Everything You Need to Know About Multifamily Renovation
As the years go by, a multifamily building that was once in great condition may gradually fall behind the times. This could be due to a lack of ongoing maintenance and repair, or it could simply be a matter of wear and tear over the years as tenants have come and gone. Either way, multifamily renovations represent a big opportunity to breathe new life into a declining building.
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Why Would You Need to Renovate a Multifamily Unit?
We touched on this quickly above, but let’s take a closer look at what would cause you to renovate a multifamily unit.
1. Age
You may have a hard time renting out units in a multifamily building when the structure is showing its age both in function and in style. A complete renovation may allow you to keep the occupancy level higher and may enable you to rent the units for a higher rate.
2. New Construction
You probably don’t think about “renovations” for a new building, but a brand-new multifamily property will need all of the units outfitted and prepared for the market. This kind of work can be performed by a general contractor like AmeriConstruction.
3. Repurposing
If you are taking a building that perhaps had a mixed-use history and are turning it into a dedicated residential space, a renovation will obviously be required.
Unless you happen to have extensive experience with these kinds of projects, going with a turnkey general contractor who can handle the job from top to bottom is the way to go. That approach will minimize the role you have to play in the project and will help you stay on track for successful, timely completion.
What is the Difference Between a Renovation and Ground Up Construction?
The obvious difference between ground up construction and renovation is that with a renovation project, you are not starting from scratch. Instead, there is something there to work with, for better or worse. You might have a building that is in pretty good condition and only needs minor renovations – or you might have an old structure that needs to be torn down to the studs.
In general, you’ll need a larger budget for a ground up project, as building a new structure is usually more costly than renovating an old one. That doesn’t mean the renovation is going to be the better investment, as there are far too many variables in play to make that judgment on just the upfront cost. For example, while a renovation is probably less expensive to start with, your potential earnings may be limited by the size of the existing building. A new ground up project could be designed for greater potential, perhaps surpassing what can be earned from the old building in the long run. It will come down to the specifics of each project, including your budget and goals, to determine if a renovation or new construction is the right choice.
The Process of a Multifamily Renovation
It may go without saying, but we are going to say it – every multifamily renovation project is different. In this section, we are going to walk through a general outline of how the process may work, but a detailed plan will need to be created for your project before getting started.
The first step in a multifamily renovation is to get an overall picture of the project and what type of renovations are being performed. Is this an update of an old building, or is the job to finish the interior and exterior of a new structure? Either way, there will likely need to be a walk-through performed to determine the scope of the work and to outline a timeline and budget. Many different types of work can be included in the final project plan, including –
Interior Renovations
This can include things like flooring, cabinets and countertops, interior painting, and much more. A proper interior renovation can leave multifamily units feeling like new, even if the building is decades old.
Exterior Renovations
A shabby exterior may cause potential tenants to pass over a building even if the interior would meet their expectations. Types of work a general contractor can perform on the outside of the building include siding, windows & doors, exterior paint, and masonry work.
Multifamily Roofing
Every building needs a reliable roof, and roofing happens to be our specialty here at AmeriConstruction. We offer many different types of roofing to meet the needs of each individual project, including asphalt shingles, membrane roofing, and metal roofing.
Your best bet is to get in touch with a full-service general contractor as soon as you know that a multifamily renovation project is in your future. The sooner you can devise a plan for the work that needs to be done, the sooner you can complete the project and get these units back on the market.
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Let’s Talk About Your Project
Are you getting ready to take on a multifamily renovation project? There are a lot of moving pieces involved with this kind of job, but the team at AmeriConstruction is here to help. We have many years of experience in this field, and we will be able to guide you through every step of the renovation. It all starts with a meeting, so reach out today and let’s get the process started. We look forward to speaking with you about this exciting project!
Your Local Multi-Family Construction Specialists: Offering Services and Solutions You Can Count on
No matter how extensive your roofing needs may be, AmeriConstruction is here to help. We’re committed to keeping your home or business safe from the elements and providing top-notch efficiency. Keep in mind, roofing systems installed by AmeriConstruction come with a 10 to 25-year warranty as well. Contact AmeriConstruction online or by phone for all your construction needs.
