A Handy Guide to Find a Multifamily Housing Contractor

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.

• 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.

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.

How to Find the Best Multifamily Housing Contractor in Scottsdale

If advertorials and TV programs made you believe that investing in real estate can make you rich overnight, you are heading in the wrong direction. However, we cannot deny that there are several types of financially rewarding real estate investments and multiple family housing is one of them.

Before making the decision, ask yourself if you are ready to bear the stress of renting out your property to others and taking care of it. Keep in mind that a single family unit can't be turned into a multi-family unit without introducing structural changes.

If you are ready to make major changes in the entire layout of your property and renting it out to others, welcome to the world of real estate commerce. According to azcentral.com, Arizona's most visited local site, Scottsdale is seeing the biggest growth in multifamily construction in decades. Since the start of 2013, permits for over 4,000 multifamily units have been approved and many of the mid- and high- rise projects are either under construction or are already open.

The competition to swiftly let people inside the multifamily unit is high and yours can only stand out if it is constructed intelligently. When people are looking for a multifamily property, they are not looking for something that is very spacious but a house that is:

1 - Comfortable
2 - Affordable
3– Beautiful

When you have decided to turn your old single family residential property into a multifamily one, make sure that you pay attention to the smallest of things to build a perfect place called home.

The safest approach is to call a multifamily housing contractor in Scottsdale. But why? Won't this turn out to be an expensive affair?

While comparing the DIY cost to the approximate price quoted by the multifamily housing contractors in Scottsdale, you will definitely find the second option costlier. What we suggest is, do not look at the short term expenses but plan a financially benefitting strategy for years to come.

There are so many multifamily projects under construction, which means you have to look for a contractor whose work will give your property an edge over the others. The question that now remains is how to go about the search?

Checking out the websites of reputable contractors on the Internet is the first step one should take. A website speaks volumes about a company. If there's ample information shared about the contractor and he has also shown the photographs of completed projects, you can rely on him.

Talking to family members, friends, and acquaintance often helps. If some of these people have already worked with the contractor, they will know the quality of work and will give appropriate feedback.

It isn't a bad idea to invite price quotes from three or four contractors, compare their work, read feedback online and go ahead with the most suitable one. This process is time-consuming, but chances are nil that you will regret the decision later.

Always hire a contractor who understands the importance of CAB in developing a multifamily housing unit. But, remember that your motive shouldn’t be to hire the most expensive contractor but someone who has good reputation in the industry, extensive experience, and understands what is current in the multifamily housing community.