Tag Archives: unit upgrades

Flipping Units for New Tenants

When a tenant moves out of a unit, it’s a good idea to do some renovations to the unit to prepare for new residents. You want new residents to be pleased with the unit when they move in. Many property owners work with a multi-family construction company to handle many aspects of their buildings.

Kitchen-upgrade-tenantYou should thoroughly inspect the unit and make notes about potential improvements. Are there holes or cracks in the walls? Do you see water damage? What kind of condition is the floor in? Is the carpet stained or coming loose? Do the hardwood floors have dents or serious scratches? Often, rental units need a fresh coat of paint to make them look fresh and welcoming. Make note of the obvious problems so you can develop a plan for renovating the unit.

You can ask your multi-family construction company to inspect the unit for problems that aren’t obvious. Some issues affect resident safety such as mold and electrical problems. Other problems aren’t as serious but need to be addressed. These include plumbing problems, outdated appliances and cleaning issues. The multi-family construction company should inspect the health of the HVAC system to make sure it does not need updates or repairs.

When you work with a multi-family construction company over time, you will typically work with the same project manager. This person will get to know your property and your priorities so you plan projects over the long term. You may develop a system for flipping units since most properties have consistent changes in tenants. This can help you get rental units ready quickly. It will also help you develop a budget that you can rely on when an old tenant moves out and you want to prepare the unit for new residents.

Multi-family construction companies specialize in dealing with the issues that multi-family property owners face on daily basis. They can often recommend upgrades and changes that you may not think of on your own. The multi-family construction company’s experience in the industry can help you make the most of your properties so that you attract the kind of tenants that you want in your buildings.

Rehabilitating a Neglected Building

Rehabilitation projects can go on for an extended period of time. To simplify the process, you should work with a commercial construction company that can address multiple issues. Find a partner that has experience with roofing, HVAC, siding, welding, stair building, painting and carpentry. This will make life easier for you because you won’t have to juggle multiple contractors.

neglected-propertyIf the building has been neglected over a long period of time, you should have your commercial construction company evaluate the structure for any storm damage. If repairs aren’t made after damage, they can lead to serious problems. The roofing may be seriously compromised. Bad roofing may not immediately lead to leaks but may suddenly result in drastic problems. Damaged siding will make the building look neglected and can seriously affect energy efficiency. All units should be evaluated for issues like broken plumbing, compromised heating and cooling systems, damaged flooring and leaks. A commercial construction company can also evaluate the units for problems that may be less obvious such as water damage, mold, fire damage and shoddy repairs.

The surrounding parts of the property may need upgrades. Fencing is often neglected by irresponsible property owners. If the property has a clubhouse, it could be out of date and shabby. Clubhouse upgrades can make a significant difference in terms of attracting desirable tenants. Commercial construction companies can help prioritize these repairs and assist you in developing a long-term plan for renovation.

In some cases, your renovations may be eligible for state funding programs or reduced interest loans. Some rehabilitation projects can lead to tax deductions and significant cost savings down the road, especially energy-efficiency upgrades. Commercial construction projects, if performed correctly, can actually save you money in the long run. Commercial construction upgrades will also help you attract desirable and stable tenants. These types of tenants usually won’t consider a neglected property no matter how low the rent is.

When you are rehabilitating a neglected property, consider hiring an exterminator to make a full evaluation of the property. If the property isn’t properly attended to, rodent problems often develop. Cockroach and water bug infestations are also common. You should ask the exterminator to check thoroughly for bedbugs which are a common concern for tenants. The exterminator can correct problems that will seriously upset tenants.

Renovating an Out-of-date Multi-family Property

If you’ve recently purchased an out-of-date property or are planning to renovate a complex you already own, it’s common to feel overwhelmed by multi-family construction project. It’s important to work with a contractor that has expertise in a variety of fields. Multi-family construction renovations involve a range of solutions including painting, electrical work, plumbing, general contracting, roofing and a variety of other types of work.  If you work with a contractor who can provide a variety of services, you’ll find that your renovation projects are more achievable.

When it comes to multi-family construction projects, it’s important to set priorities early. You can work with your contractor to make a long-term plan for improving your multi-family property. This way, you can plan your budget over the long-term to make your goals achievable. Many property owners begin by renovating the exterior of the property because it’s difficult to attract tenants if the property looks run-down. Exterior renovations can be completed in phases. Painting can dramatically improve the look of a building. In some cases, the exterior may have deteriorated too much for paint and new siding or repairs may be necessary.

balconiesYour multi-family construction project may involve a variety of other external renovations to improve its curbside appeal. One strategic multi-family construction approach is to focus on issues that people quickly notice. Replacing out-of-date fencing can considerably improve the appearance of the area. Your contractor can help evaluate the exterior of the property and recommend the multi-family construction projects that will make the most immediate difference. The contractor may recommend fixing shabby balconies, replacing gutters or replacing seriously damaged roofing.

Interior renovations are an important part of renovating out-of-date buildings. Old paint, shabby carpeting and old plumbing fixtures make the property much less attractive. A contractor experienced with unit upgrades can help you plan for the most important improvements. Often, contractors can recommend unit upgrade strategies that are both cost-effective and effective. Consider a contractor that offers unit make ready services. The contractor comes in and finishes the unit before showings or rentals so that it looks its best. This is especially helpful after a major multi-family construction project. The contractor will clean, remove dust, vacuum, polish and eliminate all signs of recent work so that the unit looks clean and brand new.

The Most Important On-going Repair Issues

Property maintenance is an ongoing concern for multi-family property owners. Whether through small commercial construction projects or large undertakings, taking care of your property maintains its value over the long run. You’ll attract and retain the best tenants. If you decide to sell the property, you’ll get the best possible price for it. Best of all, you aren’t likely to be overwhelmed with projects at one since you have kept up with repairs.

professional-contractorA long-term partnership with a commercial construction company may be the best way to handle ongoing repairs. It’s ideal if you can find a commercial construction company that has expertise in a variety of areas. These include roofing, welding for balconies and other metal structures, plumbing, HVAC and concrete. Some commercial construction companies specialize in multi-family construction companies so they have particular expertise on dealing with the ongoing issues property owners face.

You can build a relationship with a project manager at a commercial construction company. This will enable you to make a long-term plan with an experienced individual. The project manager will likely recommend a variety of ongoing maintenance projects. These may include painting, stair repair, unit upgrades, roofing repairs, general contracting and upgrades to clubhouses. Often, an experienced project manager can point out issues you might not notice on your own.

Upgrading energy efficiency should be a consideration for all property owners. You may not think of it as an ongoing repair issue, but you can slowly improve your property’s energy efficiency as a part of other projects. Replacing old appliances with new, energy-efficient models can be a significant cost savings. Your commercial construction project manager can recommend other energy-efficiency repairs such as roofing and siding. Often, you can upgrade your energy efficiency during routine repairs.

The most important ongoing repairs are those that affect the attractiveness of the property and the convenience of tenants. The exterior of the building should appear new and clean. Fencing should be in good shape. All stairs, balconies and other exterior features should be regularly repaired to maintain their integrity. Indoor integrity is important as well. Paint should be fresh, windows should be in like-new condition and all plumbing should be up to date. A partnership with a commercial construction company will help you manage all these details so your property is in the best possible shape.

Are You Planning to Sell Your Property? Consider These Upgrades First

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.

unit-upgradeOne 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.