​HOW TO INCREASE THE VALUE OF YOUR MULTIFAMILY PROPERTY

With multifamily really taking a stand as being one of the hottest sectors in Real Estate at the moment, it is obvious to see the reason why investors are hopping up and down just waiting for the right time to scoop in and land that deal. However, those of you already with a multifamily property in your Real Estate portfolio are probably seeking ways to increase the value of your property. After all, with so many brand new, beautifully designed multifamily properties appearing by the second, how are you going to compete with all that? So while not every method will work for every deal, the true beauty of adding value to your multifamily investment property is through your own ability to generate wealth through your own personal efforts. Different from investments in stocks or bonds, you are the one holding the cards. Well, what are you waiting for?

Cosmetic Repairs:

This is highly important not only for maintaining current tenants, but as well as helping you to rebrand your multifamily property. This wont only show the tenants currently living in your property that you are invested in making their lives better through these improvements, but also it helps you build up a case for increases in rent hen lease renewal time comes around. In addition, having these cosmetic repairs will surely make your property a lot more ideal for future tenants. Before you begin worrying about how much this is going to cost you, be warned that it doesn’t have to be anything major, in fact, it can be as easy as …

• Giving an update to any aged, dirty, worn out appliances
• Giving each unit a new slick of paint can be a comparatively inexpensive way to increase it’s market value as it will give the impression of a dramatic change and make old look new all over again
• Adding updated lighting fixtures

Curb Appeal:

By simply updating the exterior of buildings by something as nice as easy as a paint job can really help to change the overall impression of your multifamily properly. Also, by replacing and upgrading your property’s landscape won’t just be considered a cosmetic upgrade, but in the long run, if you do it properly, it may help you save some serious excess landscaping expenses in the future i.e. choosing plants that will require less maintenance.

Services:

Laundry units might be a little trickier to add, but it is definitely worth its cost at the end of the day. It is best if you could find space for a stackable, however if there is no possible way to do so, another alternative is to try and add units within each building. Or you could simply update the existing laundry facilities with newer appliances.