Monthly Archives: May 2015

Multi-Family Renovations with the Best Return on Investment

Any time you approach a construction project, you goal is to get the maximum return on your financial investment. These projects can quickly get expensive, especially if you want them done correctly. If you are investing a lot of money, it’s important that you see results that will improve your multi-family property significantly so that you can attract better tenants and hang on to your best tenants.

Building a relationship with an experienced, well-respected contractor is an important part of making sure you get the most out of your investment. Contractors can make great recommendations about how to approach commercial projects so that you know that you are making a wise investment. They can even help you plan out commercial construction projects over the long-term so that you can budget the improvements you want over time.

One way to approach your project to ensure that the work you choose improves the quality of life of your tenants. Another consideration is whether the work significantly elevates the appearance of your multi-family property. Think about the things your tenants or prospective tenants will see at first when they walk around the grounds of your property. Good projects include exterior improvements like painting, new roofing, upgraded clubhouses, improvements to balconies and other projects that improve the curbside appeal of the building.

Clear blue skyOne of the best ways to get the maximum bang for your buck is to upgrade the appliances in the property’s units and a deep cleaning. This is beneficial for a variety of reasons. These include dishwashers, washing machines, ovens, furnaces and air conditioning. New appliances upgrade the look of each unit significantly. Upgrades like these have an additional benefit. They will reduce overall energy costs because new energy appliances because they use significantly less energy.

Another promising investment is unit renovations. These include renovations like new flooring, cabinets, paint and windows. Other renovations can include upgrading bathrooms, laundry rooms, outdated kitchens and other parts of the units. You want to make the unit look as up-to-date and functional as possible.

Renovating Old Apartment Complexes

Are you interested in renovating old apartment complexes but aren’t sure if you will be getting in over your head? These commercial construction projects are complicated processes but you can recoup a huge return on your investment through renovations. You will also have the pleasure of turning an older, out of style property into an updated, stylish apartment complex. These types of projects can be complex. You’ll need to consider many different options like energy efficiency, updating heating and cooling systems, bringing the building up to current codes and several other issues.

One of the first things you’ll need to investigate during these types of renovation projects is the building’s systems. These include heating, air conditioning, plumbing, elevators and any other building-wide features. You will need to bring all these systems up to date. This will be one of your most significant investments. You can’t move tenants into a building when the all the systems are out of date. The good news is that you will be installing systems that are modern and will be significantly more energy efficient than the systems that existed in the past. You may be eligible for rebates and tax deductions.

Repairs, redesigning and painting will be a major part of your commercial construction project. The walls should be painted or updated with modern wallpaper to make the walls look clean and attractive. You will also need to replace carpeting or repair tile and wood floors. This will give the floors a fresh, modern look. Kitchens and bathrooms may need redesigned to accommodate modern needs.

You’ll need to consult with your general construction coordinator to ensure that your building is up to local code and is in compliance with the American with Disabilities Act (ADA). As you are completing the renovations, you may have to expand certain projects so that your projects are in compliance with the ADA. In some cases, the rules may not apply to your building as it may be grandfathered in. However, if you intend to sell the building down the road, making the renovations now makes sense. If you can’t make all the ADA renovations now, you can consult with your contractor to plan ADA renovations over time.