Investing in Real Estate By Renovating Low-Cost Buildings

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Buy and sell business could be a safe bet if you are dealing with the basic needs of people. Whatever the circumstances would be in the future, people will need food, shelter, and clothing. The only difference would be the quality people would be able to afford in changing situations

Let’s take a look at the housing industry. Nowadays, people are willing to pay premium rates for very small spaces as long as they are conveniently located. As urban centers also expand, previously industrial zones have been vacated and old warehouses are turning into lofts, workers’ quarters renovated into posh homes for middle-class families.

Renovating old cheap housing into expensive modern homes has been an investment trend influenced by renovation shows. Although designer homes could cost a lot, renovating houses don’t have to be that expensive. You could even achieve luxe-looking homes if you know how to play with basic construction materials. However, there are basic functionalities in a home that you need to look at to interest potential clients.

Water connections

Cheap housing has not been constructed to lat. You might have to change the stainless steel pipe fittings because sometimes builders don’t use exact matches and simply use Teflon tape to make the water pipes fit. These are temporary solutions intended to stem the leak before they could be replaced with new pipes. You would also need to change faucets because their stoppers could have weakened from years of use.

Heating and cooling system

Check if the ducts and vents are intact and there are no leaks. Your new system would be overworked if the passageways have become blocked and inefficient. Get the vents cleaned properly first. There are unscrupulous companies that might con you into thinking your system is malfunctioning when in fact it’s only the vents that are clogged.

Old houses normally have efficient heating systems that don’t require complicated electronic setups. Check if they are still working. Clients might want to keep this option as it would cut on their electrical consumption.

Change the Tiles

Low-cost housing would most likely use cheap tiles that break easily. Some are also prone to water stains. But tiles could also make or break a deal with clients. So you could offer to do the tiles for free later to allow them to decide on the designs rather than do a hit or miss decision.

If you don’t want to spend on tiles, you could go for the bare floors common to industrial designs. But have it polished at least so that it’s not uneven. One way to do it is to pour a new layer of slab. But the less risky one is to simply work on the existing concrete surface.

abandoned building

Electrical wiring

Low-cost housing would not anticipate a household full of electrical appliances. Check the wires if they could carry the load of multiple appliances. You should do this before you have the walls repainted so that you could dig out from walls the wires that need to be changed. Do this too in anticipation of your lighting design. Add the new sockets and switches in one go so that when you finish up the wall it wouldn’t need to be disturbed to embed more wires in the future.

Have an engineer check the strength of the building.

If you have plans to expand the house, you will need to know if the base would be able to support it. Otherwise, you might end up needing to demolish the entire structure to follow the design you want. This is especially true when the expansion you are anticipating would be to add additional floors. Originally single-story buildings might not have enough strength in their foundations to support the weight of new floors. Know also if it’s safe to tear down interior walls. Some of them might have specific functions for supporting the roof.

When dealing with an old house, always check it for safety. Although the building materials of before were sturdier than the flimsy ready-made walls now available in the market, there had been different weather conditions before. The area where the house is located might now be experiencing floods, for example. Do the necessary adjustments to protect the building.

Real estate would be an important investment, especially in urbanizing areas. In the coming years, more people would be moving in. Anticipate the developments so that you could acquire strategic properties. They may have low value now, but real estate value appreciates fast. They could get a higher appraisal if the structure is not only aesthetically pleasing but also efficient, durable, and safe.

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