Multi-unit Residential Building (MURB) Renovation Services
Get the best value and return for every dollar spent on your multi-unit apartment investment property in Toronto
BVM Contracting specializes in substantial renovations, and over the years have been able to work on many multi-unit residential building (MURB) renovation and remodeling projects. We found that MURB’s in Toronto were underserviced and did not have many options for working with General Contractors that were big enough to get the job done and small enough to care about each and every project being completed.
BVM Contracting has worked with many real estate investors in the Greater Toronto Area to renovate, remodel, and reconfigure their multi-unit residential investment properties and have developed a fantastic offering to allow investors to maximize their investment dollar, maximize the income per rental property, and keep reaping the rewards of owning multi-unit investment properties for the long term.
In this blog we are going to cover the following subjects:
Why should I renovate my multi-unit apartment building in toronto?
What are the ways of Maximizing my investment in a multi-unit apartment building?
What is the cost of renovating my multi-unit apartment building?
Other related topics
Why should I renovate my multi-unit apartment building in toronto?
There are many reasons why a real estate investor or real estate investment group will elect to renovate their multi-unit apartment investment(s). The three major reasons are:
To proactively repair any issues that are known within the apartment building or to update individual units that are old or dated. This would be due to old infrastructure needing repair or old fixtures needing to be updated. This work is usually completed during turnovers in each individual unit and allows the investor to not lose out on to much rental income.
To adjust the layouts of the existing apartment units to maximize the investment dollar per unit (i.e. maximize density)
To stay competitive with other comparable rental properties in the area to attract better tenants. This would also help increase the value of the property if future resale is in question!
We find that, more often than not, these are the most popular and recommended reasons to renovate. If you fit into either of these categories keep reading!
What are the different techniques of renovating my multi-unit apartment building?
Turn Larger units into multiple single bedroom or bachelor Units
This is a very popular approach that a lot of landlords elect to invest in to maximize the investment dollar per unit. Since the per square foot value of a bachelor/single unit is usually more than a 2+ bedroom this allows the investor to get a quicker return on their investment dollar
Keep the sizes the same and remodel the existing units to increase the rental income per unit
Depending on the part of the City you are renovating, it sometimes makes more sense to remodel existing units to increase the value that way. It also keeps the costs lower than building new units within the same footprint, which requires a fair amount of fire separation and permitting work.
Exterior renovations to PIQUE A tenant’s interest in the building
Sometimes all you need is a fresh coat of paint on the interior and exterior to increase the value of your building. There are many ways that you can update your exterior to interest people in your building, and we can help you build out a budget for the renovation work needed.
RENOVATE BY FLOOR (or as needed)
Many times cash flow is tight with multi-unit property investments, and we get that. This is why completing the renovations as there is turnover may be the best way to successfully increase the value of your property over time. You can also elect to renovate the apartment floor-by-floor if funds allow for it.
What is the cost of renovating my multi-unit apartment building?
BVM Contracting has developed a trusty team that can help you determine the cost of renovating your multi-unit apartment building before you invest way too much money into the renovations. We make sure that you understand what you are getting into by providing no-charge consultations and budgeting for your proposed renovation project. We are able to provide a detailed scope and budget estimate for your project so you can make the right decision for your multi-unit residential building (MURB) investment portfolio!
Contact us below to learn more about how we can help you maximize your return and overall value of your multi-unit apartment property in Toronto!
Book a multi-unit Apartment Renovation Consultation
About BVM COntracting
BVM Contracting is a full-service General Contractor or Home Builder located in Toronto. We provide home renovation and building services for major home renovations and custom home builds (kitchen renovations, bathroom renovations, basement renovations, full interior renovations, home additions, lot severances, and new home construction). Our goal is to help guide our clients through the process of renovating their home, from concept to completion.
Further than providing General Contracting and Project Management for major home renovations, we also offer value-added services such as renovation financing, renovation rebate consultations and services, building permit and design services, smart home installation services, and real estate investor services.
To learn more about our offering by visiting our services page.