Are you a commercial multi-family property owner in need of a full renovation of your units? This is a huge task that can be overwhelming but it’s well worth your time and investment.
A renovation will not only attract better tenants but you’ll also have peace of mind that your property is durable and won’t need as much maintenance as before.
Read on to learn about the most important steps in renovating a commercial multi-family home and how to make the property tenant-ready in no time.
Make a Detailed Plan
The first step to a successful apartment renovation is making a detailed plan. Write down everything from your initial ideas and sketches to details like the appliances, furniture, and materials you’d like to use.
This plan will help you stick to your budget but also guide you so you stick to the schedule and have everything done in time. Your plan should also contain the details on the companies you’ll be working with, an approximate timeframe on when everything will be done, and all the permits you’ll need to obtain before you start.
Define Your Budget and Priorities
A commercial multi-family home renovation is a huge project that requires meticulous budget planning. Depending on the level of renovations you’re planning, you should define a budget for everything.
This includes the contractors, permits, furniture, windows and doors, plumbing, electricians, flooring, and any unexpected expenses that may arise. Take into account the time you won’t be renting out the units because this means no tenants and no income.
Focus On Adding Value to the Units
If you’re wondering how to renovate on a budget, think about adding value to the units. This is the best way to get your money’s worth and keep your tenants happy. This way, even if you decide to sell the property later down the line, you can still make a great return on investment.
Renovations that add value include installing new floors, a bathroom and kitchen remodel, new windows, creating extra bedrooms, new lighting fixtures, and security features.
Choose High-Quality Materials
Before you start the condo renovation, do in-depth research on the type of materials you should be using. Take a look at the current construction trends and see what materials are a mix of quality and functionality.
For example, instead of using peel-and-stick floors, invest in flooring that can stand the constant wear and tear of tenants and their kids and pets. Instead of using low-cost appliances that could break easily, invest in top-quality appliances that’ll last for years.
Renovating a Commercial Multi-Family Home? Complete Conversion Services Can Help!
Whether this is your first-ever multi-family property to renovate or you have some experience remodeling, these tips will help you make a plan and stick to a schedule so you can start renting out the units as soon as possible.
Ready to start renovating a commercial multi-family home in your portfolio? Contact us today to learn more about our services and see why we’re the best choice for your home renovation needs.