A third of households in the United States are currently multi-family households, which makes this a great investment. Unfortunately, this has far more moving parts and things to figure out than the average housing investment.
If you’re ready to upgrade your income and create a property that will bring in money, these are some of the best things to invest in.
1. Protective Moisture Proof Paint
Painting before new tenants move in is important because it allows a space to feel fresh and clean. This also allows a space to feel updated, even if it’s a little behind. Not all paints are made equal, though. Instead of going for a basic paint, invest in moisture-resistant paint that will last and protect the investment you made in this property.
Even if you don’t use it in every room, this is vital in bathrooms and kitchens since these rooms need it the most. These spaces will be better protected against moisture damage or mold and will be prepared to handle anything your tenants throw at them.
2. Updating the Details
Sometimes it’s the details that matter! We all want a space that feels updated, and for rental spaces, it doesn’t take much to achieve that. Instead of overhauling every single space- which can be a lot when you’re working on a huge multi-family property, take the time to update the details.
This means replacing doorknobs, the hardware on cabinets, light fixtures, and plates on outlets and light switches. Get rid of any brassy or yellow gold, and go for a cleaner finish. This step will make a huge change in how people perceive the space you’re selling.
3. Make Areas More Soundproof
When many people live together, noise is going to happen. From kids and pets running around to couples arguing and even tenants simply being loud snorers, there’s a lot going on that can make someone’s life miserable.
Instead of allowing this noise to become a problem, invest in products that will absorb the sound. From thicker insulation in the walls to better carpets, windows, and walls, these changes will absorb any sound that comes their way.
4. Safe and Accessible Mailboxes
We all look forward to getting our mail, as long as there are no bills in it, but it’s vital to remember mail carries a lot of personal and secret information. Don’t give your tenants any reason to worry about the safety of their mail and packages, and instead invest in multi-family mailboxes that will protect their items.
These can be exterior, or you could create a mail room with package lockers. These will save you from angry calls from tenants saying their packages went missing.
5. Visual and Physical Texture
Texture can break up a space and make it feel larger or simply more interesting. One of the best ways to do this is to add a white shiplap wall in one of the rooms in any apartment. This will give a focal point, a space to place their headboard, and make the area feel updated and fresh.
You can also do this through any carpeted spaces, usually in bedrooms. Go for a soft and comfortable fabric that will go well against any wood or linoleum floors the rest of the apartment has.
6. Matching Wood Surfaces
The more wood finishes a space has, the cheaper and more disjointed it will feel. Instead, take the time to refinish wood surfaces or invest in replacing them with surfaces that do match. A single wood color with the best interior wood stain you can find will boost how luxurious and nice the apartment feels.
7. Shared Working Spaces
A large percentage of Americans are still working from home, and it can be boring to work in the same spot every single day. Encourage your tenants to work as hard as possible by offering spaces that have quiet seating with no calls or talking allowed. You can even offer free wifi in these areas. Your tenants need to work to pay you, so give them the tools to do so.
8. Invest in Better HVAC Systems
One of the largest month-to-month bills for tenants, besides rent, is going to be their electricity bill. Unfortunately, the biggest reason for this is a weak system or leaking windows. Although you might not have to deal with replacing every window in a building: there’s a lot you can do with the system itself.
Have maintenance to ensure the systems work and replace the filters before new tenants move in. Let tenants know that filters have to be replaced at least four times a year, if not more often than that, for their systems to run well. Invest in checking the insulation of your building as well.
Multi-Family Homes Are a Great Investment!
Whether this is your first investment or you’re trying to make sure your next investment does better than your last one, these tips can help you. You’ll find the right renters in no time!