How to Plan Your Multi-Family Property Renovation

Multi-family properties like apartments and condominium units should always look their best from the inside out. So, if an owner of multi-family properties finds that they’re losing tenants and discovering that their property is tied to words like “out of date” and “low curb appeal,” it is definitely time for a full renovation.

Let’s take a look at the benefits of investing in a multi-family renovation and what you can do to ensure your property improvements give your rental units the boost they deserve.

What Are the Benefits of a Multi-Family Property Renovation?

Giving your property interior or exterior renovations goes beyond just a standard facelift. Completing full renovations of your entire multi-family property can also offer the following benefits:

  • Rent increases
  • Increased authority in your local market
  • Reduced maintenance costs
  • Reduced insurance costs
  • Attracting desirable employees and renters
  • Stronger tenant retention

How Can You Effectively Plan for Your Renovation?

A multi-family renovation can be a massive undertaking for any property owner; so, planning is essential. Here are some essential tips for planning a smooth and successful renovation process.

Find an Experienced Contractor

Multi-family renovations are so much more than renovating a single room in your home. So, you want to hire an experienced home renovation contractor that specializes in interior and exterior multi-family renovations.

The last thing you want is your contracting team to be overwhelmed mid-project and leave you high and dry without a complete renovation. Trust a team like Shepherd Renovations to gather the right number of team members and resources to complete your renovation on deadline and on budget.

Plan Out the Specifics of Your Renovation

You want your entire home renovation to be as uniform as possible. So, make sure that you plan out the same renovation jobs for each unit with similar specifications. Not only does this type of detailed planning help you map out your specific renovation needs, but also helps you plan your project’s budget and appropriate completion dates.

Examine Your Target Demographics and Similar Properties

Your end goal of any rental property renovation should be to attract desirable tenants and make your property a lead competitor in its market. So, before you officially break ground on any renovations, make sure you do your research:

  • Ask your current residents what they’d like to see out of property renovations
  • Search industry forums for what your target demographic desires out of a place to live
  • Scope out the competition that is beating you. What do their properties have that yours doesn’t?

From there, you should have a lengthy list of potential renovation specifications you can aim for in your latest project.

Plan to Renovate Beyond Units

Your units may be the main focus of your renovations. However, you don’t want to schedule a complete unit overhaul and overlook amenity renovations or renovations to your property’s office if you have one.

With multi-family renovations, the goal is to improve for years of prosperity. So, make sure every possible improvement is made where possible.

Plan Your Renovation to Perfection With Shepherd Renovations

If you are ready to plan a multi-family property renovation in 2022, let the experts of Shepherd Renovations help.

We are a team of professional contractors that have decades of experience in the construction and renovation industries. Our goal is to make every property improvement we perform exceed the expectations of our clients.

Contact us today to learn more about our exterior and interior renovation services and schedule your in-person consultation with a member of our team.