The term ‘rundown property’ is given to real estate that has seen better days. It’s a little ragged, dusty, creaking and just generally feels and looks tired. At first glance, it can seem like there’s not much life left in the old girl, so you might as well cut your losses. But wait a minute, who says you have to make any losses? In fact, you can make profits from an old house if you’re willing to put a little elbow grease into it. Any number of things can be done to the property, to bring it bank from the brink and relevant in modern times. Most of your options will always lead to a scenario whereby you can make a monthly profit off the property. These ideas will leave you convinced that leaving the property rundown will be to your detriment.
A student property
Is your property near a university? That makes it prime real estate for the student renting market. It’s staring you right in the face, develop the property to be modern and spacious so you can make the property enticing to young people. The great thing about student properties is, you don’t have to go the extra mile. Students aren’t expecting rooms to be of a nature that full-time renters would. You don’t need to spend too much renovating the property, just make sure it has all the modern creature comforts. The heating, lighting, kitchen appliances and bathrooms must all be brought into the modern-day. The decor doesn’t need to matter so much, but by putting in new piping, fixing plumbing issues in the bathroom, installing modern water heater systems and basic kitchen appliances, you will be ready to rent the property to students.
For the young family
Maybe you would like more stability and more peace of mind. Taking an old property and renovating it, would mean you could market the property to young growing families. They may not have enough funds to buy a property outright, but your target market wouldn’t like to rent an apartment either. Talk to Visio Lending which specializes in rental loans. They offer bank rates at private terms. It’s the nation’s leader in single-family rental and vacation properties. Their fast, simple and dependable mortgages are specifically aimed at those looking to improve their portfolios or develop a property for the rental market. You could use the funds to redecorate, redesign or renovate the entire property. Invest in your property so you can achieve a larger long-term revenue stream.
A traveler’s refuge
Maybe your property isn’t that larger. A small, simple and humble property can fetch a handsome sum of money every year if it were a tourist or traveler’s refuge. Small cottages are highly prized because of their unique location to the countryside and exclusive accommodation. If this sounds like your property, you should focus on making it a nice retreat property for the affluent class.
Don’t give up on an old shanty property. There’s plenty of life left in it if you’re willing to put in the hard work and market the home to a specific audience.