Making renovations for your multi-family building is a smart move, provided you make sure the improvements you have in mind are poised to bring you a high return on investment. Whether you’re looking to make small changes, such as updating cabinetry, or bigger changes, such as a full remodel of your kitchens, these improvements can help you achieve the highest market value.
Let’s take a look at five renovation projects that add value to your property.
1. Kitchen Remodel
Most people spend most of their time in the kitchen. They cook, prep, eat and entertain in this room, so it stands to reason that making improvements to this space would bring you a higher ROI than others. According to Remodeling Magazine’s annual Cost vs. Value Report for 2021, even a minor kitchen remodel can help you recoup more than 72 percent of your costs. You don’t have to knock down walls and make major changes for the improvement to add property value, though. Even just replacing the faucets and fixtures, adding new cabinetry and hardware, or replacing old light fixtures with more energy efficient ones can be enough to secure value.
2. Bathroom Remodel
Another way to increase your home’s value is to perform bathroom upgrades. You can:
- Install new sinks, showers, tubs, and toilets
- Paint, retile and refloor
- Add storage space and cabinetry
- Add a mirror or vanity
- Upgrade the lighting
You can even add another bathroom to the property, as houses with multiple bathrooms are a big draw in today’s real estate market. People enjoy their bathroom spaces, as it gives them a respite from a long day, a place where they can relax and enjoy a bit of pampering.
3. Energy-Efficient Upgrades
By upgrading to energy-efficient appliances and building materials, you can save yourself some money in the long run. Not only can these projects save on energy costs, they can also reduce the property’s environmental impact. Some energy-efficient upgrades you may consider include:
- Installing solar panels
- Buying Energy Star appliances
- Investing in smart thermostats in all units
- Replacing old windows and doors
- Improving insulation
Bonus: many of these projects will qualify for green energy tax credits at both the federal and state level.
4. Room Additions
If you’re a property owner of apartment units that only feature one or two bedrooms, you may find great value in adding another bedroom to one unit or all. This will attract more tenants, as most families want more than one or even two bedrooms. In fact, the price of a home can increase between $30,000 and $50,000 with the addition of another bedroom.
5. Common Area Upgrades
If you own an HOA or apartment complex, you know your tenants and home owners like to use common areas such as game rooms, pools, fitness centers, media rooms and more. Making upgrades to these spaces can attract and retain tenants, while increasing their satisfaction in their living situations.
But there are other common areas that you can, and should, make upgrades to, such as hallways, lobbies, mailrooms, seating areas and package storage rooms.
No matter what type of renovation you’re looking to tackle, choosing a Minneapolis HOA contractor to help you is key.
Contact Allstar Construction and Maintenance
From kitchens to bathrooms to everything in between, Allstar Construction and Maintenance is your source for quality interior renovations designed with the HOA and property manager in mind. Let us add value to your property with any of the five above suggestions or anything else you need. To schedule a consultation, please call (763) 479-8700 or contact us to request a bid today.