Multi-family residences have been a part of the landscape for many years. Communal living is found in practically every culture in human history and it has been estimated that approximately 350,000 new multi-family residences are built each year to accommodate their growing demand. If this sounds like a business you would like to get into, there are some key things to consider and maintenance and design will be at the top of the list. Here are some of the best tips to make your multi-family residence the talk of your city.
Integrity of the Structure
This idea mainly pertains to those that intend on designing within an established building as opposed to completely building a new residence. When the building was first built will play into its individual character. Playing on that character with period inspired design elements will attract more clientele, but always keep in mind that your residents will want functionality throughout the space as well. It is a fine line an owner must walk between maintaining integrity and meeting building codes, but luckily, many materials can be destressed to appear old while maintaining full functionality.
Plumbing and Electrical
Quite possibly the largest expense for any owner is updated an existing electrical and plumbing system. You can have the best intentions for a residence, but without proper care and concern for these two areas, all can be for naught. The safety of your residents is and always should be at the top of the list, so only trust qualified professionals in these important areas.
How Green is the Building
Green technology has never been more in focus than it is today. What started out as a trend for homeowners looking to maximize their budget has morphed into an industry all its own and multi-family resident investors are reaping the benefits. The industry has grown so much so that France now mandates that every structure built for the commercial industry must have some form of green technology integrated into the design. For any owner or investor, investing in solar power, gray water systems, and other green technology opportunities will cost in the beginning, but will entice renters to the space far more effectively than standard options.
Multi-family residences are more popular than ever before with new structures being built annually. The idea of renting a space as apposed to going through the hassle of buying and maintaining their own is very attractive to busy individuals and families today. The investor can make a lot of money when the building is designed and maintained to the highest level. Are you ready to make some serious money with your multi-family residence? Try these tips on for size.