The US is experiencing an increasing demand of affordable multifamily housing. Going by the current market trends, real-estate investors consider investment in multifamily units to be a safe bet. Though, if you have the required finances, investing in a multifamily property may not be a challenge, for stakeholders, there are still many other concerns such as renovating the multifamily property while keeping it affordable. Renovation usually incurs a significant amount of investment, which usually results in an increase in rentals. On the flipside, if investors are able to hire the right multifamily housing contractor, they can meet the market needs and have an affordable solution for their renovation needs.
Searching an affordable housing contractor is not an easy task, as you need to qualify them on several accounts. In this article, we discuss some basic tips to find a reliable multifamily housing contractor.
Avoid Single-family Contractors
Multifamily housing is different from single family housing on various accounts, such as renovation and maintenance requirements. Many a time, investors fail to understand the difference between single family and multi family renovation contractors, and reward the contract for a “multifamily” renovation to a contractor specializing in single family renovations. These contractors have little to no experience in the renovation of multifamily units, and usually change more than actual multifamily experts. The investors have to bear the burden of inflated renovation costs, as they can’t afford to increase the rent beyond a certain limit, as it would desert many of their patrons.
Thorough Research is the Solomon’s Key
While searching for a multifamily housing contractor, investors face several challenges, and often curtail their research. These challenges include issues related to affordability, experience and reputation of the contractor. To find a competent multifamily housing contractor, you need to conduct a thorough research on potential candidates and go through as many client reviews as possible.
Discuss All of Your Expectations
Before you proceed and hire a multifamily housing contractor, it is imperative to clearly speak your mind and lay down all of your expectations. The factors to discuss include energy efficiency solutions, specific repairs, quality control protocols, material grades, project timeline, and post delivery support. Once you lay down all the expectations, the contractor would be in a better position to estimate how much money you need to invest and how much time the entire renovation process may actually take.
Things to Remember
Investors need to look into several factors before they sign on the dotted line. Here are few essential practices to follow.
Searching an affordable housing contractor is not an easy task, as you need to qualify them on several accounts. In this article, we discuss some basic tips to find a reliable multifamily housing contractor.
Avoid Single-family Contractors
Multifamily housing is different from single family housing on various accounts, such as renovation and maintenance requirements. Many a time, investors fail to understand the difference between single family and multi family renovation contractors, and reward the contract for a “multifamily” renovation to a contractor specializing in single family renovations. These contractors have little to no experience in the renovation of multifamily units, and usually change more than actual multifamily experts. The investors have to bear the burden of inflated renovation costs, as they can’t afford to increase the rent beyond a certain limit, as it would desert many of their patrons.
Thorough Research is the Solomon’s Key
While searching for a multifamily housing contractor, investors face several challenges, and often curtail their research. These challenges include issues related to affordability, experience and reputation of the contractor. To find a competent multifamily housing contractor, you need to conduct a thorough research on potential candidates and go through as many client reviews as possible.
Discuss All of Your Expectations
Before you proceed and hire a multifamily housing contractor, it is imperative to clearly speak your mind and lay down all of your expectations. The factors to discuss include energy efficiency solutions, specific repairs, quality control protocols, material grades, project timeline, and post delivery support. Once you lay down all the expectations, the contractor would be in a better position to estimate how much money you need to invest and how much time the entire renovation process may actually take.
Things to Remember
Investors need to look into several factors before they sign on the dotted line. Here are few essential practices to follow.
- Request documented estimates from three to five contractors.
- Check customer feedback and testimonials.
- Gain completely clarity on the project delivery date.
- Check recognition from state authorities.
Conclusion
Renovation plays an important role in keeping multifamily housing units profitable in the long run. The above-mentioned steps will not only help you hire the right multifamily housing contractor, but may also cut-down your investment by a notable margin. By going for a cost-effective renovation, you may not even have to increase the rent of your multifamily unit and risk upsetting your tenants.
