Published on: 26 November 2016
Last Updated on: 04 September 2024
Given the volatile nature of the economy, the demand for affordable housing has increased by leaps and bounds. Consequently, multifamily housing investors are facing stiff competition. Multifamily housing investors are not leaving a stone unturned to turn a profit from their existing or newly acquired rental properties. Many of them are undertaking occupied property renovation programs to gain a competitive edge. Renovating a rental property not only adds value to the existing property but also plays a key role in influencing renter’s willingness to rent more for the property. That being said, when investing in any construction or renovation of occupied property, it is important to come up with a plan that helps you realize seizable returns from your investment.
This blog post lists four common mistakes that multifamily housing investors/owners must avoid to make the most out of occupied property renovation program. Read on!
Going for the Cheapest Bid
Once you have decided to get your multi-family rental property renovated, the first thing you need to do is to approach several contractors and ask for their renovation quotes. Though the cheapest bid may sound enticing to many, choosing it may cost heavy on your pocket in the long run. A contractor may not be efficient in getting the job done or may cut corners and use poor quality material during the job. That being said, straight away going for an expensive bid is not a sensible decision either. To pull off a great deal, you must contact at least two to three contractors and get written estimates from each. Ensure there is no hidden cost involved in the project.
Hiring the Wrong People
Renovating a rental property is a complex process, and therefore, requires professional assistance. Before embarking on the renovation project, the professional contractor conducts due diligence to help control cost and eliminate potential obstacles down the lane. Nonetheless, as a property owner, you should not overlook the little details about the people you are hiring. There have been instances of fraudulent renovation practices in the past, which is why it is important to hire a reputable contractor and ask for their certification or record of their previous work.
Bossing Around
Though many housing contractors work in collaboration with property owners to provide customized renovation services, many property owners are in a habit of poking their nose in every step of the project. Making changes every now and then in the middle of the project can delay the renovation project, thereby stalling the rentability of the units. Always remember that you have chosen an experienced contractor with a record of successful projects in the past. It is important to let your contractor do what they think is best for your business. Having said that, it is also important to keep a check on what is being done so far and what is about to be done to complete the project.
Setting Unrealistic Budget
Budget plays an important role in the completion of your rental property renovation project. Before hiring professional multifamily, it is important to have contingent fund ready to meet unprecedented needs in the middle of the project. In projects as big as multifamily housing renovation, it is likely that you may want to spend a little extra to add value to your project. That’s when having a contingency budget in place ensures seamless renovation.
A properly planned and executed multi-family housing program not only helps you gain a competitive edge, but also helps you achieve your ROI goals. Always hire a reputable contractor, known to provide quality services. Go through their work portfolio to get an idea of their previous work. Lastly, ensure that there are no hidden fees involved in the project, before you sign on the dotted line.
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Today, the technology has so evolved that we are now talking about mini splits. If you do not know what mini splits are, then you are in luck as we will be discussing this innovation in this article. Our focus shall be on the pros and cons of using it. For those who may wish to know more about the history of ACs, you can read this article.
What Are Mini Splits?
Mini-splits are the ductless evolution of air-conditioners. They are called "splits" because they are designed into two different parts, an indoor unit and an outdoor unit. These two split the traditional cooling process of window units into two.
What the outdoor unit comprises of are condenser coil, compressor and fan and while the indoor unit consists of a fan and an evaporator coil. These two units are linked by electrical wiring and a thin copper tubing to carry the refrigerant.
For the system to work, the compressor located in the outdoor unit pushes the refrigerant through the copper tube to the indoor unit. Here, the cold copper tube exchanges the heat in the indoor space with cooler air which the fan blows into the space. Through this exchange, the refrigerant heats up and changes to a gaseous state and is then cycled back to the outdoor unit where it is cooled back to a liquid form. This cooling process takes place as the coil in the outdoor unit removes the heat absorbed from the indoor unit. Having been cooled, the compressor pushes it back inside and the cycle repeats over and over again.
The Pros And Cons Of Mini-Splits
Having described how these ACs work, we want to look at some pros and cons associated with their use. Like most things in life, regardless of how good they may be, it’s almost impossible not to have a few cons.
Let’s start by looking at some of the Pros
Pros
There are obviously a lot of positives to using mini-splits for cooling your space. Some of the more common ones include the following:
Ease Of Installation
The design of this system makes its installation pretty easy. All you need is a small hole through which to pass the wiring and refrigerant tube. You then need to mount the indoor unit where you need it to be and do same with the outdoor unit. This is something that air conditioning services can send a single technician to install with ease, unlike the central cooling type that will require a lot of work and ducts.
Quiet Operation
Another benefit that you can enjoy with these ACs is their quiet operation. With the compressor and main fan located outdoors, its operational noise is drastically reduced. All you will hear indoors is the soft humming of the indoor fan spinning as it circulates the cooled air.
Effective And Precise Cooling
With the positioning of these mini splits, their cooling function is precise which is why it is usually positioned in strategic positions across the space. This allows different sections of a space to be cooled effectively.
Energy Efficiency
The power consumption of these units is far lower than what traditional HVAC units will consume. The savings you make from this can in the long run offset the initial high installation cost, giving you a great ROI.
Health Benefits
Every indoor unit has a filter installed. This filters the air, making it cleaner than it was. In addition to this, modern units come with ionization function that removes bacteria from the air, making it purer and healthier.
Cons
Now that we’ve looked at the benefits that these ACs offer, let’s also look at some of the cons that may come with their use. These include:
Installation Cost
The first con that you may come across is the initial installation cost. Unlike central systems, you will need to install these mini units in every space where you need the air cooled. The cost can add up, but like we noted above, the savings you will make from energy savings can make up for this initial cost over time.
Aesthetic Value
While these units are not necessarily unsightly, they have to be mounted where they are visible unlike the central variations that can be more discrete. There are however different designs that are marketed to make up for this. In fact, some have a frontal space where artwork can be mounted, making it look like a piece of artwork rather than an indoor cooling unit.
Conclusion
We’ve taken some time to explain what mini splits are and how they operate. We’ve also looked at some of the pros and cons that they offer. With this information, you can now decide if this is something you will love to install in your home or office space.
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So you want to downsize to a smaller apartment?
If you’re banging your head against the wall trying to figure out how to make a move go smoothly, you’re not alone. We’ve all been guilty of having too much stuff!
Give yourself a break and start thinking of solutions. Stay inspired by focusing on the many benefits of downsizing!
Moving into a smaller apartment gives you the chance to start over and get rid of things you no longer need. It can also help you to get organized and keep only the essentials.
Even better, you won’t have to clean nearly as much space and can live as a minimalist! That in itself has some serious perks. Your stuff won’t own you and you’ll have more time to enjoy life.
Do you see where we’re going with this?
Get ready, because, in this article, we offer seven expert hacks to help make the process of moving into a smaller apartment easier.
Here are 7 Expert Hacks for Downsizing to a Smaller Apartment:
1. Analyze the space you’ll have
It’s essential to know the total space of your new apartment before you start the downsizing process.
Take a look at your new floor plan and figure out how much room in feet and inches are on each wall. That way you’ll know what will fit in your apartment.
If the measurements aren’t on the floor plan, ask the leasing office to provide you with the details.
But, the floor plan or provided measurements won’t tell you everything. You need to measure the extra spaces as well:
Closets
Space under the bed (more on this later)
Bathroom storage and cabinets
Garage storage (if your apartment includes a separate garage)
Kitchen storage and cabinets
Other spaces where you might add shelving (like the top of the fridge or in a window)
When you’re done with that, measure your current furniture and decide which pieces will fit into your place and which ones you won’t need.
2. Determine your actual needs
An excellent way to figure out what your needs are is by asking yourself if everything was gone, what would you replace?
Jot down some necessary items you can’t live without such as a bed, sofa, coffeemaker, dog bed — whatever is important to you.
You should also ask yourself the following questions:
What sentimental items will I miss the most?
Does this item serve a purpose?
Do I already have something that serves the same purpose?
Can I use this item to accomplish more than one task?
Is this object in good shape, and will it last for a while longer?
This is the point where you’ll be making some headway on knowing what you’re keeping and what you can live without.
If ever in doubt of whether you should keep or donate something, go back to asking yourself these questions.
3. Set some tangible goals
When it’s getting closer to moving time, you need to come up with a game plan.
Best get started with setting some goals before time escapes you!
We’re assuming you want to declutter and possibly redecorate your new place, and if that’s the case, it’s time to set some tangible goals.
Ask yourself these questions:
(Yes, we realize we’re telling you to do this yet again.)
What do I hope to gain by adopting a minimalist lifestyle?
Do I want to keep the furniture I have or get new furniture (#1 and #4 will help with this)
How do I plan to declutter?
How will I maximize my space? (Keep reading because we cover this in #4.)
What will I do if I can’t decide to part with some items?
Should I pay for storage elsewhere to store extra belongings?
Need some help answering those kinds of questions?
Here are some goals you could have:
I want a clutter-free apartment that will give me peace.
Not fixating on my possessions will help me feel free.
I’d like to have a clean slate and keep my belongings organized moving forward.
Being minimalistic will help me put emphasis on the most important emotional and physical items in my life.
Write down a few goals that inspire you so that when you feel like giving up, you’ll be able to remind yourself of your intentions.
4. Be a master organizer by maximizing space
Since you know how much space is in your apartment, as we recommended in #2, you should already have a plan in place as to where everything should go.
With the limited storage space in your new digs, it’ll help to store things vertically.
Vertically aligning hooks and shelves helps you take advantage of every square inch of space.
You might want to use adhesive hooks at first because most are easy to adjust.
We’ll be getting into how to simplify your wardrobe next, but for now, keep in mind that multi-use furniture can solve a lot of storage problems.
Keep reading because we’re about to reveal some killer ideas.
One idea is to maximize space by incorporating storage headboards. These are pieces of furniture such as bookshelves and a hutch that’ll fit over your bed.
Incorporating these types of units will make it easier to store a variety of items from family treasures to books and jewelry.
For example, incorporating a fitted unit in your closet can make it easier to organize.
Beyond that, think of other ways you can make use of storage. Is there any room underneath the bed you’ll be moving into your fancy new apartment?
If there isn’t and you need an upgrade, buy a bed that has drawers underneath. Trust us — those drawers will be your best friend when you need to store extra items of clothing such as blankets or sweatshirts.
Keep your bed if you like it, and it just so happens that you may be able to squeeze in some bins underneath to use as storage. For example, milk crates work well when you want to store books, tee shirts, and keepsakes.
5. Simplify your wardrobe
Seriously, how do you go about simplifying your wardrobe with you have a gazillion t-shirts?
If you think your new closet is small, just think about the people who live in tiny homes. Now those are super tiny!
Don’t worry; you can do this if they can!
Here are some steps to follow that’ll make your wardrobe functional in no time at all.
Step 1: Get all of your clothing out (ALL of it!) and put it somewhere you can sort through it. Whether that’s on the floor or on your bed is entirely up to you.
Step 2: Next, divide those clothes into three different piles and decide to donate, keep, or store them.
Step 3: Ask yourself if the clothing fits you or if it's still in wearable condition. If you haven’t worn jeans, for example, due to a weight gain or loss, donate or store those items.
Don’t keep clothing that’s falling apart. That’s just a waste of precious closet space!
Step 4: Are you done going through your clothing and separating them into three different piles?
Okay good, you’re going to do it again. This time ask yourself if this clothing fits your personality and your current lifestyle.
Step 5: Mission complete! Well, almost. Organize the clothes you’re keeping, store what you plan to wear later (such as seasonal clothing), and drop off clothes you’re donating.
6. Sell or donate what you don’t want
Now that you know how much space you have, and how to simplify your wardrobe, let's dive into why it's so essential to sell or donate belongings. It's time to stop and figure out which items you can and can't part with.
As you know, whether you're moving to a different city or relocating to a separate apartment at the same complex, moving takes a lot of work.
You should do everything in your power to simplify the moving process.
Eager to make some money to help with moving expenses?
One way to do that is by selling belongings and furniture you no longer want.
Try Craigslist, eBay, garage sales, Facebook, consignment stores, and more.
Before you even start packing, you should sell, donate, or recycle stuff you can live without. This will eliminate packing everything up only to decide later that you didn't need that item of clothing or five extra plates.
If you have problems deciding whether you want to keep, sell, or donate an item, take a hard look at everything you own.
Think about whether another person would find use out of that item.
If the item is useful, you can either donate it or sell it, depending on its value.
Who knows, your trash may turn into someone else's treasure.
7. Digitize nonessential media
Next let's dive into how you can digitize and save documents, pictures, videos, cassettes, videos, DVDs, and CDs.
While it's important to keep hard copies of documents such as your social security card and birth certificate, try to save and scan everything else.
Transfer CDs and DVDs to digital files by using free computer programs such as Freemake Video Converter, Movavi, and WinX.
Scan documents to your computer or save them as PDF files. After you're done scanning everything, use services like Google Drive, Dropbox, and Microsoft One Drive.
Online storage sites are lifesavers when your goal is to digitize media.
Think of all of the space you'll free up in your new apartment by getting rid of boxes of videos, paper, and more by going paperless!
It'll take some time, but it'll totally be worth it. And boom! Suddenly you'll realize you're there.
So, do you think it’s time to move? Even though downsizing may seem daunting, it doesn’t have to be. Moving to a smaller apartment has its perks, such as decluttering your life and organizing your new place with fewer belongings.
Simply put, downsizing to a smaller apartment means:
Enjoying lower monthly expenses and living costs
Not having to clean nearly as much since your place is smaller
Living a minimalist lifestyle without meaningless belongings getting in your way
Instead of sweating the small stuff, take the moving process step by step. Before you know it, you’ll be enjoying your new digs, relieved that you took the time to eliminate the clutter.
Carolina Creek is a great townhouse-style community located about a mile from Eastern Carolina University's campus. The community consists of 2x3 and 3x3 apartments and contains a full amenity suite including a fitness center, pool, business center, and game room. The community is the best value in the Greenville NC student housing market.
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It is unarguable that decorating our own home will surely excite us. The thoughts of what color palette to use or what furniture to put or how to arrange them will get us a bit carried away for sure. The entire decoration plays a key role as it sets up the mood for the house. Whether you want a refresh or moving into a new space, it is vital to purchase durable furniture to incorporate your home. Choosing your furniture can take you a lot of time to consider its design and quality. In Chesterfield furniture, they offer a wide range of designs that will not compromise your comfort as they only intend to use the finest materials for their sofas and chairs.
The most crucial spot of the house to decorate is the living room. Being the center of the house, a heart is considered a symbol for the living room. The living room is the primary room you will see upon entering a home, and it is where guests are entertained. The living room should be an area to indulge and lie on the couch as you enjoy a bowl of popcorn watching your favorite movie. Most importantly, the living room is where families should spend time together to relax and share stories.
There is a long list of furniture to consider putting in the living room. The essentials are the sofa, coffee table, accent chairs, media stand, and side table. Putting together all these are overwhelming; thus, one should consider hiring an interior decorator to do the job, or if not, dig deep on Pinterest for design inspiration.
One of the common mistakes in arranging your furniture is the improper incorporation of your sofa with your accent chair. If you want to create a pleasing space to the eye and a solid setup, you should consider a few tips and tricks to have a successful mix and match.
What Do I Have To Put In Mind:
In pairing your sofa with your accent chair, contrasting them is most crucial. You will have to make these pieces complement each other and, at the same time, can stand on their own. You shall also consider the style, color, and form of your selections.
1. Style
Style is an essential element to consider. If you opt for minimal decoration, both your sofa and accent chair should embody that style.
2. Color
Carefully decide on the color palette you will use for your sofa and your accent chair. Your choice can either be a monochromatic or complementary color scheme; always make sure they don’t crash with each other.
3. Form
Always be mindful of the form. A skirted sofa would go along well with an accent chair that has an intricate or evident leg style.
How Do I Arrange These Pieces?
There are various ways to arrange your sofa and your accent chair: front and center, and section-off space. When you follow the front and center arrangement, you must consider where you will be facing as you sit down. The section-off space arrangement considers arranging the furniture in ways that can accommodate visitors and guests.
There are no rules on how you should decorate your place; as being said, it is your home and your own space. However, it would help if you always put in mind that the design must go together harmoniously.
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