Upgrades & Options (Buying a FIG Unit)Jun 24, 2021
- What Features are Included?
- Selecting Upgrades
- What to Consider when Picking Upgrades
- How Much do Upgrades Cost?
Visit FIG's Upgrade Page to see Galleries, 3D Tours, Floorplans, Upgrades, and Selections.
When you reserve a unit with the Fourplex Investment Group, you'll have the chance to pick out upgrades or selections.
Packages A & B
The first decision you'll come across is choosing between packages A and B. Package A will include white cabinets in each of your units, and Package B will have the gray cabinets.
Both packages look really good. On average, we have a lot of investors that lean towards Package A because the white cabinets are more in trend at the moment. Whether you'd like to go with a little bit lighter of a look or a little bit darker, it's hard to go wrong.
The Standard Inclusions
The next thing you'll want to understand is the standard features of what's included within every FIG unit. We'll go into the upgrades later in this post.
Each of these things are going to be included in your unit. While these definitely work for an investment, they are not quite as nice as the upgraded options.
Black or Stainless Steel Appliances
Lighting - Fans & Cans
What To Consider When Picking Upgrades
First of all, talk with your FIG agent. They'll be familiar with the local market and have a good idea of what you should pick based on your individual needs as a multifamily investor.
Second, you should consider talking with the property manager. Whether it's one that we use such as MAXXPM or one that's managing a different development close by.
Lastly, look at the comparable properties. Study the comps within the neighborhood and metro to see what's performing. Ask yourself, are there other rentals within that location that have granite upgrades? Do they have nicer cabinets? Do they have fans and cans or lighting? What are those units telling you?
Before your building is finished, it's important to know how you're going to be able to compete for quality rentors.
Options May Vary Per Project
Take a look at what the upgrades are within your given price/project. Some projects within the budget, are able to include quite a bit upgrades.
For example, we might have a flooring upgrade, a stainless steel upgrade, or there might be lighting already included in your project. Or perhaps it's more of the basic package we've discussed here. Understand what's already included and what's not.
What Upgrades Are Most Important?
"What I've done with my personal units and when I talk with investors, there are a couple of upgrades that are a must...
If blinds aren't included, you're going to have to get those at some point. Blinds is the number one thing I'd make sure I'd get right away. We're considering including the blinds in future projects, but in the past it's been an upgrade. Find out if the blinds are included in your project"
"Another important upgrade is probably the lighting. Lighting is huge. This will give you some extra fans, often two or three fans in the family room and a couple of bedrooms (depending on the floorplan). These will be included per unit along with some canned lighting. These look really nice and can be usefull especially in places like Arizona where it's a bit warmer." - Chase Leavitt, FIG
The standard floor is a formica flooring, but you'll have the option to upgrade to an LVT flooring which will make the unit more durable. Your unit is going to rent just fine with the standard flooring and countertops featured... but it could be worth it in the long run to upgrade to something that looks a bit nicer and is more durable.
The two tone paint is rarely upgraded. It looks really good and is nice, but a lot of investors use this as an opportunity to save money by sticking with the single tone.
We'd strongly recommend looking into upgrading the appliances. All the appliances are included in the basic package. From the start, you'll have have your fridge, microwave, range, and stove included. However, they'll be a step lower than the upgraded appliances, which could be the stainless steel, which will look very nice in an upgraded unit.
How Much Does It Cost To Upgrade?
Most projects will have around six upgrades to choose from. From what we've seen in the past, investors can spend anywhere between about $10-30k per fourplex when upgrading their units.
Very rarely does an investor not do any upgrades if there are some options to choose from. We strongly recommend looking at upgrading your unit. You don't need to go all out even though some investors do. Consider a couple of the upgrades to make your unit more comparable to the other units within a project while getting stabilized.