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The multifamily housing industry is exploding. New properties are being built every day. Owners and managers of existing properties know they have to plan well and work smart to stay current and competitive. Our Renovation experts spoke with veteran property managers, asking them for three of the most important questions to answer when planning a renovation. Here’s what they said:

How flexible is the renovation budget?

Whether you’re considering a light refresh, a unit-by-unit upgrade, or a full property renovation, the budget is the bottom line. While the buck stops there, it is important to build flexibility into the budget to manage unforeseen expenses and complications outside of your control. Those things will happen, and your budget needs to be adaptable enough to absorb changes while keeping the project on track.

When determining an upgrade budget, the friction between what’s necessary and what’s possible has the potential to create some stress. ÁñÁ«ÊÓÆÁ’s Renovation Experts can help you avoid the worry that comes with wondering if you’ve stretched the budget too far or not far enough. They will come out to your property, walk it with you, review your budget, and help you determine what’s necessary and what’s possible, so you’re able to create a plan that delivers the ROI you want with the budget you have.

What are the short and long-term goals?

To get the most out of any capital expenditure project, begin with a clear, specific definition of success. Understanding why the renovation project is being done will drive what is being done and how you do it. Once you have the vision in place, create a 3 to 5-year plan that answers these questions:

• Without the planned upgrades, how competitive will this property be in the next 3 to 5 years?
• With the planned updates, what will this property look like in a few years?
• What updates will deliver an immediate increase in the perceived value, especially when compared to my local competition?
• How will these upgrades increase the long-term value of this property?

Answering these questions will help you make the best decisions before and during the renovation process. Those answers will also help determine reasonable ways to measure the success of this capital expense.

Is the schedule realistic?

Ask any property manager when they want their renovation project done, and there is only one answer: “Now.” Of course, we know these things take time. How much time? That depends on several factors, including how well the project is planned, when all the supplies will arrive, and how fast your team can get the work done.

We may want everything done as fast as possible, but trying to operate based on a Get It Done Now timeline is a recipe for disaster. Beginning a capital expense project without a realistic schedule will:

• Create missed opportunities.
• Invite shortcuts that lead to mistakes.
• Lose time and money invested in fixing those mistakes.

That’s why it’s a great idea to get ÁñÁ«ÊÓÆÁ’s dedicated Renovation Team involved in the process early. They will help answer all your renovation questions and be your trusted partner through the entire process.

To learn more about how ÁñÁ«ÊÓÆÁ can help you maximize the ROI of any capital expenditure project, reach out to your TSM or contact our Renovation experts here.