Whether you’re the owner of a multi-family apartment building, condo, triple decker or townhouse, you know the value of periodic updates and renovations that will keep your tenants safer and happier. Plus, you can pull in more rent and attract higher quality tenants when you modernize the property.
Here’s a guide for you to follow when planning a renovation for your multi-family or condo.
Come Up With a Plan
The first step in ensuring a successful renovation of your townhouse or triple decker is to create a detailed plan. Jot down your initial ideas and sketches, then start including details such as which areas you plan to remodel (kitchen, bathroom, living room, all of it). Then add in details of what you will need to update such as appliances and furniture. Finally, take notes on the materials you want to use (carpet vs. hardwood, vinyl siding vs. fiber cement, etc.).
Coming up with a plan will allow you to better adhere to your budget and create a realistic timeline. Be sure to include possible Boston contractors you would like to work with and their quotes, as well as possible permits you will need to pull to make the renovation legal.
Define Budget and Priorities
A multi-family home renovation is a major project requiring meticulous budget planning. Your budget should include line items for:
- Contractors
- Permits
- Furniture
- Windows and doors
- Plumbing
- Electricians
- Flooring
- Design
Be sure to pad your budget a little for unexpected expenses that may arise. Budget for the lost rent that you won’t be collecting due to no tenants while these improvements are going on.
Add Value to the Units
Adding value to each unit will help you achieve the best ROI and keep tenants satisfied. Examples of typical renovations that add value include new floor installation, bathroom and kitchen remodels, new windows and doors, addition of extra bedrooms, security features and new lighting fixtures.
Select High-Quality Materials
Before you even begin your multi-family or condo renovation, do your homework on the kinds of materials you want to use. Cutting corners on cheap materials now could result in structural problems, safety risks and premature replacement later on. Research current multi-family construction trends to determine which materials you can combine for their function, their quality and their longevity.
Consider the wear and tear that your units will be facing with the influx of tenants and the turnover that can go with them. Saving money on peel-and-stick floors will mean you have to replace that flooring much sooner than anticipated, translating to even higher costs in the long run. It’s better to invest in quality flooring with a higher price tag that will be able to withstand the constant wear and tear not only of your tenants, but their kids, guests and pets.
And rather than choose cheap appliances that will break in a couple of years (which you will have to spend time repairing or replacing), invest in name brand, high-quality appliances that will last for many years.
Contact AD Construction
We would be happy to spearhead your multi-family renovation, as our team is well versed in all aspects of home improvements, renovations and remodels of properties throughout Boston and beyond. Call us today at 877-345-BUILD.
