses in your property so that you can identify which multi-family construction projects are most important. The contractor may notice issues that you haven’t considered.
One common multi-family construction project is unit upgrades. A prospective buyer will be looking for units that are attractive to potential renters. Common unit upgrades include kitchen renovations, bathroom renovations, new cabinets, interior painting and carpet replacement. Some owners add tile or hardwood floors to make the unit more attractive to upscale renters.
There are a wide variety of external projects that your multi-family construction contractor may recommend. The sidewalks, parking lots and common areas of the property should be in good repair. Stairs may need to be replaced if they are sagging or cracking. If units have porches or balconies, these need to be in good condition for both safety and appearance reasons.
Buyers will consider the infrastructure of your property before they make a decision. Have your multi-family construction contractor evaluate key parts of your property such as the HVAC setup, electrical services and plumbing. These systems often need upgrades before your property is in saleable condition.
Curb appeal is critical when it comes to multi-family construction projects. Potential buyers are looking for properties that will attract renters. The buildings should look clean and modern. Fresh paint and new siding will help the property stand out from the crowd. All external appearance factors should be considered during your multi-family construction project. Is the fencing in good shape? Do the roofs look strong and well-maintained? Is the building color modern and stylish? Curb appeal is just as important to attracting buyers as it is to finding renters.
A commercial construction project is an expensive venture. Commercial construction is complicated and includes a variety of factors such as worker skill and availability, material prices and insurance costs. There are additional issues to consider in multi-family construction projects. Renovations and upgrades may need to be staggered over time for the convenience of residents. You may need to plan projects to correspond with unit vacancies. If these and other commercial construction issues aren’t carefully considered, you can easily end up with an unrealistic estimate.
Why is it important to have an accurate estimate? If you get a low estimate, there is a risk that you will incur significant costs later in the project. If these weren’t reflected in the estimate, you will need to invest additional money that you may not have. A good estimate will help you do the financial planning necessary to support your commercial construction project.
Ask detailed questions about the company’s commercial construction experience. Have they worked on multi-family units before? Guardian has. If not, the estimator won’t thoroughly understand all the issues that affect a commercial construction project. A good estimator will understand all the common factors that affect multi-family construction projects.
A reliable estimate on a commercial construction project will take several elements into consideration.
- What are the labor costs?
- Will the contractor have to hire additional workers to complete the work within the timeframe?
- How much will this labor cost?
- Will any equipment need to be rented?
- Has the estimator thoroughly included all material costs?
- Are the material costs current?
You should ask for detailed information about the contractor’s work on multi-family units. An experienced contractor is much more likely to prepare a reliable estimate. They understand the issues involved in your type of project and will include those in the estimate. An inexperienced contractor may try to get your business by providing an unrealistically low estimate only to surprise you with higher costs when the project gets underway. Always ask for references and check them. Find out as much as you can about the contractor’s record when it comes to completing commercial construction projects within the original estimated cost.