Have you considered investing in older single-family or multifamily real estate? If so, you know that this type of property has inherent challenges, such as old wiring and plumbing as well as smaller rooms and no central heating or cooling. Whether you plan to rent out or flip these properties, they will need work. Some of these projects, such as updating or fixing the plumbing, sewage and electrical systems, are easily identified, while others depend on changes in lifestyle that you may not think about. Consider these tips for refurbishing older homes.
Increase the Number of Electrical Outlets
People who purchased homes 50 or 100 years ago did not have the number of electronic appliances and gadgets that consumers have today. Therefore, their homes didn’t have abundant electrical outlets. Not only do you have to consider the kitchen appliances and washers and dryers, but also the hairdryer, curling or flat iron, electric toothbrush and other bathroom gadgets. Don’t forget that most households have TVs, gaming systems, cable or satellite boxes and DVD or Blu-ray players in bedrooms, living rooms, theater rooms and elsewhere. This doesn’t even account for the wireless internet routers and other devices that need to be charged. Older homes just cannot accommodate the number of electronics modern consumers have, so keep this in mind during your renovation.
As American prosperity has increased, so have American possessions. Whereas some people in the 1920s had a few sets of clothing and one or two pairs of shoes, today’s consumers have overflowing closets full of clothing and shoes. In addition, these individuals often seek large pantries and ample cupboard space in the kitchen and linen closets and other storage areas throughout the house. Therefore, storage space is a major concern. Simply expanding the closet space can be a major selling or renting point in an older home or piece of multifamily real estate.
Many older homes have minimal electrical wiring. These individuals were mostly concerned with lighting each room and not much else. Today’s population has a heavy reliance on home entertainment, and gone are the days of antennas and local stations. Consumers want ample channel choices and streaming alternatives. Therefore, consider wiring the home for cable and internet as well.
Find a Way To Build an Ensuite Bathroom
Most older homes have shared bathrooms. Often only one or two are found in these structures. However, today’s owners and renters appreciate ensuite bathrooms. They want a bathroom in the master suite that is separated from the rest of the home’s residents.
Rehabilitating single-family or multifamily real estate can be an expensive endeavor, but if you put your money into projects that give you a greater return, you will stand out from your competitors.