Owning a multifamily property in Dallas, TX can be a great way to generate income, offering you the ability to collect rent from multiple tenants. However, it’s important that your property stand out from the other options. Multifamily renovations are a great way to improve your property to make it as attractive as possible to potential tenants.
Are you looking for ways to improve your multifamily property? Here are some renovation ideas to try out to attract more interest from tenants and ultimately boost the passive income your property provides.
8 Ideas for Multifamily Renovations in Dallas, TX
1. Exterior Color Palette Changes
There are few easier ways to improve the curb appeal of your multifamily unit than by changing up the color scheme. Adding a splash of color will enhance the look of your property and make it that much more attractive to potential buyers.
Think about the personality of the neighborhood, the aesthetics of the surroundings, and the type of person you want to appeal to when you’re deciding on a color palette for your property. Do you want to go for warm, vibrant colors or something more cool and calming? Do you want to go for ostentatious or refined and understated? The answers to these questions will vary depending on the property and your specific goals.
2. Coworking Spaces
Changes to the way employers operate have led to a sharp increase in remote and work-from-home positions. Home design is changing to reflect this shift in people’s priorities. Creating a coworking space in your multifamily property is a great way to appeal to people who have a remote working or hybrid position.
The specifics of such a space can vary, but typically, you’ll want to create a good mix of public, private, and semi-private areas within the space. Adding desks and other types of workspaces will maximize the utility that the space offers. Use a durable type of flooring, such as polished concrete or harder varieties of wood, so that the room isn’t damaged by any work done there.
3. Adding a Mail or Package Room
Along with remote working, online shopping has also dramatically increased in popularity over recent years. More consumers than ever before are having the products they want shipped right to their home. This change in the way people shop has also led to a need for a way to securely have packages delivered to the home so they’re safe from porch pirates.
Accommodate this change by adding a mail or package room to your multifamily unit. Offer secure lockers if possible as a way to separate packages intended for different people within the multifamily unit. Keypad locks and other security measures can be used to make the area accessible to people with deliveries for the property without compromising security.
4. Outdoor Space Improvements
You don’t have to stop at the building itself when looking for ways to improve your property. You can also make renovations on the porch, deck, patio, garden, or other outdoor areas. Doing so will help to make the property as a whole feel more inviting to tenants and their families.
Simple landscaping improvements, such as adding flowerbeds or hedges, can be useful towards this end. If you’re looking for more in-depth outdoor projects that add more of a “wow” factor, you might consider adding a water feature to the property. Privacy fences or a retractable awning that offers shade on sunny days can also be appealing for tenants.
5. Efficiency Upgrades
These days, everyone could use a way to save money on their energy bills. Changes to your property to make it more energy-efficient allows for tenants to spend less on heating and cooling while also making the property more green and eco-friendly. This change can be mutually beneficial for both you as a property owner and for your tenants.
Replacing windows or doors that aren’t well-sealed is an easy way to improve the energy efficiency of a home. You may also want to consult with someone experienced with HVAC to make sure that the heating and air conditioning systems the property uses are as efficient as possible. Advanced roofing techniques can also be used to improve a home’s energy efficiency.
6. Eco-Friendly Materials
Just like improving the efficiency of your multifamily property can appeal to ecologically conscious renters, so can using eco-friendly materials. As an added bonus, these materials are often highly affordable and provide results that are just as quality as less sustainable options. Even with more expensive materials, you don’t need to use them in the entirety of the property; even a small detail of the property being made with sustainable materials can generate interest from tenants.
Some materials you can use to make your property more eco-friendly without compromising on quality include recycled hardwood floors or Corian countertops. Certain options, such as reclaimed wood, also add a unique character to the interior spaces you use them in. Be sure to highlight the use of these materials when showing off your property so that tenants take notice of the care you put into the property.
7. More Welcoming Common Areas
There is a tendency when looking at a multifamily property to focus on the individual units within the property at the expense of the common areas shared between the families in the property. However, lobbies, hallways, and other common areas shouldn’t be overlooked. These spaces are often what creates the first impression somebody has of the building, so they can make a big difference when you’re wooing potential tenants.
Use your imagination when thinking of ways to improve these common areas. Simple touches like decorative ceiling panels or comfortable seating in the lobby can have a huge impact on the appeal of your property. If you want to go the extra mile, add some interesting artwork or even complimentary food or drink in the common area to really show off the hospitality you’re providing.
8. Offer Better Utilities
The amenities that your property offers can be a make-or-break factor when tenants are considering your property. However, there can be an urge to keep things like refrigerators, dishwashers, or laundry machines in use until they are completely nonfunctional. Replacing these common items with more advanced, modern options can help to give your property an edge over the competition.
Another utility to consider is internet access. Because so much of our business, personal communication, and more is done in a digital space these days, a reliable internet connection is a necessity that most tenants won’t overlook. Make sure your property has the infrastructure needed for high-speed internet without interruptions, so you can cater to this need.
Our team wants to help you realize the full potential of your multifamily unit or any other property you own. A consultation with our experts will give you even more ideas for renovations that will inspire your vision for what you want your property to be. No matter how big and ambitious your project is, we’re ready to take it on and get the job done right. Reach out to Sayan Renovations & Construction today to learn more about what we can offer you!
