8 Upgrades that Add Value to Multifamily Properties
Multifamily properties with outdated appliances and features don’t appeal to tenants as much as modern and new ones. To make a decent profit when selling or renting multifamily properties, you must increase their value with capital improvements. Here are some of the most beneficial multifamily investments you can make.
1. Install Central Air & Heat
Installing central air and heat is a great way to increase your property’s value. It makes a living space more comfortable to inhabit and creates the potential for higher rents.
2. Upgrade Kitchens
Outdated kitchens can impact the selling and rental price of a multifamily property. That’s why property owners need to upgrade each unit’s kitchen with granite or stone countertops, stainless steel appliances, and new floors.
3. Repair Decks & Porches
Broken-down decks and porches can decrease the value of your multifamily property. Property owners can fix this issue by repairing wood decking and porches to be functional, safe, and attractive.
4. Increase Insulation
When upgrading multifamily properties, be sure to examine the insulation. Low insulation levels in a unit can lead to airflow seeping in or out of walls, floors, and ceilings. To prevent this, add in new insulation panels that’ll provide adequate resistance from unwanted temperature fluctuations. As a result, you’ll reduce energy consumption and increase the value of your property.
5. Improve Laundry Rooms
Providing laundry rooms in multifamily properties is a big perk for tenants. To ensure your laundry rooms are updated, look towards installing new washers and dryers and folding tables. This will increase the property’s value, and most importantly, make tenants happy.
6. Add Ceiling Fans
If you’re unable to add an AC unit to your multifamily property, look towards installing ceiling fans in living rooms and bedrooms. This will help distribute air throughout the space, reduce room temperatures, and lower utility costs.
7. Replace Old Windows
If your multifamily property has old, single-pane windows, consider replacing them with double-pane windows. They offer a thick insulated barrier that reduces airflow and energy consumption.
8. Fix Roofs
When fixing a multifamily property, be sure not to neglect roof maintenance since it’s one of the biggest factors when determining property value. Look towards replacing shingles or the roof entirely to prevent any water damage or rot from forming.
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