4 Reasons Periodic Multifamily Property Renovations Make Sense

Multifamily Renovation Contractor

As an increasingly large number of people move to cities in search of employment, better business opportunities, and improved standard of living,the demand for multifamily properties is on the rise. The number of new multifamily projects is also increasing. As these new projects offer more advanced facilities, old multifamily property owners are not left with any other choice but to give their old properties a facelift and make them more livable for the tenants. If you haven’t given it a thought, here are four reasons maintaining a periodic renovation regime makes sense for your multifamily housing units.

1. Attracts More Tenants

Renovating a property makes it more appealing to the target audience. When getting your property renovated, make sure you are aware of what’s in and what is it that attracts tenants the most. It is advisable to hire a multifamily housing renovation contractor who can advise you on the changes that you should be making to your property so that more number of prospective tenants are interested in your property.

2. Increases Rentals

A person looking for of an apartment on rent would rather pay more for a well equipped and contemporary housing unit than for an obsolete and unattractive one, no matter how cheap the latter is. Renovating your multifamily property not only helps ensure that it gets rented sooner, but it also allows you to ask for more rentals.

3. Increases Age of the Property

Most property owners focus only on cosmetic changes done to the exteriors and interiors of the multifamily property. They don’t do much for the structural repair and maintenance of the property. As a property owner you must also focus on the periodic structure repair as it reinforces structure strength, and enhances the life of the property.

4. Prevents Bigger Expenses

Replacing inefficient HVAC units and conventional windows with energy-efficient ones can bring down your energy bills. Similarly, getting big building structures such as roofs and floors repaired on time, helps prevent any major repairs that may arise because of lack of timely maintenance. Similarly, there are several other repairs and replacements which if done on time can save you thousands of dollars.

Wrapping It Up

Periodic multifamily housing property renovation is not an option but a necessity to ensure business sustainability as well as profitability. Lack of periodic maintenance not only lowers the visual appeal of the building but also renders the units uninhabitable. It is, therefore, advisable to seek the assistance of a professional multi-family renovation company that takes proper care of your multifamily property.

Answering 3 Important Questions About Pre Construction Planning Services

Pre Construction Planning for Multifamily Properties

As multi-family/commercial facility construction projects are both cost and labor intensive in nature, availing professional pre-construction planning services can help you achieve a streamlined execution. The purpose of pre construction planning is to help you design the blueprint for the construction project. The process involves defining the project scope, determining time and cost requirements and identifying potential issues. The service provider studies various variables associated with the projects to come up with measures to put the available resources to optimum use, thereby minimizing wastage. Most importantly, the provider will determine the feasibility of the project and will help you come up with a plan of action. Pre-construction is not a new concept in the real estate industry; however, many property owners overlook the need of availing professional pre-construction planning services owing to their limited knowledge about the subject.

To help such building owners, the blog answers three important questions about pre-construction planning.

Take a look.

1. What are the benefits of the program?

Pre-construction planning projects take out the risk of working with unknown/unpredictable variables by defining the project outlay. The service provider prepares a detailed procurement plan, equipment list, execution plan, different risk analysis and site evaluation reports to help you decide on the plan of action. Based on these findings, the provider can suggest you ways to save money and will make you aware of the different scenarios and define the best possible plan of action.

2. How long does a pre-construction planning project take to complete?

Planners take anywhere between 2 to 12 weeks to come up with projection and feasibility analysis reports. The actual timelines, however, depend on the project scope and requirements. For example, the timelines for a green building project that requires the provider to come up with a plan that conforms to a green panel’s recommendations will exceed as compared to that for a normal project as the planner will have to undertake a detailed study to evaluate the impact of adhering to these guidelines on the construction project.

3. What are some of the problem areas you can expect to address?

Pre-construction planning can help you get answers to some of the most common yet important questions related to site selection, soil evaluation, and value engineering. The provider will evaluate various factors to answer questions such as whether you should manufacture raw materials or procure them, plan to expand the existing facility or design a new construction project and what should be the work schedule and workflow pattern.

Conclusion

Availing pre-construction planning services is the first step to planning a construction project. Talk to your provider about critical success factors that determine project feasibility to ensure the program’s success. Last, but not the least, choose a provider who has several years of experience in handling multi-family renovation projects and can offer a range of renovation and rehabilitation services on demand. It is always advisable to do a background check of the provider by going through their previous client reviews and market reputation.

Amenities that Millennials Expect in a Multifamily Property

Millennials look beyond basic facilities when they move to a multifamily property on rent. Multifamily investors and property owners, therefore, need to innovate ways to ensure the attention of the millennials. As low cost is one of the primary attractions of multifamily apartments, the investors and owners should also ensure that the multifamily building plans don’t put too much weight on their pockets. They can raise the rent only by a certain percentage and high renovation cost may offset their profit.

To help multifamily investors extract maximum ROI of their investments, here is a list of five amenities that makes sense to millennials.

Let’s have a look

1. Gates and Bridges

The millennial generation is often looking for out of the box ideas to rejuvenate. Whether it’s about taking an evening stroll or just sky watching, they are searching for outdoor havens. So, thinning the line between indoor and outdoor spaces can help investors attract millennials to their multifamily outlets. To start with, investors can include building decks, patios, small gates and bridges inside the multifamily property where millennial tenants can take a morning jog, relax or just plug into their workstation.

2. Hangout Areas

As millennials are getting more inclined to the residential lifestyle, multifamily building plans need to include cyber lounges to outdoor dining spaces to smart cubicles. The millennial generation is increasingly social too, so equipping them to hold cocktail parties, cook-outs and casual meetings can enhance their interest in multifamily outlets.

3. Smart Home Automation

Smart home automation enables the tenants to control a few features of the home, even outside. This mainly includes security, electronic appliances, temperature and lighting that can be controlled by a single device, usually a smartphone. Combining these features or including only a few provides a better living experience for the tenants, and should be an integral part of multifamily building plans.

4. Open Spaces and Fitness Amenities

Millennial  tenants consistently strive for open spaces and fitness centers to suit their lifestyle. Next to the list are in-house amenities such as dog parks, pet wash areas, vehicle repair centers and relaxation areas. A multifamily property that includes these essentials is known to attract more millennials , resulting in fruitful returns for the investors.

5. Maintenance Facilities

More often than not, millennial  residents are busy people and seek rental properties that are well-maintained. On-site maintenance services that can take care of issues such as leaky faucets to squeaky hinges, HVAC maintenance, and pest control are only one of the things that deserve a place in a multifamily building plan.

You may like: Key to Maximizing Renovation Returns

The Way Forward

Multifamily innovation, rather than renovation is the key to attract millennial tenants. While renovating a property, investors need to bring in innovative ideas that goes along with the lifestyle of the millennials, in order to extract maximum output from multifamily building plans. Therefore, before implementing a multifamily building plan, investors must brainstorm creative ideas to appease millennial tenants with renovation contractors followed by effective execution of the plans.

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.

3 Preferred Roofing Materials for Multi family Properties

The primary source of revenue for multi family property investors is rental income from the tenants. Naturally, any increase in rent means increase in revenue, or in other words, increase in return on investment. It is possible to increase rent without losing the tenant when you improve the property by making it user friendly. This is where professional multifamily development companies come in the picture. They help in giving a competitive edge to multifamily properties, by renovating or repairing the roofing system, redesigning the interiors, and other similar revamps. In this brief post, we will look at three roofing materials that help reduce energy bills of multifamily properties, thereby enhancing their profitability.

Solar or Photovoltaic Systems
Though, a new trend in the roofing material market, solar or photovoltaic systems not only help you keep the heat of the sun from entering the living space of the building, but also trap it for further use. By capturing the solar energy, these systems convert the heat into electricity that you may use for other purposes. Available in traditional shapes and sizes, they provide a better curb appeal than older and bulkier rooftop panels.

EPDM or Rubber Membrane Roofing
A type of thermoplastic covering, rubber roofing is one of the most preferred materials used by most commercial builders. Known for its capability to deter wear and tear for long, this  technologically advanced material consists of weather-resistant thermoplastic or a synthetic rubber that is strong, and available in rolls or sheets in the market. When used with white-cool reflective coating, they are weather- and wear-resistant to a good extent.

Terra Cotta and Clay
This roofing material has been used for long in many parts of America, Spain, Mexico and Italy. The light color of terracotta and clay tiles helps the roofing system inhibit any kind of heat, and keeps the living spaces beneath it cool and comfortable. Contemporary terracotta and clay tiles not only provide an expensive look to your property, but also come with reflective and waterproofing capabilities.

Conclusion
As builders look for more and more innovative ways to make their multifamily properties user-friendly, and load them with latest amenities, construction companies are coming up with newer roofing materials to help them. Among other efficient roofing materials, include white metal roofing, white flat tiles, green or living roofs, slate tiles, and many more. While there is no shortage in the availability of roofing materials, finding the a professional, yet, affordable multifamily development company providing renovation services might not be easy. Consequently, you need to do a good research before selecting a roofing service provider.

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.