Upscale Living: Transforming Multi-Family Real Estate with High-End Renovations

Rental properties continue gaining value, but buyers are pickier than ever. They want luxury and comfort in every room of their new home. Although you should be reasonable so you don't go bankrupt chasing luxury, you can create high-end rental properties anyone would want to live in.

These are the top transformations to consider and why you can make any building a winner. 

1. Boosting Security

There's a large fear of Security in a lot of modern families. They want to know their packages are safe; they're desperate to ensure that their families are safe and that they can predict the environment they'll be in every single day. This is an extremely relatable fear, but as the owner of a rental property, it can feel like an incredible amount of pressure.

To create a safer building, beyond just including more smoke detectors and investing in dozens of cameras, it's a good idea to think about what areas of your building are the most vulnerable and what you can do to secure them. Don't be afraid to reach out to a security company for tips.

2. Cutting Down on Noise Pollution

Noise pollution is one of the largest complaints seen by property owners. Although every individual tenant can be a great person that you're happy to rent to, when you gather countless people together, people are bound to get annoyed with one another.

Adding more insulation, using noise-canceling materials, and boosting the thickness of walls or floors can give your apartments the feel of being in the middle of a void. No sound will get through, and people can focus on their own personal lives instead of a neighbor's barking dog.

3. Keeping Up to Code

Following city and state building codes is an important part of any rental remodel. Look into everything from building code insulation requirements to safety laws and what brands work hard to stick to what's expected of you. This isn't a place to go cheap or try to cut corners. Not only will skimping on some areas cost you money from fines, but you will also put people's lives in real danger.

4. Understanding Energy Efficiency

Renters care about energy efficiently more than homeowners on average. They want predictable bills and can't help whether or not the building they're in will help them achieve this. 

Living in energy-efficient buildings helps them save on monthly bills and is a great selling point when you want to find renters. 

To boost this, work to increase insulation, make sure the building is as sealed as possible, use high-quality windows and doors, and keep up with regular maintenance. Over time, your renters will see a huge drop in their electricity bills, which will make them more likely to want to keep renting from you.

5. Investing In Common Areas

If you want people to stay in your rental property for longer, you need to let them feel like they're part of a community. Common areas like office spaces for renters or installing roof deck tiles for a sky-high view of the city can be great options. Allow your tenants to feel like they're a part of something bigger. This will make sure they continue to rent from you longer, and that they'll be more likely to recommend renting from you to other people.

6. Safety Will Go Further

Safety is more than just emotional and possession safety: you need to make sure the building isn't going to put anyone at risk as well. Invest in a commercial stair railing that can handle the hundreds of hands that will touch it every day. 

Hire a company that can go over all of the safety risks your building currently has and seek out aesthetically pleasing ways to correct them. This can feel like something small, but it will save a lot of pain and suffering in the long run.

7. Mistakes You Need to Avoid

It's easy to think you know what everyone wants, especially if you've rented before, but every renter wants something different. Avoid trying to win everyone over 100%. Your budget for time and money is finite, so don't go chasing an impossibly perfect ideal. Instead, invest a reasonable amount into making this building better than what most people would expect. 

Avoid setting your expectations too high. Rentals are expensive and time-consuming. From maintenance to hiring employees, working to get more renters, and even having to go to court, being a landlord is costly. Make sure you're in this for the long haul before you sign up for more than you could reasonably handle. 

Every Property Can Gain Top Dollar When Remodeled Well

Remodeling a multi-family property is a huge investment and a test of planning and vision. If you're ready to bring in endless money from your investment, consider companies like Off The MRKT to make your dream come true.