# Multifamily Renovation Guide: How to Increase Your Property’s Value
Taking up a renovation project in a multifamily building is a good investment. It enhances the tenants’ quality of life, encourages new tenants to move into the property, and increases its worth. However, a renovation project is usually a delicate project that needs to be well planned for and executed. Here is a brief guide showing you how you can better boost your property’s value through [**multi family renovation contractors**](https://eliteconstructionusa.com/multifamily-renovation/).

## 1. Start with a Plan

Whatever you are about to embark on, ensure you have a good plan on how to do so. Find out where your firm lacks appropriate experience and establish a budget. These are the guidelines on how to go about the renovation of the commercial property; the main focus should be given to aspects that will make the property most valuable and pleasing to the tenant. For instance, kitchen and bathroom remodeling can be very profitable investing projects in most homes. If a blueprint or a plan is securing the project, this minimizes the possibility of emerging with costs and time-consuming incidences.

## 2. Focus on Curb Appeal

The outside of your building is the initial impression that any prospective tenant gets. Housing beauty from outside is something that should not be underestimated, what so ever. You may think of repainting the building, putting new foliage or flowers around the building, or making new and classy LED lighting. Cut grass, neat driveways, well-trimming of shrubs and trees, or painting of houses can give your compound a neat outlook. This makes the property attractive from the exterior, thus attracting possible tenants and even selling the property easily.

## 3. Upgrade Common Areas

Access areas, such as reception, corridors, and laundry, are just as important as the rest of the building in the eyes of the tenant. The update of these spaces can bring freshness to your building, making it look more welcoming and contemporary. It could be exchanging the floor, increasing lighting, or even having a small exercise room or common area. Upgrades of shared spaces benefit dwellers and can act as a basis for an increase in rent.

## 4. Contemporary Kitchen and Bath Designs

There are additional crucial areas, such as the kitchen and the bathroom, that tenants are more concerned with. There is always a way to make the common areas better looking, for instance, by changing the old cabinets, putting in new energy-saving appliances, or installing new fancy fixtures, among others. For the bathroom, new floor tiles, new sinks, and improved lighting should also be designed. Incorporations are not only esthetic but also functional in the sense that they improve the desirability of the units.

## 5. Energy-Efficient Upgrades

Tenants love properties that can enable them to conserve on their bills. It recommends such measures as using energy-efficient windows and doors, replacing all lights with LEDs, and using water-efficient fixtures. It also reduces energy costs because panel installation can also be an addition in the long run. Making the rooms energy efficient will let you include ecologically friendly features in your ad for renters. Further, you will be able to access tax credits and incentives as well if the case applies to you.

## 6. Increase Storage Space

You will always find tenants that need extra space for their things. There is an additional possibility to add value to your property by increasing storage space. Consider purchasing built-in shelves, placing storage in basements, or ideas on how to efficiently accommodate spaces that aren’t used for anything. Another practical extra that will be greatly welcomed by many tenants is secure bike storage. Space is another feature that is often included and which can be very useful, especially in cities.

## 7. Upgrade Security Features

The latter include safety concerns, which are the primary aspiration of any tenancy. Some of the suggestions include: If you have not yet installed security cameras, now is the time to install them; improve lighting around the property; and opt for entry systems that do not require keys. More security measures and tenant's security is perceived; hence, the new tenants are attracted by such facilities. Additionally, it can prevent the occurrence of property losses and theft, which would be wise to spend on in the future.

## 8. Enhance Outdoor Spaces

If your property comes with a compound, make it fun. Some of the common interventions could include fixing some extra, and you could have some benches and tables, make a small garden, or have a barbeque area. Beautification of outdoor areas needs to be a focal point when selecting the premises and working on leasing with the tenants. For properties located in warmer climates, it will be appropriate to provide shaded places or small play areas.

## Conclusion

Multi family renovation contractors is the best way to raise the value of the property and boost occupancy. Stay within frequently used sections of the house, including kitchens, bathrooms, and shared rooms. Finally, think of energy-efficient and modern designs. It is therefore important to always have a strategy, ensure that you set some amount of cash to be used during the process, and most importantly, get people who will assist you to do the job well. Consult Elite Construction to know more.