Real estate investors invest in duplex properties and offer a great multi-family housing opportunity. The units have two homes in each and provide ample space for each occupant and their family. Reviewing opportunities for revamping a duplex for multi-family housing gives investors a clever idea for a timeless construction design.
Updating Living Spaces and Increasing Functionality
Updating living spaces and increasing functionality of the duplex. The property investor reviews the current design and determines how it can improve and what spaces can be maximized. Exploring the entire property with a contractor helps the investor determine how to renovate each room and make it more functional for the tenants. Improving functionality and style makes the property more appealing to the target demographic and increases the demand for the property.
Updating the Kitchen and Bathrooms
Outdated kitchen and bathroom designs aren’t appealing to tenants and could present some issues for investors. Renovating the kitchen and bathrooms improves the property’s appeal and provides a better housing option for the tenants. Even a simple change, such as lifting cabinets, installing double sinks, and changing the flooring offers improvements that make life easier for tenants. Better storage in the bathrooms helps the tenant keep it more organized and clutter-free. Changing out a gas stove to an electric appliance lowers costs for the tenant and makes living in the duplex more affordable for them.
Laundry Rooms and Connections
Laundry rooms and connections aren’t provided in older duplex constructions, and investors must add the installations. To modernize a duplex design it is necessary to install the washer and dryer connections in the unit or set up options in the hallway between the units. The investor has the choice between setting up two separate connections and installing a coin-operated system that could maximize their profits. For some units, this could mean rerouting plumbing lines or completing a whole new installation to accommodate the laundry room or facility.
Inspecting the HVAC Systems
Inspecting the HVAC system helps the real estate investor determine if the heating, cooling, and ventilation systems are operating as expected. Outdated HVAC systems could present a risk to the property and the tenants. Evaluating the condition of the systems performing a thorough cleaning helps the real estate investor determine what they are working with before starting the project.
Using Better Storage Options
Using better storage options inside the units makes it easier for the tenant to keep their place organized and clutter-free. New designs are available to present storage in hidden spaces and remove some fixtures out of the way when they aren’t in use. The designs have proven beneficial in more quaint living spaces and gives the tenant maximum space in the property.
Real estate investors find classic duplexes to be a lucrative opportunity for providing multi-family housing. The architecture provides two full living spaces for two families and offers all appliances and fixtures. Real estate investors who want to find out more about investing in a duplex property for multi-family housing can find information at NRIA right now.