Should You Splurge or Save on These Construction and Management Items?

There are some things when developing a property that cost more up front, but pay off later. There are also things that aren't worth the investment. Here are some suggestions.

When developing a new multifamily community, sometimes a strategy is to build as quickly as possible so that renters can start moving in. And, of course, it’s important to save money so that you can see the highest return on investment. However, there are some aspects that might take a little longer and cost a little extra that may pay off in the long run for you. And there are other things that you shouldn’t waste your time and money on.

Here is a list of things you should splurge more time and money on…or not…when developing and starting out with a new multifamily community.

Splurge on thicker walls and floors. Sure, making walls sound-proof is expensive. And, yes, part of living in an apartment is having to deal with other people in the community. But a major pet peeve for renters is hearing their neighbors. Thicker walls might cost you upfront, but it will be the biggest selling point of your whole community, swimming pool and screening room be damned! Your residents would never want to leave, and you’ll have no problem filling their unit if they did.

Read on for more splurges and saves.