8 Signs to Look for in Older Multifamily Real Estate
If you’re in the business of rehabbing multifamily real estate, you have likely discovered some consistencies between design trends of older homes. One of the easiest ways to create a successful rehab of an older home is to think like a modern buyer during the redesign process. Here are eight important rehabbing items to look for when dealing with older multifamily real estate.
1. Energy Usage
Modern homeowners look for energy efficiency, which is hard to find in older homes. Adding insulation to attic spaces and basements and replacing or sealing drafty windows can reduce energy usage.
2. Inspect Plumbing
If the older home has been sitting for a while, have a professional plumber inspect the entire sewer line. Buyers will have their inspector check the lines, and you don’t want any plumbing surprises during the selling process.
3. Master Suite
Most of today’s buyers want a master bathroom attached directly to the master bedroom, but older homes rarely provide this set-up. If a reconfiguration of the space is in your budget, it is worth your while to spend it creating an ensuite bath.
4. Closet Space
Older homes are notorious for lack of closet space, so finding a way to create storage can be a key element in rehabbing an older estate.
5. Laundry Room
Washers and dryers in older homes were often delegated to random spaces since many owners simply did not use them. When rehabbing an older multifamily estate creating a dedicated laundry space can be a worthwhile investment.
6. Dedicated Entertainment
Living rooms in older homes were designed with conversation in mind, but modern buyers look for a place to entertain that includes a large television and other electronics. When designing the living space, keep entertainment in mind.
7. Electrical Wiring
Making sure wiring is up to code in an older home is common sense, but during a redesign, it’s also important to plan out where electronics will likely be placed and make sure new outlets are placed accordingly.
8. Internet and Cable Connections
Like with electrical outlets, care should be taken to make sure an older home is pre-wired for a modern world with careful placement of connections for cable and internet.
When dealing with the rehabilitation of older multifamily real estate projects, it’s important to keep in mind what a modern buyer expects from the property. Although most buyers of older homes enjoy the associated character, the desire for modern conveniences often comes into play as well.