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.