Weigh each renovation against its cost, its perceived value and its effect on rent and your tenants. You may want to opt for a complete renovation. This boils down to investing up to 10% of the suites' value, by updating the kitchen and bathrooms.
Again, the higher the inherent value of your house, the better your return. This is certainly not the time to overspend in these areas. If you own a rental property, factor in at least 2-5% of your gross income for repairs and maintenance.
Tidy Up
Clean up the front yard. Mow the grass. In the winter, shovel the driveway and the sidewalk. In the summer, add some flower pots. Wash the windows and window screens. Repaint the front steps.
Exterior Changes
Repair any rotted wood and deteriorating spackle and brick and paint them a contemporary color, preferably a neutral tone. This one improvement alone visually lets residents, passers-by and prospective tenants know that new things are happening at your property.
Replace your front door handle with a solid, new one. If you have an old doorbell, consider replacing it with one that sounds pleasant. None of this comes as any surprise, as these are not expensive fixes. Common sense, however, is not so common.
Roof
Take a look at the roof. Get it inspected, and obtain three repair quotes. If the roof requires repairs, do that first, as the repairs are dirty and may damage or scuff the walls.
Landscaping
Hire a landscaper and make quick changes. Replace old shrubbery and trees, clean up flowerbeds, repair fences, paint retaining walls, fix sidewalks, and replace everything with new, vibrant landscaping. If the roots of a mature tree are affecting the sewer and waterline, cut down the tree. Otherwise, simply trim tall trees, especially if they are blocking any windows.
Trim the lower branches to raise the canopy. Your property will look better, more light will enter your home and your tenants will have a better view.
Signage
Consider changing the name on any signs. Post a contest on your blog or look at a list of building names in your city. You can lease or purchase your sign. Don't choose the cheapest sign. Make it stand out.
Your sign should be visible from at least a half block away. In addition to the building's sign, add a sign at the entrance and a large upright sign at the entrance to every driveway.
Decks & Railings
Inspect all decks and railings. If they are deteriorating or loose, repair them right after you repair the roof. You want a deck surface that is secure and covered with an all-weather material.
Upgrade railings to a contemporary glass or spindle-type design. However, watch the cost as railings can be very expensive.
Parking Lot
If the parking lot of your property is covered with snow, use some photos from the summer. Have your contractor physically examine the lot and the photos. Fix any potholes.
Reseal and repaint stall lines and straighten up concrete tire stops. Tenants will complain about parking issues to you and other tenants. This one step alone can eliminate many gripes and complaints.
Gutters, Drains & Downspouts
Repair all gutters, downspouts and drains to prevent leaks, water backups and pooling water. Ensure proper lot slope and extend downspout drains across the landscaping via weeping tile or concrete troughs. Make sure water run offs the property.
Window Coverings
Repair all windows, screens and blinds. They can be repaired instead of replaced. Seal and cap all windows, replace any broken screens, and fix window slides and crank mechanisms so the windows open easily.
Your manager can install window coverings or supervise that task. Bed sheets and large bath towels are not acceptable window coverings.
Exterior Lighting
Make sure the exterior is well-lit for visibility and to deter crime. Update all your entry lights. Since prospective buyers may be driving past the building in the late evening or early morning, use solar-powered lights along the walkway, sidewalk or driveway to accent the home.
Below the lights, add your street address. Install a new sign. Use energy-efficient lighting or automatic photocells to turn lights on and off.
Interior Renovations
If you own an older B building, the mechanicals for a building can be a major expense. Besides the roof, you may need to repair or replace the HVAC systems, water heaters, fixtures, lighting, as well as all of the floor coverings and cabinetry.
This is but a brief summary of multi family buildings and their investments. Study other books/courses-meet with other investors involved in this area of investing. Join a local real estate investment club-go online and join a forum that discusses multi family investing.
There are hundreds of resources available-take advantage of them.
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