Asset repositioning could be cosmetic or structural or both, depending on the condition of the multifamily property. In this blog post, we list three structural upgrades that you must add to the list when planning asset repositioning of a multifamily property.
Adding a Deck
Give your tenants more space to relax in summer. Adding a deck that can be used for cooking, hanging out or eating is a great way to unwind after a hectic day or on weekends. Discuss the size, safety measures and traffic flow on the deck with your multifamily asset repositioning contractor to add a deck where occupants would love to spend time socializing. You can have a fireplace, jacuzzi, water feature, a big screen and many more attractions on the deck, depending on the budget and space available.
Repairing Beam-Column Joints
Beam-column joints are critical zones in reinforced concrete moment resisting frame. As construction materials have limited strength, these joints might have a limited force bearing capacity. Beam-column joints have a significant influence on the entire structure, so it is important to repair them, especially if there are visible cracks in the zone. Steel and concrete jacketing and reinforcing fiber polymer are two common methods of repairing beam-column joints.
Roof Repair or Replacement
The roof is the protective layer of a structure, and also the one that bears the brunt of nature. Cracked and leaking roofs could deteriorate the structure slowly, calling for a massive repair work. When you are planning asset repositioning, it is often a good idea to pay attention to the roof. The contractor will suggest you to either repair or replace the roof, depending on the present condition and budget. If the roof doesn’t have a history of repair issues and is less than ten years old, it makes sense to opt for the repair option. Roof replacement is recommended if the damage extends below the surface layer, the structure demands frequent repairs, bald spots are appearing or the roof is more than 20-25 years old.
Wrapping Up
Besides the above-listed ones, there are many other structural upgrade options your multifamily asset repositioning contract might recommend for the property. Before you say yes to all the recommendations, it is better to consult at least three to four renovation experts to understand if these upgrades are actually required and how much value will these be adding to the multifamily unit.
