Owning and managing multi-family properties is such a desirable and lucrative alternative investment option. Businesses run in a multi-family fashion stand a great chance of succeeding in the market. An essential part and parcel of the entire process of running and managing such properties is ensuring that they remain in a top-notch spick and span condition.
Properties, however, do undergo progressive depreciation in terms of their appearance. To maintain their value in the long run, property managers need to undertake regular maintenance. Here are the two main areas to focus on when maintaining and renovating multi-family properties.
The properties’ exterior is exposed to the weather elements, therefore being subjected to tremendous levels of progressive damage. Walls, for instance, once exposed to alternating high and low temperatures in the presence of humidity, do have their paints severely affected. In the long run, the paint starts scaling off while also discoloring. As part of the renovation of the exterior, the walls should be painted afresh to give the property a new fresh look.
The roof should also be inspected for potential roofing damages such as broken or missing shingles and roofing tiles. Replacing the entire roofing material gives the building a new lease of life. In addition, if the property has a compound, it is important to give it a facelift by tilling the lawn and planting fresh grass and flowers with new landscaping approaches.
The interior should also be targeted with various renovations. Firstly, the interior walls should be painted afresh, and the ceiling material inspected for potential damages such as leakage-based discolorations and sagging. The flooring material, if tiles, should be removed and new ones added, preferably those which match the new market trends.
Interior installed appliances such as kitchen and its various utilities should also be preferably replaced to give the new occupants an incentive to love the house. Optional amenities that can be included with the fresh innovations include bathtubs, in-house storage tanks complete with solar water heating systems and improved lighting accessories such as chandeliers.
All interior and exterior renovations should be tailored to give the multifamily property a more contemporary look and feel that tenants will find cozy and modern. It also lengthens the properties’ lifetime while helping to leverage the amount of rent that the property managers will most likely ask of the new tenants.