Design Alterations If you are thinking about adding for-sale units to your product mix, you don’t have to recreate the wheel. Slightly modifying your current floor plans can create high impact designs that will make renters give notice that they’re moving out and buying a multifamily home.
1. Add a Garage. While a one-car garage may be OK for rental units, it’s increasingly important to multifamily buyers to have a two-car garage.
2. Increase Room Counts. Because more families tend to be in the for-sale market, it’s important to have more rooms that can flex to fulfill buyers’ needs. Buyers may use the extra room as a guest bedroom, home office, playroom, nursery, or for storage.
3. Create Higher Quality Interiors. A base for-sale spec level should be equal to what’s found in luxury, class A rental units with standard features such as 9-foot ceilings and six-panel interior doors. Offer upgrades in countertop materials, floor finishes, and cabinetry.
4. Give Them the Kitchen and Bath They’ve Always Wanted. Today’s multifamily buyers expect to have a luxury bath that includes both a tub and a shower, along with the toilet and two sinks. They also want gourmet-style kitchens with an island and a separate breakfast area and dining room.
5. Include a Private Entry. Don’t underestimate the value of a front door. Private entries help multifamily homes feel more like single-family and give buyers a sense of pride that this is their home and their space.
6. Carry the Front Door Feeling Inside. A private entry allows for more entry impact once you enter the home. Maximize this opportunity with a nice foyer and capture long views through the home. For upper-level flats, place half of the stairs outside and the other half inside to avoid the feeling of a long, intimidating staircase at the entry. Or, design the stairs to be wider than usual to reduce the impact of having a lot of stairs.
7. Make the Master Suite Luxurious. A walk-in closet (or two) will make the master suite that much more appealing. Remember that buyers want more storage space than they had as renters, so make sure all the closets are functional. Pop-outs and bays offer opportunities for sitting areas in the master suite.
8. Don’t Forget About the Outdoors. Just because they’re not buying a home with a big yard – or any yard, as the case may be – multifamily buyers still want to be able to enjoy the outdoors. Offer lots of green space in the community, and include benches and walking paths. Whenever possible, incorporate balconies (even rooftop balconies) and decks into designs.
9. Professionally Merchandise the Models. The plain truth is that if you don’t model a plan, it won’t sell. Buyers need to see the space professionally merchandised so they can envision living there.
10. Allow for Flexibility in the Plans. Multifamily buyers still like to play host and/or hostess for special occasions, so offer designs that allow for the expansion of the dining room into the living room to accommodate crowds.