Multi-family real estate is booming. With less working-age professionals buying houses, you can rest assured that any investment you make in your space will be profitable. You know that not every investment will result in immediate cash-flow, so here are some well-researched, handy tips to keep in mind when you are considering your next multifamily renovation. R.H. Blanchard has you and your multifamily renovation covered.
Many tenants will pass-by a multi-family unit if they see there are no places to store their items. Often, a linen closet will not make the cut. In addition to a linen closet, consider shelving in the bathroom and bedroom areas. Shelving is notoriously inexpensive, easy to install, and easier to replace. In a nutshell, shelving will minimize your risk and maximize your budget. It also does not hurt that unique shelving – such as floating shelves and corner shelves – will give your units a modern feel without the modern price tag.
2. Keep it Clean
Whether this means repainting cabinets, doors, or walls, a serious potential tenant will be eyeing all surfaces for cleanliness. Don’t miss out on thousands of potential dollars because of easily-fixed eyesores like walls and doors. If you want to take it a step further, replace all tarnished fixtures with updated silver or chocolate-colored fixtures. The modern tenant wants to live in the present, not the past! These quick and easy upgrades will add major appeal to potential tenants.
3. Keep it Dark
While white is usually the standard, choosing darker tones for walls, countertops, and especially grout, will keep you from having to repaint and replace as often as you might with lighter-colored surfaces. Although seemingly minor, faded white and stained-by-mildew grout are real turn-offs to tenants. Save yourself time by renovating your units with darker tones.
4. Unique Touches
What makes your investment stand out? Often, small details will be the deciding factor in where a potential tenant chooses to live. Invest in unique features that make your property stand out. Boston architecture ranges from traditional Georgian to the more trendy Second Empire.
Pick an architectural style, and transform your multi-family unit into a neighborhood treasure. Adding unique touches – externally or internally – will add a sense of nostalgia that potential tenants cannot ignore! A quick search for Boston architectural styles will heed long-term, positive results for your property.
5. Natural Lighting
If you want to go big, you cannot go wrong with expanding window space. Boston’s blue skies, snowy trees, or fall colors are all images that are asking to be enjoyed. Adding larger windows will increase the amount of natural light in your units. Tenants are looking for efficiency. Harsh artificial lighting is an immediate deterrent because it signals to the tenant that your unit is not conducive to living close to nature. Boston is beautiful. Let there be (natural) light!
6. Crown Molding
Here’s an easy one. Crown molding is becoming a staple requirement for many working-professionals who are looking to live in a multi-family unit. It signals an air of wealth and is extremely visually appealing. Investing in crown molding is guaranteed to be a feature you can advertise that will draw-in potential renters.
7. Open Floor Plans
Open floor plans allow the renter to maximize their own space. Cramped kitchens and small breakfast nooks are not visually appealing and will make renters feel boxed-in. Avoiding the boxed-in feeling as much as possible is a major consideration for potential tenants. Instead of closing the kitchen off, add an island instead. The same concept can be applied when considering artificial walls – keep it open. Additionally, you can add archways above entrances to aide in an even more open space. Anything to open up common areas will maximize potential.
8. Curb Appeal
It goes without saying that first impressions are important. You do not want potential tenants to take one look at your investment and walk the other way. A fresh coat of paint will peak renters’ interests without breaking the bank.
Although it may seem trivial, sinks can be a cause of great joy or anxiety. When considering whether to go with one sink in the mater bath or two, always go with two. You’d be surprised at how many properties do not offer this amenity. Any couple who has had to share the same bathroom sink knows how invaluable dual sinks can be. In the kitchen choose sinks that are spacious and deep. Dishes are never-ending; any experienced renter knows how stress-inducing small sink areas can be.
10. Home Away From a Home
And finally, always keep in mind that renters may not be looking for a physical single-family home, but that does not mean they want to feel as if they are living in a multi-family unit. Insulating walls and floors will keep your property charmingly quiet, increasing walking paths around the unit will allow tenants the freedom to “walk around the neighborhood” unhindered, and built-in book shelves and artificial fireplaces add sought-after charm and coziness.
Contact R.H. Blanchard Today
R.H. Blanchard has the tools to maximize your property and save your money. Our company has years of experience remodeling investments like yours, and we pride ourselves on our services. Don’t waste time and money hiring multiple contractors; R.H. Blanchard can do it all. Contact us today for a free quote, and visit our website to learn more about how we can help you refinish your multifamily renovation.