Have you ever given any thought to renovations at your multifamily property? If not, it might be worth thinking about. Renovations can be hugely valuable for your properties, helping to modernize them and make them more appealing to potential residents. Interested yet? Then read on to find answers to a few renovation FAQs!
Why should I renovate my properties?
Renovations are the most straightforward way to add value to your properties. A renovated property will attract and retain residents in larger numbers. You’ll also stand to make more money, since you’ll be able to charge more for rent once your renovations are complete, and, depending on the type of renovations you undertake, you may also be able to save money in other ways — environmentally-minded projects, for example, can result in savings on utility bills or eligibility for tax breaks. With all the money you’ll earn and save, carefully planned and well-executed renovations can more than pay for themselves in time.
What will renovations cost me?
It’s impossible to say for sure — costs can vary widely depending on the size of your property and the type of renovations you have in mind. One tip we do have when considering project costs, though, is to generally assume costs will fall on the high side of any cost estimate you might come up with. That way, you won’t be caught unprepared if the amount you’re spending on renovations starts to rise.
Do you have any tips for getting a renovation project started?
Before starting any renovation, you should fully plan how the project will go. That means choosing an appropriate project, estimating how long it will take, planning how each stage should be completed, estimating costs, budgeting, and fully financing the entire project. Having a detailed plan in place will make for a much smoother project from start to finish.
If renovations sound appealing to you but you’re not sure what project to take on, you can always ask your current residents. They already live at the property and see it every day, so they’d know better than anyone what aspects of it are already great and what aspects could benefit the most from a makeover.