Have You Got These Affordable Housing Facts Straight?

It's not how big the house is, it's how happy the home is.

All sorts of disinformation, misinformation and myths surrounding affordable
housing have been circulated for years to the disadvantage of many.
From blaming it for generating more traffic and overburdening public
infrastructure to lowering property values and spawning crimes, affordable
housing has been at the receiving end. This article strives to put all of these
baseless allegations to rest, and focus on what really affordable housing is.

On Traffic

Study after study goes on to demonstrate that affordable housing residents own fewer
vehicles and drive 20-30 percent less than those in the neighborhood. The National
Personal Transportation Survey found that low-income households in such housings
make 40 percent fewer trips than other households. The former mostly depend on
public transportation for daily commutes. Hence, there’s no question of affordable
housing causing traffic congestion.

On Crimes

Until now, there is no correlation between increased crime rates and affordable housing.
Studies show that what does cause crime are factors such as lack of jobs, lack
of community services, community disinvestment, and overcrowding. Affordable
housing in inner cities saves people from living in slum conditions, which breed crimes.
Thorough screening of residents, proper management of property, and round-the-clock
security measures ensure that no illegal activities take place in the premises of affordable
housing.

Useful read - 3 Notable Reasons to Pre-Plan Multifamily Construction Projects

On Infrastructure

Traditional single-family homes have 2-3 times the number of school-going kids than those
residing in high density but affordable apartments. The U.S. Office of Technology Assessment
revealed that it costs $10,000 more per unit to provide public infrastructures to
a lower density suburban than to a more compact urban neighborhood.
Infrastructure construction costs per housing unit decline drastically as density increases.

On Property Values

Wayne State University, Michigan tracked property values nationwide both before
and after the coming of affordable housing, and it found that affordable housing
has no significant effect on property values. Similar research by another entity
found that affordable housing doesn’t impact negatively on the sales of neighboring
homes. Affordable housing does not reduce the desirability of surrounding properties.
Property values are affected by other factors unrelated to such housing.

Last Word

According to several leading multifamily housing contractors in the USA, affordable
housing plus support services present the most cost-effective way of extending
help to vulnerable members of our society. Generally built through public-private
partnerships and provided at subsidized rates, these housings are a blessing for
low-income sections of the community who want to lead a decent life. Construction
of such houses create jobs and generate revenues for the federal and state governments.

5 Reasons to Invest in Multifamily Energy Efficiency Housing

Designed to offer affordable housing, multifamily properties represent a promising avenue for investors. However, to drive optimum returns, it is crucial for property owners to provide energy efficient affordable housing options. Multifamily energy efficient apartments are not only easy on the pocket, but are also eligible for tax rebates. It is, therefore, important for multifamily property owners to an implement energy efficiency housing plan and hire a reputable redesigning contractor. If you are skeptical about investing in energy efficient multifamily housing, this blog post gives you five reasons to go ahead with a multifamily energy efficiency housing plan.

1. Reduced Environmental Impact

One of the biggest global problems today is greenhouse gases. World leaders are pledging to reduce emissions of GHGs and energy efficiency housing plan gives you an opportunity to do your bit. Improving the energy efficiency of a property can also help lower air pollutants by reducing the consumption of fossil-fuel-based energy. You can even contribute towards resource conservation and pollution prevention by purchasing energy star labeled equipment.

2. Improved Indoor Air Quality

Installing proper insulation system and sealing air leaks in home’s envelope and duct system can improve indoor air quality, as it restricts dust infiltration and odor intrusion from the outside environment and keep the air inside fresh. Adequate ventilation system is a must for every home, particularly the ones with senior and children. Ventilation is necessary to maintain indoor air quality and provide a healthy habit to occupants.

3. Lower Energy Costs

Energy costs is one of the major expenses that renters have to bear. Investing in energy-efficient appliances can help reduce energy consumption and make the units more affordable for prospective renters. According to federal government’s Partnership for Home Energy Efficiency (PHEE), improving energy efficiency can help households can save upto 30 percent on energy bills.

Related read - 5 Multifamily Property Design Trends to Keep Energy Consumption in Check

4. Improved Comfort

Every renter looks for a comfortable abode. Several conditions, such as cold floors, damp basements, and moisture on windows result in poor indoor comfort. Damp basements can lead to mold proliferation, structural damage, and increased indoor humidity that may, in turn, create moisture on windows, resulting in mold formation and damage to the sills. Investing in insulation and duct sealing can help owners improve indoor comfort. These measures help control the air entering the home, ensuring better air quality and controlled moisture levels.

5. Increased Home Value

Implementing multifamily energy efficiency housing plan can increase the property’s market value and rentability as most people prefer renting a home with energy-efficient features that keep the energy bills on the lower side. For investors who are looking to sell their asset in the near future, investing in energy efficiency improvements is a failsafe way to draw a high return on their investment.

Final Few Words

The highlighted factors give a clear indication why investing in multifamily energy efficiency housing plan is win-win proposition for multifamily property owners and investors alike. Before introducing any energy efficiency method, investors need to chart out a detailed plan about the resources and timelines required to execute the changes. In addition, investors need to hire experienced renovation professionals. Multifamily contractors can not only suggest suitable energy-efficient changes, but also ensure that every stage in executed according to the plan.

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.

Is Multifamily Property the Right Investment Option for you?

The trend of multifamily property investment has drastically increased in the US over the past few years. Although, there are several advantages of buying a multifamily property but it might not be the right investment decision for everyone. Before you finally enter the multifamily property market, it is necessary that you know it inside out.

What is a Multifamily House?
A multifamily property has several residential units, each inhabited by individuals of the house or the tenants. It can be a property with multiple buildings or one building in the same complex. Apartments, duplex houses, townhouses and condominiums are the examples of multifamily property. When you decide to buy a multifamily property, you need to be sure about the type of house that would fit into your requirements. You can seek help of a multifamily housing contractor to finalize the type of property that you want and how much repair cost you need to incur to renovate the property.

Is Multifamily House Right for You?
Investing in a multifamily property  may work well for you, especially when:

You are not ready to take risks
Although there's no proof that it’s 100 percent safe to invest in multifamily properties but there's always lesser risk attached to them. It might be difficult for a single family house owner to find a tenant at a short notice, which means there will be no income for the time the property remains vacant. If you own a multifamily property, you get at least certain fixed amount from other tenants even if a few units are unoccupied for some time.

You want to live in a house yet make profit by renting it
At times, owners are prefer to live in the multi family property to look after its maintenance and any other related job on a regular basis. If you rent out a single family house, regular maintenance and look after gets difficult. The owner of a multifamily property can decide if he wants to live in one of the units and take care of the property himself.

You want to have a building with its own culture
When we have people living in the same complex and the responsibility of taking care of the property, we are free to introduce a specific culture in the community. For example, if you support an environment friendly atmosphere, you can install solar panels and other energy efficient products in the units. In addition to this, you can motivate the tenants to be a part of the drive.

A Multifamily House Isn't a Good Choice When:

• You don't have ample time to spend on administering the property and taking care of it.
• You want a real estate investment with high appreciation value. A single family house has better appreciation over the multifamily one because it has more demand in the market.
• You are not interested in a complex financing option because purchasing a multifamily house means more money and approvals involved.

Investing in a multifamily property is a great option from the perspective of future benefit. It is, however, always a better idea to research about a property, figure out if you actually need it and then come to a conclusion. A well thought investment pays better in the long run.

Federal Investment Tax Credit-A Brief Guide for Multifamily Owners

All You Need to Know About Federal Investment Tax Credit

The Federal Investment Tax Credit is arguably the most significant solar policy in the U.S. Whether we talk about individual homeowners or nationwide multifamily contractors, the Federal Investment tax credit has managed to attract everybody's attention. Since its implementation, the 30 percent tax credit has spurred an annual growth of 1,600 percent in the adoption of solar energy. The tax credit, however, is set to expire on December 31, 2016, which will eventually impact all rebates provisioned to property owners.

In this post, we will delve into the finer aspects of Federal Investment Tax Credit and how it works.

Federal Investment Tax Credit: Introduction
Introduced in 2005, the Federal Tax Credit for residential energy property was initially applied to social electric systems, fuel cells and solar water heating systems. In 2008, however, the tax credit was extended to geothermal pumps and wind-energy systems. The tax credit allows homeowners to claim up to 30 percent of the price that they have paid to install such systems in their property. The intention behind the introduction of the credit was to promote the use of renewable source of energy. As there is no credit limit, it  means homeowners are free spend as much as they want to minimize the carbon footprints of their property.

How Federal Investment Tax Credit Works
Property owners need to file their Federal taxes to claim a 30 percent refund of the qualified expenditures on renewable energy system installations. Those who owe Federal tax, will either:

1. Owe less
2. Owe nothing
3. Owe nothing but will have a credit leftover

To understand these three scenarios, let us consider the following examples:

A home owner Sam installed a solar system worth $30,000 in his house, which makes him qualify for a $9,000 Federal tax credit.

Scenario 1 - When Sam owes less
When April arrives, Sam files his tax and asks for the 30 percent credit. He comes to know that he owes $10,000 in taxes, so he deducts $9,000 tax credit and files for the remaining $1,000 that he owes.

Scenario 2 - When Sam owes nothing
Sam notifies his employer that he is entitled to a tax credit of $9,000 for the financial year. The employer adjusts Sam's withholdings so that he can take more money in the salary part. In this scenario, Sam will be required to apply $9,000 tax credit to his tax bill in April.

Scenario 3 - When Sam owes nothing but has a credit leftover
If Sam owns only $1,000 in taxes, his tax credit will cover the amount and the remaining $8,000 will be rolled over to the succeeding taxable year.

Solar tax credit is definitely a beneficial proposition for property owners as it results in substantial savings in the long run. Moreover, it increases the market value of the property. As there are no signs of an extension on the Federal Investment Tax credit, those planning to introduce energy efficient mediums in their property do not have much time to lose. Should you wish to learn more about the benefits of renewable energy systems for multifamily property owners, feel free to connect with our team of consultants.

Modern trends of multi-family housing

Whether it’s young couples, single parents, factory workers or students, everyone is choosing apartments over individual houses. Lower cost of maintenance, availability of various amenities and have made apartments a preferred choice among renters.  The increase in demands for apartments has opened gates for multifamily property owners, all of whom understand that they need the assistance of multifamily development company renovations. With the increase in quest for urban lifestyle, multifamily building owners need to concentrate on providing some modern amenities to get better returns on their investment. Here are some of the modern amenities that a multi family property can have to get better returns on their investment.

Outdoor kitchen
Food is not something people eat just to get by anymore. It is something they like to celebrate and treat as a central element of parties. Outdoor kitchens and grill can prove to be an added advantage that can provide you with better returns on your investment. Every multifamily building, however, may not offer an outdoor kitchen, giving the new and emerging ones, a chance to state their claim.

Media room
Constructing a community media room, which may double as a business center, is another additional facility that may be available at modern multifamily facility. As the entrepreneurial spirit catches on, there is a businessman in every second home and they would love the idea of a media room. In addition to this, modern community living may demand movie screenings, etc., for which, media rooms, are also a necessity.

Gym centers
An amenity that has undergone drastic change is the fitness center. People are more conscious about how they look and time too is of the essence for most of them. In addition to this, fitness center is not just a place to exercise, but it is a place where people gather and socialize. Conducting classes for aerobics, yoga, cardio and strength training has become much in vogue among multi family properties.

Laundry rooms
Laundry rooms are by no means a modern facility in multifamily buildings. If you wish to make the ones in yours stand out, try and dedicate sufficient amount of space to laundry rooms and equip them with the latest machines. Of course, the more laundry machines you’d manage to install, the better it would be for your property.

So, those were some additional amenities that people ask for in multi-family buildings. In a world, where people expect private and community living to come together harmoniously, an affordable multifamily housing renovation contractor can ensure that you get better return on your investment by providing some latest amenities that are preferred by tenants.

Enhance the Exterior Appeal of Multifamily Properties

When we talk about affordable housing, interior units’ design and exterior appearance of the multifamily property matters a lot. This makes it necessary for multifamily property owners to make the right choice in terms of hiring a renovation expert to enhance the curb appeal of the house. The first thing that renters notice in a property is its color palette. You can redefine the property shade and increase its value by coloring it with the right shade.

Multifamily property owners need to understand that painting or repainting the property provides them with an opportunity to redefine their housing units. The right color palette improves the curb appeal, attracts renters and boosts value and ROI of the property.

Here are some color tips you may follow to make your property stand out:

What Are your Color Goals?
You may paint the exteriors of the property so that it can be in-tune with the latest trend or match the style of the new roof. Before you change the color palette, you need to consider following factors:

·     A sleek, modern high-rise multifamily property looks appealing with an urban palette
·     Decide the color based on whether you want the property to blend in or contrast from the neighborhood
·     The color of the roof and trim (which are the fixed accents) can be used as base or accent colors
·     Go for urban, contemporary palettes if you want to attract younger tenants.

Explore Color
Once you have identified color goals, choosing colors becomes easier. You can use digital color tools to mix and match the color in order to find out the combination looks better.

There are certain tools available on the Internet that may help you shortlist the colors. Upload the exterior picture of the property on the tool and choose a color palette you have shortlisted to see how it will look in real. You can try out different color combinations and refine the choice.

Search for a Professional
Once you have shortlisted the color palette, the next step is to look for a professional to do the job. Instead of hiring the first company that you came across, it is recommended to do some research and get in touch with an expert who deals into multifamily properties renovation services.

Multifamily property owners may also seek the assistance of the renovation expert to choose the color palette and go ahead with the work. An advice from the expert will definitely help the owners in taking a better decision.

Save on Energy Bills Through Energy Efficient Windows

Windows are an important criteria in places with heating requirement. They tend to lose heat at a substantial rate and lead to higher use of energy in a building.  Optimizing the windows by choosing the proper direction and their manufacturing material can save energy ensure maintained temperature in all the nooks and corners. Properly designed and placed windows can be the first step towards energy efficient homes and more and more multifamily housing contractors Az are taking note of it.

U Factor: Measurement of Heat Loss
Energy efficiency is not always about trapping solar energy and maintaining for good. Rather it is about finding a balance between utilizing solar energy and maintaining non solar energy. U-factor is the technical term which defines the amount of energy a window can lose or gain. Technically it measures the flow of non-solar energy through windows. A lower U factor means less heat flow, which means, materials with lowest U factors are perfect for energy efficiency

Types of Glasses and U factors

Single glass	-
Double Glass	0.48
Double Glass (e = 0.20)	0.39
Double Glass (e = 0.10)	0.37
Triple Glass (e = 0.10)	0.23
Quadruple Glass (e = 0.10)	0.22

Technically speaking, quadruple glass is the best choice for home insulation and energy efficiency but it might not be the best deal for the budget. So, a smart solution will be to go midway and choose a cheaper option, while taking advantage of natural factors like direction of the window and providing shade to them.

In most of the US, a south facing window is optimum for heating purposes while north facing are apt for cooling. So, in the areas where heating is a basic need all round the year, south facing windows can help majorly in trapping some natural heat through the low sun. This strategy combined with a window material of low U factor can result in an affordable heating bill for nationwide multifamily construction project.

Choosing the Window Material
Window material and their U factors need proper consideration before installation because installing windows is not a task which can be undertaken on trial and error. First thing to note and question while buying the windows is the U factor of the complete set up. U factor mentioned on the glass is usually for the glazing only and it can go very high in the complete setup of frames and insulation.

Secondly, the frames of the windows have major role to play. Aluminum frames are the worst choice because of improper insulation while wood and fiberglass are best for heat insulation. These 2 points make single pane glass windows with aluminum frame obsolete for areas with high heating requirements. They can only manage to look good and can provide some amount of heating benefits only when combined with storm windows are extra thermal insulation. Perfect permutation preferred by nationwide construction projects for heating dominant areas is; multiple pane windows with a low E and gas filled.

Conclusion
Appropriately heating a building while saving on heating bills is easier said than done. Experts believe that heating is a balancing act between using nature at its best and substituting artificial means for added comfort. That is why multifamily housing contractors in Az deem it important to research and find out the best options for window panes while simultaneously finding out the best direction for maximum solar heat capturing.

Energy Efficient Renovations-Reducing Bills and Carbon Footprints

Homes installed with energy efficient devices and technology, sell easily on the real estate market and there is a strong reason behind it. Energy efficient homes do not only consume less energy and save on bills but they also contribute towards the environment by using less fuels and reducing carbon footprints.

Current times call for drastic improvements in our lifestyle. Energy efficient innovations is just a tip of all the efforts which are needed to bring in a positive change to environment. People are becoming conscious about their surroundings but still a lot remains to be done.

Renovating for energy efficiency has become a recent trend and is the key factor behind all Arizona renovations. Property owners throughout the state are more inclined towards investing in energy efficient renovations, rather than going for new properties.

Pocket Friendly Energy Efficiency Renovation Tips
House renovation is a good time for fixing the loopholes of energy efficiency in a structure. Be it a residential or commercial property, the best time to work on its insulation is when it is being ripped off from wall to wall. This saves a lot of time as well as ensures proper repairs because all the otherwise inaccessible corners can be easily reached now.

Energy efficiency is a combination of consuming less energy and ensuring minimal loss of energy through the structure. Here are few tips which can be undertaken along with renovations and won’t add up much to the existing expenses.

Replace Energy Inefficient Equipment
New energy efficient appliances with 5 star ratings in place of old worn out machines, help in improving the energy efficiency rating of a structure. This small investment at the right time can go a long way in saving money.

Fix Insulation
Bad insulation in windows, attics and more, is not a new problem. Most builders don’t do a fine job and there are always some fault lines left behind which lead to energy loss. Renovation is a good time to find these faults and fix them. Money spent on proper insulation of walls, windows and roofs is worth every penny because it make a house comfortable in every season.

Purchase Quality Products
It goes without saying that good quality building products goes a long way in curbing costs of repair and maintenance. High quality products like, insulation material, duct pipes, window glasses, etc. are good investments. They pay back by saving on energy bills and keeping a home in an appropriate temperature according to the weather outside.

Conclusion
Energy efficiency of a structure makes for a comfortable living while cutting costs in energy expenses. Homeowners and builders have started waking up to the concept and noting the fact that it is good to invest in energy efficient ways during renovation rather than paying huge bills.

Arizona is a state of extreme climatic diversity. Houses here need proper insulation and it is mostly the focus in all Arizona renovations. Property owners understand the long term benefits and are progressively spending to fix their construction mistakes.

Multifamily Housing: The way US Citizens wants to Live

After a decade long lukewarm sales, the real estate industry is finally improving in Unites States. But this time, the trend has changed. Now, multifamily housing units are much in demand as compared to single family units. People are choosing them for multiple reasons; affordable pricing and modern services are just a few of them. Nonetheless, the real estate industry is definitely looking up with a different kind of homeownership, which is pushing nationwide multifamily contractors to deliver their best.

Why US Citizens are Shifting to Multifamily Units
Home ownership was on an all-time low in the last decade. Things are finally looking up for the real estate industry while Americans are still treading with caution. They are ready to buy homes and settle down but they are definitely not ready to take risks and get into costly deals.

It looks like the economic down turn has permanently changed the face of real estate market in the country. Rampant layoffs and huge financial crisis has made people wary and more cautious about how they are spending their money. This is exactly what has killed the lavish market of single family housing units. People are now gravitating towards more facilities in less pricing, which they are finding in the multifamily housing units.

Costly Single Units
Single family units are very costly as compared to multifamily units. Add to it difficult mortgage scenario and single units have become completely out of reach to most Americans. This is another strong reason for pushing the Americans to consider living in multifamily apartments. This is good news for nationwide multifamily contractors, who are working on cut throat speed to over shadow their competitors and make the most of the thriving market.

Easy Mortgage and Low Interest
Single family units are not just costlier than multifamily housing units, they are also difficult to be mortgaged. Furthermore, mortgage on a single family unit comes with costlier premiums. These financial factors have made multifamily housing units the first choice of homeowners across the country.

Modern Life with Less Responsibilities
Multifamily housing units perfectly complement today’s modern lifestyle by providing modern amenities and reducing on responsibilities like maintenance of the property. This kind of living is perfect when time is a constraint and with today’s generation, it is probably the biggest constraint.

Conclusion
No lawns to mow, no equipment to maintain; it’s a dream life for anybody who has no time to spare; which is exactly the story of today’s generation. Initially, it was just bigger cities that preferred multifamily housing but with the changing demographics, multi housing units have found a strong foothold in the suburbs and small towns as well. For now, multifamily housing units is the way to go for America and it’s up to the nationwide housing contractors to bridge the gap between the demand and supply.

Multifamily Housing: The Preferred Choice of US Citizens

While the US has historically been a country where people aspire to home ownership ,the trend has been changing to more and more people renting rather than owning. The reason behind this shift lies somewhere in President Bill Clinton’s tenure and “The National Homeownership Strategy.”

How the Market Changed
Today, America is experiencing more and more families that want or need to rent rather than purchase. In fact, homeownership is at an all-time low in United States. Experts believe that the economic downturn and the current demographic of the country are the cause for this change. Let’s see the main pointers that brought home ownership rate to 64.7 percent.

Multifamily Housing - The New Hot Property
Multi-housing was never a fad in America till last decade. Americans have always preferred single housing for their love of open backyards and of course the barbeque. In 1995, Clinton government’s net strategy brought about a huge boom in home ownership across the country. This period saw huge sales in single housing units where are multifamily units grossly lagged behind. This is where the seeds of change were sown. One day at a time, single housing lost its charm. How?

Sluggish Economy
The 1995 real estate boom saw a huge downturn in the early 2000’s. When the economy was down, most of the people lost their jobs and single housing became easily unaffordable. More and more people started renting or went for multifamily options which were much cheaper at that time because of low sales. Now multifamily units have become the new trend with the current generation.

Change in Demographic Pattern
The current demographic pattern suggests that most people who purchased a new house in late 1990s didn’t need to buy again. Their children who were young adults during the economic downturn are finally settling down now. So, homeownership is taking a turn again, yet, the response is still lukewarm. Even many affordable housing contractors have failed to sell single units.

Tight Mortgage Norms
Getting a mortgage on single family units in today’s economy has become very difficult as compared to a mortgage on multifamily units. So, we can safely say that current economic conditions and new government policies have also actively contributed to the fame of multifamily housing.

Psychographic Changes
Rampant development plans, knee jerk financial policies and the changing demographics of the nation have changed how the country likes to live their life. Nowadays, people are more bent towards convenience and security. A multifamily unit means sharing responsibilities and a whole lot of security which comes from living in a close knit structure.

Conclusion
Today’s generation prefers not having to mow a lawn over missing a Memorial Day lawn party, on their personal property. Most affordable housing contractors are doing good business selling and renting multifamily units. It looks like this real estate trend is going to sweep the United States with a completely new and modernistic lifestyle.