Attracting the best tenants is the goal of every multi-family complex owner. You want the kind of tenants that respect the property and make it their home for a long period of time. Most property owners spend a lot of money on renovations to make their properties stand out from other apartment buildings. Although renovations can be costly, if you approach them properly, they can be a great investment.
A property with an attractive gathering space has an advantage over multi-family complexes without a community room. If you are considering doing improvements at your complex, consider the advantages of adding a clubhouse or a community room. A clubhouse is an investment that your tenants will enjoy if it is constructed properly. If you encourage people to hold events at the clubhouse, it will help build a sense of community which helps you keep your best tenants. Some properties have annual or semi-annual tenant events so that new and existing tenants can get together and meet one another.
If you already have a community room or clubhouse, is it time for renovations? Evaluate the room carefully. Is it modern? Does it have it have comfortable and ample seating for a gathering like a baby shower, graduation party or a book club? Is the seating in good condition? Even if you have ample seating and tables, you should check the condition of the furniture. Shabby furnishings will make the room appear neglected.
If you are considering a remodel like adding or upgrading your clubhouse, think about your tenants’ needs while designing it. An experienced multi-family construction project manager can help you plan a clubhouse that will be attractive and functional. You may consider adding a small kitchenette or a wet bar for events. Some clubhouses have multiple rooms so that more than one event can take place at the same time. Another option is one large room that can be divided into smaller rooms with a removable wall. The more multi-functional the room is, the more useful it will be.
If you have a great clubhouse on your multi-family property, it can be an advantage in more than one way. Good tenants will appreciate a high-end clubhouse or community room. They can hold events like baby showers, graduation parties, community gatherings, barbeques and many other gatherings. This will help you retain your best tenants. It’s also an advantage in terms of attracting new tenants. This type of feature helps your property stand out from other rental communities in a positive way. Many landowners invest in renovation projects that upgrade their clubhouses from average to exceptional.
If you are considering a remodeling project involving your property’s clubhouse or community room, you know that the costs may be significant. Before you decide the renovation is too expensive, consider the opportunities a high-end clubhouse or community room can provide. It’s not just a perk for your tenants. You can actually create a revenue stream using your clubhouse. How? You can rent the clubhouse out to people besides your tenants. People are always looking for convenient venues for parties and gatherings. You can advertise your clubhouse as a possibility if it is nice enough to attract renters. Some property owners also charge tenants if they hold gatherings in the clubhouse.
Renovation becomes much less daunting if you know the clubhouse will pay for itself over time. To make the property attractive, it will have to stand out from other potential venues. You should consider a variety of amenities when you are planning a renovation. The more amenities you can offer, the more likely it is that you’ll attract business.
The best amenities are those that make it convenient for renters to hold a fun and tasteful event. An updated kitchen with an oven, microwave, sinks and a full-sized refrigerator make it easy for party givers to prepare and serve refreshments. It’s also a good idea to provide counter space for food preparation. The clubhouse should also have adequate and clean restrooms. Seating is also important for gatherings. Tables and comfortable chairs should be available for guests. You should include all these things when you plan a remodel.
When you find great tenants, you want to hold on to them as long as possible. They’re the people that pay rent on time, are respectful to neighbors and take of property. When you are considering commercial construction projects, you should keep these people in mind. What kind of renovations will help you hold on to established, responsible tenants? You don’t want to lose them because your property is out of date or not up to snuff.
You can start by thinking about what irritates tenants. Ask tenants about these issues. The things that tend to irritate tenants most are things that cost them time and cause major inconvenience. Plumbing issues are high on the list. Overflowing toilets, backed up toilets and unreliable faucets are at the top of the lists of frustrations for tenants.
Appliances cause headaches for tenants. Refrigerators, stoves, washers and dryers wear out over time. There is nothing more frustrating than refrigerators or garbage disposals that constantly break down. Plumbing problems are just as annoying. Heating and cooling problems can also make life difficult.
When it comes to commercial construction projects, you should make these tenant inconveniences your first priorities. Update or replace all the appliances that are out of date. Upgrade the plumbing and HVAC systems so that tenants are as comfortable as possible. Keep in mind that newer heating and cooling systems will save you money because they are cost efficient. It’s a win-win situation.
Another commercial construction project to consider is clubhouse renovation. Clubhouses are often ignored and are used less. An up-to-date clubhouse can be an asset for tenants. Invest in your clubhouse and you’ll receive positive feedback from tenants. What kinds of things can you do to make the area more attractive? Consider the ways tenants might like to use it. They might like to hold baby showers, small parties and community-wide events there. To do so, the area should have new paint, nice tables and chairs, up-to-date flooring and a practical kitchen area. This will make the clubhouse seem like more of a perk to tenants.
When planning your multi-family construction project, consider the typical resident that you want to attract. This should help you identify the features that will make your community stand out from others. Do they have small children? Are they older? Will there be multiple family members in the unit? If so, the residents are more likely to spend more time inside their residence. In these cases, your priority should be creating an inviting interior. Your multi-family construction project may focus on adding attractive windows and doors that make the area seem light, bright and comfortable.
One common multi-family construction project is upgrading the individual units. You can work with a construction company to make the units modern and stylish. You can improve the appearance by requesting a thorough cleaning. You can work with a contractor to thoroughly polish surfaces, clean all rooms and repair damages. Over time, even the best renters damage property. These damages can add up over time and make the unit look shabby. A good contractor can resolve these problems by filling in chips and nicks, removing dents and repairing carpets.
Consider multi-family construction upgrades that are lower cost but make a big impact. The kitchen can be easily improved by resurfacing or replacing cabinets. New countertops can freshen the look of the kitchen. Examine your flooring options. Renters tend to avoid homes with dirty or damaged carpeting. Replacing old carpet helps improve a unit significantly. Consider adding hardwood flooring or new tile in the units. This will make the rooms look considerably more up-scale. Out-dated styles make a big impression on renters. They are more likely to rent a home with a modern feel.
Another multi-family construction project that will attract residents is the clubhouse. You may already have a clubhouse, but if your residents are likely to use one, it’s worth considering some upgrades. You may want to create a larger party area. Some renovation projects include playgrounds or other outdoor activity areas for children.
If you want to make your community stand out from the crowd, don’t neglect the external appearance. It may be wise to invest in a multi-family construction project like updating the siding or painting the buildings. An inviting exterior attracts prospective residents.