Consider these two scenarios: A: You are a tenant, and looking for a multifamily property. You visit a unit that has great interiors. However, outside, the walkway seems a bit shabby (uneven), the landscaping is not that green, the paint of the building has peeled off, masonry looks weathered and unclean, and the entrance door has a broken handle.
B: You are a tenant looking for a multifamily property. You visit a unit that has decent interiors. Outside, the paint looks bright and glowing, the entrance door intact, and the masonry looks flawless. Overall, the landscape is a delight to your eyes.
Now the inevitable question: which unit would you like to rent? The one with great interiors and ruined exteriors or the one with decent interiors and spotless exteriors?
By now, you must have a clear idea as to why the curb appeal of multifamily properties is so important, especially in today’s increasingly competitive dynamics. We all know multifamily units are affordable for tenants and easy to move into; however, along with the modern amenities and features they offer, the overall curb appeal is a key to attracting potential renters.
The good news is, exterior renovations don’t cost a fortune regardless of whether your target tenant audience is millennials or baby boomers. Many renovation contractors offer high-quality exterior renovation services at affordable prices.
Also, the return on investment you get is significant due to a steady flow of renters that your properties attract. Here are seven cost-effective multi family housing renovations ways to increase the curb appeal of your house, without having to extensively remodel your multifamily property, or breaking the bank.
- Re-Paint the Exteriors
The first impression is the last impression, and more so when it comes to multifamily housing units. Get rid of that old peeled-off paint or the broken window sill as they may be a huge turn-off for potential renters. To prevent this situation, keep your property’s exteriors clean and lively by regularly painting its exterior walls. Bright white and bold colors such as heavy green, rich brown, deep blue, are the among the current trends. You may also use contrasting colors to give an aesthetic look to your properties. Additionally, consider the location, style and most importantly, your budget before taking the initiative.
- Repair the Masonry
Masonry plays a key role in increasing the lifespan of a property. It provides strength to your building’s structure by transferring the roof load directly to its foundation. It also prevents moisture from creeping in. Repairing the gaps or cracks in masonry is, therefore, imperative, and a much-needed step you should take from time to time as a property owner. In fact, be it any material – stone, bricks, marbles, granites, tiles or concrete blocks – masonry is the biggest factor, besides landscaping, attributable for leaving a positive impression on prospective renters.
- Fix or Restore Walkways and Driveways
It’s obvious you would want the visits of potential renters to be free from untoward incidents or accidents, and distractions such as broken walkways may cause embarrassment for you. If left unmaintained, broken walkways and driveways may not only lead to accidents, but also blemish the aesthetics of your property, and are usually good enough reasons for potential renters to walk away and look for another option. Thankfully, you can easily fix them without a large investment, especially if you go for concrete walkways. The construction work of these walkways are fast, inexpensive, durable and adds a great visual appeal to your property’s landscape. Brick is another inexpensive material for walkway pavers.
- Go for Professional Landscaping
Green spaces leave a soothing effect on our mind and make us feel stress-free. Intelligent use of colors in a property’s landscape gives a sense of tranquility, warmth, cheerfulness and so on. This is why more multifamily property owners are inducing effective color combinations around their housing units. Despite the fact that multifamily properties don’t have enough space to create lush green gardens with trees, there’s still a lot you can do to transform the landscape. Even planting shrubs on walkway sides or potted plants are likely to attract the renters. Interestingly, the rule of thumb says that investing $1 towards enhancing the curb appeal of a rental property is likely to generate return worth $3. It won’t be an exaggeration that there is hardly any better way than landscaping to trigger a faster call to action among the renters.
- Install New Door Handles or Hinges
The condition of the entrance door makes prospective renters think twice about their decision on moving to a property. Besides looking spotless, the entrance door should operate seamlessly. Creaking hinges or a broken door handle can deter your renters from occupying your property and make them look for other options.
- Repair Chimney and Install a Chimney Cap
The chimney in your property not only increases the visual appeal but also important for safety by preventing fire hazards. Installing a chimney cap prevents moisture from seeping in, thereby protecting the paint from damaging. It also helps block downdrafts and prevents debris build-up. Timely repair and maintenance are likely to keep your property in good shape and bring down the maintenance cost.
- Address All Minor Issues
Your multifamily property constitutes various elements, and each contributes to enhancing its curb appeal. Every small issue including broken windows or misplaced shingles makes a big difference. Neglecting such issues may tarnish your image as a multifamily property owner and even ruin the best of your multifamily marketing tactics. Fix them on time to help your property look perfect so that it creates a positive impression among the prospective renters right away.