Whether you’ve just recently purchased a multifamily property or you’ve owned one for a while, there’s one question that often crosses an investor’s mind: “how do I increase my property’s value?” Multifamily real estate is generally a great investment. Many smart investors like Steven Taylor have found great success. Even if the property is in decent condition and generating income, there are still ways to make more. Here are three ways to increase the value of your multifamily property.
Making repairs and updates enable you to increase your rent. As units become vacant, take the time to repair damages and upgrade the space. Replace old, outdated appliances and fixtures. Replace carpeting or redo hardwood flooring. While older properties might require more work, drastic improvements can turn into greater income.
Pass Utility Costs to Tenants
Gas, electricity, and water are all utilities that your tenants use. Since individual units aren’t generally built with their own metering systems, it can be difficult to determine exactly how much each unit is using. You can, however, implement a utility billing system. As Landlord, this will enable you to charge tenants for a portion of each utility. You can base shares off of several factors, including the square footage of the unit and how many people live in it.
Find Additional Sources of Income
Look around your property and see what amenities you can add that tenants might be willing to pay for. If units don’t have washers and dryers in them, you can add an on-site laundry facility so your tenants won’t have to go to the nearest laundromat. If you have limited on-site parking, you might charge for guaranteed spaces.
Increasing the value of your multifamily property can be quite beneficial. These are just a few suggestions that can help you to achieve your goal. Before you begin implementing changes, be sure to create a plan of action. This will help to ensure that your strategies are successful.
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