4 Ways to Upgrade Your Multifamily Property
Owning a multifamily property can be a huge investment with a lot of benefits. With that in mind, the best way to get the most out of your multifamily property is to make sure you’re keeping up with it, adding upgrades, and overall making sure it’s a good home for your tenants. At LM Williams Funding, we understand that keeping up with your multifamily property isn’t cheap, and if you want to make any major upgrades, you may need the funds to do so.
Luckily, when you work with our private money lenders, we can provide you with a multifamily property loan that can provide you with the financial support you need to keep up with the demands of your property. Reach out to our team today to get started and continue reading below for a few ideas on how you can upgrade your multifamily property.
Make Improvements Inside the Units
One of the best ways to upgrade your multifamily property is by making improvements to the units themselves. This could involve anything from doing a complete gut renovation to simply updating the appliances and fixtures. No matter what type of improvement you want to make, it’s important that you consult with your private money lender first. That way, you can get an idea of how much the project will cost and what type of loan you’ll need to complete it.
If your multifamily property is a little dated, it could be extremely beneficial to both you and your tenants to embrace technology. This could involve anything from installing keyless entry systems to offering online rent payments. By incorporating technology into your property, you’ll not only make your tenants’ lives easier, but you’ll also make your property more attractive to potential tenants in the future. Additionally, depending on the technology you install, it could give you an excuse to raise rent prices to accommodate the upgrade.
Offer High-End Amenities
When people search for apartments, one of the biggest selling points is the amenities. Things like fitness centers, pools, and common areas can be huge draws for many people. For this reason, if you're looking for a way to upgrade your multifamily property, we recommend upgrading the amenities. Consider adding a new fitness center or lounge area for your tenants to enjoy. You could even add an outdoor entertainment space like a rooftop deck or patio. By offering high-end amenities, you’ll not only attract new tenants, but you’ll also potentially keep your current tenants interested in the property for longer.
Introduce Sustainability Practices
Society is evolving to be more eco-friendly, and a large part of that is sustainability. If you want to upgrade your multifamily property, we recommend introducing sustainability practices. This could involve anything from installing solar panels to offering recycling programs. Additionally, if your property is a little on the older side, doing something as simple as updating light fixtures to LED lights could be extremely beneficial. Not only will this make your tenants happy, but it will also save you money in the long run. Overall, sustainability is a great way to show that you’re keeping up with the times and that you care about the environment.
Give us a call today!
At LM Williams Funding, we understand that upgrading your multifamily property can be a big undertaking. That’s why we offer private money loans specifically for multifamily properties. If you’re interested in learning more about our services or if you want to apply for a loan, please reach out to our team today. We’d be more than happy to help you get the funding you need to upgrade your property.