I’m down in North Carolina giving a tour of the 198-unit building that we just purchased. I’m going to show you three easy and simple renovations that we’re implementing to increase the value of this property.
Keep in mind that these same renovation techniques can be used on smaller multifamily properties as well.
Related: How to Beat the Coming Housing Slowdown With a Value-Add Multifamily
3 Easy Multifamily Renovations That Give the Best Bang for Your Buck
1. Make exterior renovations to improve curb appeal.
Making small improvement like paint and new landscaping will give your property curb appeal. As the saying goes, “You never get a second chance to make a first impression.” Well, we believe that making that first impression will spark interest and desire for potential new tenants to want to move into our properties.
2. Add new flooring to create that “wow” factor.
Adding new floors is an easy way to create that “wow” factor when new potential tenants walk into the unit. This is a simple method to impress new tenants and provide that new, modern look and the feeling of easy maintenance. The type of flooring that we use is laminate vinyl planks.
3. Opt for new appliances.
Let’s face it, people want new. By adding a new appliance package to your kitchens, will you be able to command more rent and become the best choice for new potential tenants. This simple addition can command you anywhere from $50-$100 extra per unit, creating a great return on investment.
In today’s video, I share more about these three renovation tips as I walk through our newly purchased apartment building. I would love to get into a discussion with you, as always!
What are the most important renovations you implement with your multifamily properties? What has worked? What has not worked?
Thanks for watching!