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Multi-Family Residence Renovations

Whether you’re the property owner, property manager, or landlord of a multi-family residence, you already know it’s a competitive market. Tenants have many choices to choose from in multi-family residences, but one way to stay competitive is with commercial remodeling services from with Shore Builders, Inc.  

Current and prospective tenants alike have expectations for a multi-family residence, namely that the property has a warm and inviting appearance inside and out. We work alongside clients to give their property a facelift that is both practical and appealing.

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Multi-Familiy Residence Renovations in St. Augustine, FL

Why Renovate A Multi-Family Residence?

The idea of renovating a multi-family residence may not sound appealing, but it is a worthwhile undertaking for any landlord, property owner or manager. The initial financial outlay shouldn’t be the deciding factor to renovate, but instead the payback a renovation can provide both in the short and long-term through increased property value, lower maintenance costs, and greater tenant satisfaction.

Increased Property Value

It’s common to market your multi-family residence from the perspective of the value living there will provide a tenant, but what about the value to you? Just like owning a home, renovating a multi-family residence can increase the property value, especially if you may sell it down the road. But, don’t just start remodeling with the idea of an increased property value in mind.

Reduced Maintenance Costs

The less time and money you have to spend maintaining even one rental unit is more time and money in your pocket. Even with the best tenants, appliances, flooring, wall paint, and the unit, in general, will wear out over time. We provide cost-effective Gainesville renovations for multi-family residences, which lower maintenance costs with modern and efficient details.

Tenant Satisfaction & Retention

Tenants want to know you care about your property through the investment of remodeling and keeping the structure up-to-date. The more you can display your commitment to the property, the more likely residents are to choose to continue renting from your property. And the more satisfied tenants you have, the greater chance that prospective tenants will become permanent residents.

Which Renovations Can Boost Return On Investment (ROI)?

Anytime you decide to start remodeling in Gainesville, you want to have the best ROI you can. After all, spending time and money on improvements and upgrades then still having tenants leave or not move in at all is a worst-case scenario. But it’s possible to avoid the worst case scenario by knowing what tenants seek when looking for a multi-family residence, including the following. Hire our commercial renovation company to boost your profits, appease current renters, and attract prospective residents.

Exterior Remodels

Curb appeal applies to multi-family residences, especially if you know the interior will reinforce a pristine exterior and landscape. Updating the common areas such as a clubhouse to reflect a modern look can have a considerable influence on a potential tenant’s choice to move in or a current tenant to see you’re willing to keep all parts of the property up-to-date.

Amenity Additions

Amenities mean either adding hookups for a dishwasher and/or washer and dryer. Adding amenities could also translate to including the physical machines within the living space. Amenity additions to a commercial multi-family residence not only adds value to the property, but it can also serve to increase convenience and satisfaction with tenants.

Kitchen & Bathroom Upgrades

These areas are known for making or breaking a home sale — this also holds true for rentals. Tenants are often willing to walk away from a rental without an updated kitchen and bathroom, but just as willing to sign a lease for a unit which has been renovated. We have worked with multi-family residences on projects that delight tenants and property managers alike.

Flooring Updates

Flooring is one area that has an immediate impact on your return-on-investment. Though carpet had been the gold standard for many years in multi-family residences, tile, vinyl, and/or wood flooring is easier and less expensive to maintain for both you and a tenant. Plus, new flooring immediately brightens a space and gives a modern look to any space.