5 Multi family Renovation Ideas to Improve the Value of Your Property |
Posted: April 28, 2017 |
Investing in multifamily projects is beneficial for investors as they involve lower risks and give long-term benefits. To keep benefiting from these projects, it is essential for investors to keep them upgraded to suit the ever-changing market demands. Periodic investment in renovation and remodeling of home exteriors and interiors helps investors reposition their property and get better returns. If you want your multifamily property to be the preferred choice of your renters and buyers, this blog will certainly help as we discuss some value-enhancing interior and exterior remodeling and renovation ideas. Read on. 1. Enhance Curb AppealThe exterior of your home is the first thing that people notice. The visitors get the first impression from the appearance of your property entrance. Any remodeling or renovation to your home exteriors can increase the value of your multifamily property. To start with home exterior renovations, investors can consider siding replacement, deck addition or replacing old fashion entrance gate with a new one. 2. Remodel BathroomsBathrooms, although one of the most important areas of a multifamily property, are often neglected. Besides being functional, the bathroom must also look appealing to the visitors. To do so, you must replace old tiles with new ones, add storage cabinets, add water-efficient faucets, and make several other such renovations to your bathrooms. Including environment-friendly elements and systems in your bathroom will not only help you get government-approved rebates and other tax benefits, but will also make your property more sustainable and eco-friendly. 3. Replace Old WindowsIf your home windows are worn out or old fashioned, ask your home interior and exterior remodeling contractor to replace them with energy-efficient windows. This home renovation idea will give your interiors as well exteriors better appearance and also reduce the cost of utility bills. In addition, investors should not invest too much on the cosmetic appearance of the windows as it may not necessarily add value to your property. 4. Repurpose SpacesMost investors avoid major remodeling and renovation in their multifamily projects, however, some major remodeling changes can substantially increase the value property. You can consider attics and basement area of your multi-family home for this massive change. If these areas are not in use, you can make them functional by repurposing the unused spaces of your property. In addition, don’t forget to install insulation to prevent heat transfer and save unnecessary consumption of energy. 5. Repaint Inside-OutThe right choice of colors can substantially improve the appearance of your property. Besides, repainting your multifamily property is also one of the affordable and easiest ways to add value to your property. Fix the distressed and old wooden fence, window frames, old doors, and boards with a fresh coat of paint. Paint your interior and exterior walls with colors that give a fresh and vibrant appearance to your property. The Bottom LineThese were some of the ways you can reposition your multifamily property in the market. Besides, the listed ways, you can also remodel the kitchen, add patio or deck, add hardwood flooring, or add more storage to your multifamily property. Whether you want to renovate the interiors or exteriors of your multifamily property, hire only those renovation contractors that have extensive experience and knowledge in handling such projects.
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