Multi-family buildings are a normal part of life for most people living in cities. Ranging from duplexes to buildings that can hold an entire neighborhood worth of people: updating is important regardless of size.
The right upgrades can add to the value of the building, reasonably up how much people pay to rent or buy a condo in the building, and spark interest in moving there for many people.
These six upgrades are easy to complete but will add immeasurable value to the property.
1. Refinishing The Walls in Hallways
Most people don’t think about halls until they start looking bad. It’s easy for corridors in multi-family buildings to become scuffed up and stained, but it doesn’t have to be this way. Different types of wall covering can handle some amounts of rubbing and bumping while still ensuring that it’s visually attractive for residents.
Some kinds of wall coverings can also absorb sound to keep the noise levels down while people go about their daily life. Research, look at colors and textures that compliment the rest of the building and then move forward with the update.
2. Improve Shared Community Spaces
Residents aren’t going to want to spend all day in their apartments. It’s a good idea to encourage mingling and community because it will inspire people to stay longer and enjoy living in the building for longer than they would in less personal properties.
The two spaces every multi-family building should be one for community fun and lounging, with furniture to sit in to talk, and a room where people can take their laptops to work alone together.
The community fun space could even be an extension of the lounge that employees greet potential residents in. The office space should have a no-calls rule if someone else is in the room to ensure everyone can enjoy the area.
3. Replacing and Updating the Mailboxes
Replacing outdated mailboxes may be the last thing on any property owner’s mind, but they’re important! A vertical wall mount mailbox can update the aesthetics of the mail while also keeping it close to the wall and low-profile. Residents will love the ease of access, and the revised and fresh look will keep the building looking like it’s well maintained.
4. Create and Update Pet-Friendly Spaces
For most people, pets are like family. We spend all of our time at home with these animals and share our lives and homes with them. Unfortunately, many multi-family homes aren’t built with them in mind. If the property has space for it, create a small dog park that’s fenced in. This space should have available waste bags and a large trash can that should get emptied regularly.
This space will keep animal waste off the rest of the property while offering an area where the residents’ dogs can run around without fear of running away.
5. Updating The Ceiling Tiles to Fight Noise
With most multi-family homes, there’s a large number of people living under one roof. Acoustic ceiling tiles can muffle this noise while also allowing people to go about their lives as they normally do. Ensure that you choose a color and design style that works with the rest of the building if you complete this update. Although you may not think people notice these things, residents will appreciate the attention to detail.
6. Improve Curb Appeal
Curb appeal is the quickest way to upgrade your building and up how much it’s worth! People want to see beautiful buildings on the outside while also being visually interesting on the inside.
To improve curb appeal, there are a few options. Completing or combining any of them will cause immediate value.
Pressure washing any exterior, from sidewalks to brick, can make a building look fresh and increase the perceived value of the building. A pressure washer is also cheap to rent and easy to operate.
Painting any areas that have been painted previously can make the exterior look fresh and clean.
Scrub or replace windows. When’s the last time windows were replaced? You don’t have to replace every unit’s windows, that would be incredibly expensive, but the ones leading into the lobby could use an update if they look dingy.
Ensure any greenery is well maintained: if there’s no greenery, put some in! You don’t have to have live plants for this tip to work. Green is refreshing and will inspire people to come in.
The Right Upgrades Can Immensely Increase Value
Although there are upgrades possible that could be a bad investment: none of these upgrades will steer you wrong. Being both inexpensive and easy to complete makes them the perfect way to improve the value of your building while also ensuring it’s attractive enough that people will want to move in immediately.
If your building is stagnating, and the property value hasn’t gone up as much as you’ve wanted it to: consider following through with these upgrades!
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