4 Grey Areas to Inspect Before You Own a Multifamily Property

The rise of nationwide multifamily developments has provided a great investment opportunity especially because of the rise in the demand of multifamily rental properties. The increase in demand has changed the overall functionality of the real estate industry. When you plan to buy a multifamily property it involves investing your hard earned money and so it is important to be cautious while you finalize the deal. IF you are a first time investot, we provide you with an inspection checklist which is quintessential before you invest your money in a multifamily property.

Inspection of Mechanical Systems
It consists of inspecting the systems that provide comfort to your tenants. It is advisable to inspect the plumbing, electrical and HVAC or air conditioner system. It is advisable to take services from a reputed professional for inspecting of the mechanical system. The main motive behind inspection of the mechanical system is to assure that your tenant live a hassle-free and comfortable life.

Inspection of Roofs
The condition of roofs determines the investment you need to make to renovate the multifamily property. Before owning a multifamily property, minutely examine the status and life of roofs and add the investment needed to replace the roofs in your overall renovation budget.

Inspecting the Inventory List
You need to ask for a list of inventory or personal property included in the sale of property. If the property has a coin operated laundry machine, for instance, or vending machines that provide additional income to the property, verify whether these will sold along with the property.

Inspecting the expense documentation
When you plan to buy a multifamily property request for the copies of contracts or receipts for some of the fixed expenses such as taxes, insurances, landscaping, utilities and maintenance repairs. You also need to get access to the employee list, rent credits provided to any onsite personnel.  If there is any increase in expenses as compared to the amount that was disclosed before selling the property will make you eligible to get credit from the seller.

Conclusion
Multifamily properties are a good investment option but it is advisable to check the property thoroughly before you invest in it. Inspecting the property will help you discover any pitfalls that a property may have and resolve the same to avoid any problems and disappointment in the future.

5 Things to Consider While Constructing a Student Friendly Multifamily Property

There was a time when student housing meant living in the college dormitory, or a poorly maintained apartment that was shared with a number of roommates. Students were not much concerned about where there lived as they considered it a temporary accommodation. The scenario has changed drastically in the recent years. Today, students prefer multifamily apartments that offer everything from a spa to retail shops and 24-hour fitness centers.  There are however, some common mistakes that multifamily property owners make which reduces the demand for their property. It is advisable to hire reputed multifamily development companies that use their renovation skills to construct a property which provides better return on investment. On that note we provide you with a list of things for you to consider, before constructing the perfect student centric building.

3 out of 4 millennial own a pet
A recent study found that around 76% of the students own pets. If you are a multifamily property owner and plan to rent your property to students, issuing a no pets policy may cut your potential target demographic by a large extent. Making your property pet-friendly by installing built in doors, hooks and niches to keep towels/lashes, resilient flooring options such as vinyl, parks and more, gives students all around, added incentives to move in, along with their pets.

Students Need Amenities
An essential factor that potential tenants, regardless of their age group, take into consideration while selecting a property for rent is the amenities. Students, however, simply cannot live without some of the essential appliances, wifi, washers, laundry rooms and the likes. It’s sensible to make space for the necessary amenities during the construction phase, in order to pull that off. Some landlords offer these amenities without any additional costs to increase the demand of their property among the student renters.

Students Live in Groups
It’s quite rare to stumble upon lone student home hunters; you’d ideally find them in groups, looking for an affordable, fairly spacious apartment to share among 4-6 individuals. It’s practical to have at least 2-3 rooms per flat especially if you are targeting student tenants. If you don’t have enough flooring space, going for smaller rooms is a better option. If you are looking to furnish the house, go for single beds instead of double beds, so your tenants may have some individual space, even if they decide to share rooms.

Students Love Community Living
It is rather silly to expect the young crowd to spend their evening by themselves. What isn’t silly, is the idea of constructing community-living spaces such as study rooms, gym, conference rooms, or plainly just a community room where students can spend some time with their friends.

Students Want… Everything!
This is where your budget comes in. When you’ll be entertaining potential student tenants, be sure to expect questions like ‘so what else does the building have to offer?’ Multifamily property owners who provide specialized student housing accommodations that are well-finished, with facilities such as pool, gaming arcade, spa to attract more tenants. If you plan to construct a property that are loaded with all the amenities, you can take the help of reliable multifamily property contractors.

Those were just 5 of the many things it takes to build a perfect student friendly multifamily property. As the demand for student housing is on the rise, the useful tactics enable you to establish a competitive edge over your competitors.