Renovation Ideas to Enhance the Rental Value of a Multifamily Property

The demand for multifamily properties has increased in the recent years, and so is the competition in the market. To make more profit, you need to deliver optimum value to tenants, which could also mean renovating the property to increase its appeal.

In this blog post, we list a few renovation ideas that your interior and exterior rehabilitation contractor must work on to ensure maximum value addition.

Roof Replacement and Coating

If the multifamily property has roofs that are older than 15 years, it is advisable to replace them without thinking much about the expense. A good quality roof will protect the building and lower the energy bills.

Hardwood Flooring

One of the biggest advantages of installing hardwood flooring is that it looks elegant yet doesn’t demand a lot of maintenance. Hardwood flooring is highly durable because of the reason that dust doesn’t accumulate on it. There are many color options in hardwood flooring, so finding the one that blends with the aesthetics of your multifamily property would not be a problem.

Countertop Replacement

Replacing countertops is probably the quickest . You can opt for plastic laminate countertops, concrete surface, granite and other types of countertops to make the kitchen look more appealing.

Painting

Painting the walls in new shades gives an instant makeover to the multifamily unit. Make sure that you paint the interiors and exterior of the property. If budget is not a constraint, you can have wall art on the walls of the living room, as this will add exclusivity to the rental unit.

Energy Efficient Upgrades

Tenants are nowadays preferring energy-efficient structures over the traditional ones, and don’t mind paying a little extra for the same. Start with replacing the existing lights with LEDs in all the rooms. You can install solar panels, which will reduce the energy bill substantially and preserve the environment. Creating green roofs is another valuable energy efficient upgrade for multifamily units.

Wrapping Up

In addition to the above aspects, you can invest in landscaping, add more amenities in common spaces and make the multifamily property pet-friendly to attract more tenants. All these upgrades demand a significant amount of time and money but could be highly-rewarding in the long run. Make sure that you seek the help of an  who understands market trends and is capable of delivering results that exceed client expectations.