5 Remodeling Ideas to Enhance the Marketability of Your Multifamily Property
Gone are the days when the sole focus of wishful tenants used to be affordability as most people, these days, seek a property that offers a comfortable living, complete with all progressive amenities. To keep up with the transition, an increasing number of multifamily property owners are turning to renovations, regardless of whether we talk about Austin, TX or any other part of the US. If you too have a multifamily property and wish to enhance its marketability and profitability, you can easily hire a remodeling contractor to carry out both moderate and extensive improvements. Before you do that, however, it is important to get an overview of the options at hand.
On that note, let’s take a look at five remodeling ideas that are sure to yield high returns for multifamily property owners.
1: In-Ground Swimming Pool
In-ground swimming pools may be a cost-intensive investment, depending on the type of pool you choose, and may also increase your property’s energy costs. This addition, however, is certain to make your property more attractive to many potential renters, and therefore, it is always a wise investment, especially if you are in a sun-blessed land such as Texas.
2: Epicurean Kitchens
Kitchen remodeling, therefore, is a great way to enhance the marketability of your property. In fact, a gourmet kitchen decked with premium stainless steel appliances is a failsafe tenant magnet you can use to enhance the marketability of your property. What attracts your renters in a Gourmet Modern Kitchen include solid surface countertops, European-style cabinets, patterned tile backsplashes, open floor plan, under-cabinet lighting, and a garbage and recycling center.
3: Whirlpool Baths
Prospective renters of multifamily properties won’t mind paying a little extra for a newly installed whirlpool bath. These baths enhance the luxury quotient of your bathroom and attract more tenants. The majority of the whirlpools come in three standard sizes – five, five-and-a-half, and six feet. Multifamily property owners, however, need not worry about the potential expenses on bathroom remodeling.
Adding sunrooms is another idea that may make your property stand out in the increasingly competitive housing market. Investing in this type of remodeling project makes a great value addition to your property. You can easily recover the cost of making sunrooms as many renters look for properties with natural daylighting.
5: Crown Molding
Crown Molding or Trim is a treat to the eyes. It adds a touch of elegance to both interiors and exteriors of your multifamily property. Trimming the edges of ceiling and walls, crown molding enhances the visual appeal of your property. You can make value additions by trying various types of molding such as high baseboard, columns, ceiling beams, ceiling medallions, and so on. In addition, crown molding is also associated with a multitude of classicism such as Federal, Early American, Greek Revival, Colonial Revival, Georgian, Craftsman, and Traditional Revival. All of these custom decorations make your multifamily building look more appealing and likely to attract more tenants.
These property remodeling ideas may seem expensive at first, but their possible returns make these investments worthwhile. To transform your property and increase its market valuation, get in touch with United Renovations – one of the most reputable remodeling contractors in Austin TX. Our consultants are just a call away, and always ready to implement various remodeling ideas within your timeline and budget.