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.
You 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 These include plumbing problems, outdated appliances and cleaning issues.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.
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.
A 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.
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.