Capital Improvement in Memphis TN
Over the years, multi-family units will experience extensive wear and tear, increasing their susceptibility to structural damages. This includes potential problems with light fixtures, electrical fixtures as well as the regular depreciation of doors, windows, and flooring. In addition, the threat of damages caused by fire, wind, and water makes multi-family capital improvements an inevitable part of property ownership.
Finding Good Quality Multi Family Capital Improvement
Issues that your multi-family property can experience over time can be aggravated if not dealt with by an experienced general contractor. Structural damages can spread to different parts of your property or resurface after a few months, leaving you with extensive water damages, uneven flooring or cracks in your walls. This can bring down the value of your property and lead to even higher costs for any future repairs or restorations.
We Execute the Best Multi-Family Capital Improvement Projects
If you are looking for a general contractor that pays attention to detail and has extensive experience in executing large-scale projects, A to Z Construction is the best option for your multi-family capital improvement needs. With 20 years of experience in the business, we have completed numerous projects ranging from commercial and industrial to residential construction projects. We pride ourselves in our excellent execution of both large and small scale capital renovation projects, various types of renovations and upgrades, top-class water management schemes, as well as door and window replacements.
See also: Efficient Multi-Family Roofing Services
On what basis can rent be increased for a major capital improvement?
Rent increases that are a result of major capital improvements are allowed and legal. The basis for these increases is that capital improvements to a residential unit increase its overall value and increase the value of the housing stock of the relevant area.
Is the owner able to increase rent for an existing tenant when an apartment has been restored as a result of a fire or a vacate order?
If the apartment is restored to the previous condition, the owner is not permitted to increase the rent. However, if the owner decides to make major capital improvements that go beyond the original condition, a rent increase may be charged but only with prior consent of the resident.
What is the distinction between an increase for an individual apartment improvement and a major capital improvement?
An individual apartment improvement increase occurs when a single apartment is renovated — a rent increase can be justified in this situation but only with prior consent of the existing resident. An MCI increase occurs when major structural work is done to the entire building, improving its value. Prior consent is not necessary from the existing resident, but approval is usually needed by the local housing authority.
How is rent calculated when an MCI order is given after a renewal lease has been signed?
That depends upon the local rules and regulations, but generally speaking, September 30th is used as the cut-off date for calculating adjustments — if the date of the MCI order is before this date, the renewal lease may be calculated at the higher rent.
If you would like to construct a multi-family capital improvement plan or are in need of a reliable multi-family capital contractor, A to Z Construction has the experience and the know-how to meet your every need. Feel free to contact us for a consultation about your property today!