Renovating multifamily properties involves a lot of moving parts, but getting organized ahead of time helps you prioritize what’s most important – and otherwise lay the groundwork for a successful, affordable renovation process. At Wheelhouse Construction, we handle multifamily construction projects from start to finish and have proven systems, processes and people in place to help you plan and manage yours.
Taking the time to preplan your multifamily renovation project helps you determine the vision, feasibility and timeline for your upgrades. It also gives you a chance to identify – and handle – any potential problems before they arise. So, before you begin your next multifamily renovation project, make sure to give careful thought to the following.
What the Renovation Will Encompass
One of the first things to figure out is if you’re planning a full or partial renovation. A full renovation might include common areas, the exterior and interior of the building, and all units inside and may include upgrades to one or more of the following:
- Appliances
- Flooring
- Paint
- Cabinets
- Light fixtures
- Plumbing fixtures
- Tubs/showers
- Countertops
Partial renovations, on the other hand, might include a smaller scope, such as:
- Upgrading appliances
- Refreshing paint
- Adding new flooring
Budget
Once you have an idea of the scope of your multifamily renovation project, you’ll need to set a budget for it. Ask yourself how much you are willing to spend to renovate the space, and then ask if the additional value the upgrades are going to provide will outweigh the initial costs involved in making them.
Contractor
Choosing a general contractor who will oversee your renovation project is one of the most important decisions you will make along the way. The general contractor typically has a hand in everything from navigating the permitting process and performing a pre-walk to purchasing materials, supervising the jobsite and ensuring compliance with building and engineering codes. Keeping all these balls in the air at the same time requires a high level of organization – and an equally high degree of communication and expertise.
Primary Project Goals
Before beginning any renovation project, identify your goals. Are you trying to create a specific look by highlighting the history of the building or modernizing a dated space? Are you looking to perform a full refresh and rebrand? Are you making upgrades so that you can charge more in rent and increase profits? Taking time to outline your goals and objectives helps you determine what’s most important – and what’s most likely to add value – to your multifamily property.
Preplanning your multifamily construction project is not a new concept – but it is something many property owners neglect to do and then wish they had. Before you embark on your next renovation, know that preplanning helps reduce confusion, eliminate miscommunications, avoid unforeseen expenses and, ultimately, keep costs in-check, making your project both worthwhile and profitable.
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