Just about everything in our everyday life has some sort of myth attached to it, and people love to see when myths are proven to be false. That’s why MythBusters was such a crowning success. Multifamily properties tend to have some stipulations surrounding renovations. Below, we have listed three myths that we’ve busted surrounding multifamily property renovations.
Yes – renovation of an existing multi-family complex can be costly at the start. That’s the important thing to note, it is an expensive initial cost. Keep in mind that there will be tenants to fill the units that have been renovated – and likely more tenants than before, given the attractive updates. This will help pay for the renovations in little to no time at all. If you have more tenants renting out space at your newly renovated space, then that is more than enough proof to show that the renovation was a success.
You don’t have to rebuild a multi-family home for it to be rented out. The complex doesn’t have to be brand new for potential tenants to want to rent out a unit. If the multi-family property is well taken care of and certain aspects are updated, the units will be rented out with a snap of your finger. Paying mind to the appliances you have in all the units and when they should be updated is important. Keeping up with the trends of the current housing market will help keep the buzz around your complex going. If you have a floorplan that is popular, work on an additional phase two of that floor plan to reinvent the layout to create a more modern space.
That’s the great thing about renovations! Renovations do not always have to be a complete renovation overhaul of a unit. This could be just renovating the flooring, cabinets, or removing a wall to create a more open floor plan. Maybe your multi-family units just need a cosmetic renovation or maybe replacing some of the light fixtures throughout the apartment. This could be as simple as just opting in for updated appliances throughout the units. Renovation does not always mean completely changing the current space.
Interested in renovating your apartment complex? Contact Alterra Multifamily Renovations through our website or call 615-438-5734 for immediate assistance.