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Marketable Mansions: A Guide for the Savvy Commercial Real Estate Investor
If you’ve been living under a rock, you might believe that in the wake of the COVID-19 pandemic, the real estate market would be a devastated shell of its former self, laid low like so many other industries.
However, for those in the know, this initial post-pandemic period represents one of the most significant real estate opportunities we’ve had in decades, with a housing boom that looks like it’s going to continue going strong.
While some experts are concerned about another housing crash on the horizon, similar to the now-infamous market crash of 2008, other experts are confident that the boom is not a bubble, citing the reopening of many businesses and an average increase in personal income to back themselves up. As such, with many who moved away from cities during the pandemic looking to move back and such a diverse array of marketable properties being up for sale, now is a great time to step into this profitable market and build a business for yourself.
For beginners who don’t have the know-how or the capital to obtain marketable properties, never fear: commercial real estate lenders can offer you the assets you need in the short term to land your first couple properties, should you need it.
As for the know-how, all that requires is a little bit of common sense and a whole lot of research. This article aims to provide you with some of the tools needed to recognize valuable properties that will market themselves to consumers, highlighting some of the must-have features consumers look for when they go house hunting.
While not necessarily the most important metric, in the long run, the state of your property’s yard is likely the first thing a customer will see, and therefore one of the most important factors in determining their first impression of the property.
When you purchase a property, you’ll want to invest some money in cleaning up and beautifying the front yard: pick up any trash or debris left by the previous homeowner, hire a landscaping company to tame wild bushes and vines, plant some new flowers, and make it look like a magazine cover. Don’t forget to do the same to the backyard, as a well-maintained front yard, but a trash-packed backyard tends to create the impression of other hidden problems being present.
Front-Page Features: Things You’ll Want to Put on the Listing
In today’s market, when someone decides to purchase a home, they often come from the world of apartment living and want their new dwelling to have features that their apartments could not. Things like walk-in closets, marble kitchen countertops, spacious showers, and luxury or intelligent appliances are all little things that most consumers are looking for. If they aren’t, they’ll likely consider including such features as a major plus!
While some of these things may be on the more expensive end, if you’re looking to push a property over the edge and make it highly marketable, you’ll want to invest in whatever renovations are necessary to incorporate some of these elements.
Much like a well-maintained yard, having a driveway that is both clean and accessible is paramount to making your property appealing to would-be buyers. Driveways packed with potholes, hidden, or appear weathered and cracked are less likely to draw customers, and you may need to repave it to make it easily accessible. A good rule of thumb is that if you can’t picture yourself driving on it or it looks hideous, you might want to invest in renovating it.
Also, add value to the backyard by installing a deck, garden, and more luxurious elements like a pool. While some home buyers want to avoid properties with pools entirely, it’s a must-have for others.
You might not be experienced in this market. Still, with a little bit of common sense and research into customers’ preferences, you may find that you can quickly identify properties that you can promptly renovate and flip for maximum profit. The process of turning roadside shanties into modern mansions isn’t easy, but with the right strategy and a certain amount of market know-how, anyone can do it.