5 Home Improvement Ideas to Maximize Returns on Multifamily Acquisitions
Real estate is a very competitive marketplace. As a multifamily property investor seeking to grow your portfolio, it is important to formulate and implement a Pre-Acquisition, Acquisition Evaluation, Acquisition Planning, and Budgeting plan. It is necessary to carry out due diligence to ensure the investment holds a strong potential for maximum ROI. You may need to make some home improvements to enhance its aesthetics and increase its resale value. If you are planning to acquire a multi family property for resale or renting, United Renovations can provide extensive renovation services to drive maximum returns for your multifamily acquisitions. Let’s look at five important renovation elements that multifamily property owners and managers should consider.
1. Exterior Siding Replacement
Replacing the property’s exterior siding is a good way to upgrade its appearance. You can choose from a range of modern exterior siding options, ranging from thermal-resistant foam backing to the eco-friendly vinyl sliding. High-quality exterior siding is available at affordable prices and can last upto 5-20 years when installed properly, even with minimum maintenance.
2. Front Door Replacement
An appealing front door makes a good first impression and boosts the aesthetic appeal of your property. Simple improvements, such as a new coat of paint or installing magnetic weather stripping to the front doors, helps attract prospective home buyers or tenants. When replacing front doors, consider steel doors, as they are durable and hold high potential to keep the occupants safe from the elements, break-ins, and home invasions.
3. Attic and Basement Utilization
Most attic space and basements can be reconstructed to create more space in the house. The space can be utilized as an additional bedroom to increase the appeal of the house and drive more sales or better rentals. Converting an attic or basement into additional space is less expensive than building it from scratch, as you have to incur more costs.
4. Landscape Improvement
A well-maintained landscape can increase the aesthetic value of the property. A healthy and appealing lawn offers a happy home feel and can attract more tenants to your rental property. Landscaping projects to upgrade your multifamily property can be done with minimum effort at affordable cost if you get professional help.
5. Miscellaneous Repairs
Small repairs, such as applying a new coat of paint to your home’s exterior and interior, and replacing damaged floors and wallpapers are great improvements to bring life to your property. Once prospective clients are happy with the exterior appeal of the property, they expect everything on the inside to be up to the mark as well.
We Are Here to Help
If you are planning to acquire a multifamily rental property, our team of experts at United Renovations offer reputable pre-acquisition due diligence services, including acquisition evaluation, planning, and budgeting. We specialize in both, interior and exterior apartment improvement and help multifamily property investors and managers realize their investment goals. If you have any questions or wish, fill out our contact form and we will get back to you, shortly. You can also call us at 972-432-6922.