If you’re thinking about investing in some MULTIfamily homes then now is a great time. The market is perfect for anyone looking to buy a MULTIfamily home, duplex or triplex and improve it. There are so many simple ways you can improve the MULTIfamily property that will give you an excellent bang for your buck.
All it takes is a few changes to turn your MULTIfamily home into a great rental property that will make you great money. If you’re looking for a few ideas, have a look at this for 12 ways you can add something unique to your MULTIfamily home that will also add some value.
1. Improve on the common areas
The one thing that every tenant will be seeing often is the common area like shared stairwells or front doors. These are the first place you want to spruce up and the added beauty will give new tenants an idea of what to expect. You can have gorgeous units but if the shared spaces are full of outdated tiles and broken lights then it gives off a bad look before they can even enter. Replace old fixtures, paint the area and update things like windows or doors to bring a bit of luxury to the shared areas.
2. Make the greenery look good
A well-maintained and fresh-looking lawn is important if you want your property to look like it’s been taken care of. Hire a landscaping company to come in and rework the yard to add more space and some gorgeous plants. A nice garden shows the owners have pride in the appearance of the building and it makes the property stand out. If your lawn is brown and dry, it makes it obvious that the property managers or owners aren't around enough to keep it maintained.
3. Add some security
It’s easy to add some simple security measures that will keep your tenants feeling safe and keep the building free from strangers. Many buildings come equipped with a buzzer system but if yours isn't, look into an upgraded version. Modern versions require a key card, a passcode or even a QR code that will let tenants in and keep everyone else out.
Apartment intercom systems can also include cameras where the tenant will only be able to unlock the door after they have visually seen the guest trying to enter. These are great for people who want a smart home upgrade for their building. These systems can cost between $1000 and $7000, based on the system, but tenants value their safety so it’s worth every penny.
4. Keep your tenant’s packages safe
One of the biggest concerns for some people in today’s age is package theft so adding a system to your building to help your tenants out is a great upgrade. A parcel dropbox for the building or each unit is an easy fix that will cost you between $150 and $300 per box. These boxes have an area where a package is dropped in but it is unable to be retrieved unless you have the key to open the compartment below which means each unit can feel safe knowing their packages won’t be stolen.
5. Bring in a designer
While painting the walls white is the best way to show off the size and space of the unit, you might want to try bringing in a few modern touches. An interior designer can consult with you for a fee and give you some small upgrade ideas you can make on every unit to make them look much better.
Whether it’s replacing the window treatments, ripping up some carpet or moving around the kitchen appliances, there are always small improvements that can be made that will make the unit go from boring to beautiful. A one-hour consultation will cost you between $50 and $450 but their knowledge is something that will help you so much in the long run.
6. Get eco-friendly
New buyers and tenants will love any sort of upgrade you add that makes the building eco-friendly or low energy. Look at replacing outlets with smart outlets which include a USB charger along with a regular plug outlet. You can also change the light fixtures, plumbing fixtures and appliances to a low energy option to reduce the overall energy bills.
Many small things like window treatments and flooring can be replaced with options made from sustainable sources like bamboo or cork which looks and feels much nicer than plastic. If you want to really give the property a sustainable boost, look at installing a small set of solar panels. These reduce energy costs while making the entire building look and feel more eco-friendly.
7. Keep it cool
Central air is a great upgrade that everyone will enjoy and it’s one of the best ways to add some value to the home. An HVAC system cost will depend on how much work will need to be done but it starts at around $4000. Being able to provide the tenants with cool air in the summertime and not worrying about the possible damage that can come from individual a/c units being installed is invaluable.
An improperly installed A/C unit can drip onto other tenants’ areas, damage the window frame or even drip inside which would cause quite a bit of damage and central air will eliminate the need for tenants to have their own air conditioners.
8. In your own backyard
If the property has a backyard then do some improvements to turn it into a nice space for the tenants instead of a chunk of boring grass. Placing some furniture, some storage for outdoor accessories like bikes, or a barbeque for tenants to share will improve the space. It’s easy for your property manager to maintain plus they make the space look much better.
In current times, having a nice backyard to spend some time in is important and it’s become a major selling point for people who work from home. Another bonus is it gives the tenant a sense of community from the shared space which is great if you want your tenants to live harmoniously.
9. Make it pet friendly
For anyone who has owned a rental unit, this seems like one of the last things you would want to do but you appeal to so many new renters if you make the property ok for pets.
Take part of the yard and add a small fence to make it a “dog park” for owners to let their pets do their business. This way you can avoid any issues that come with picking up pet waste and open up the pool of renters you’re looking at by quite a bit.
10. It’s all in the wash
In many duplexes and MULTIfamily homes, the tenants will share the washing machines and pay to use them. The most common machines are coin-operated but modern ones can come outfitted with a card reader instead. With the card reader, the tenant loads money onto their card online and scans it to use the machines. The install cost depends on how many units and the type of card reader you’re looking for but this upgrade is a great idea for any buildings that have shared laundry.
If you don’t have the funds to upgrade to a card reader then consider upgrading the current washers to energy-efficient ones. This will save the building money in the long run and it’s another eco-friendly benefit you can point out to potential renters.
11. Give them some services
If you want to add a few extra amenities to the list of great things about the building then look into getting a few contracts with some helpful services. Snow removal is perfect if you need your properties' driveways and sidewalks cleaned often without the tenants worrying about it.
You can also consider a contract with a local cleaning company for the common area that includes door-to-door garbage removal which is handy for elderly or busy tenants. Small services like this give the tenants a sense of luxury and you can include some of the contract fees in the rental price.
12. Give them extra space
Adding some storage areas on the property will give the tenants a space to place the things they don’t need right now, freeing up valuable floor space in their units. You can achieve this by adding a locked weatherproof shed outside or using some unused space in the building (under the stairs is a great space for this) and turning it into storage lockers. Tenants will love being able to store their belongings in a safe place.
There are so many ways you can add value to your MULTIfamily property quickly and easily. Once you’ve upgraded and added as much as you can, selling it or renting out your units will be a breeze. A beautiful and modern multifamily property will be a great addition to your investment portfolio for years to come.