Many communities have vacant commercial properties that can be repurposed. One idea would be to remodel these buildings into residential properties. Here are the reasons you should invest in this.
Revitalizing the Area
Experts such as Steven Taylor, owner of Taylor Equities, will tell you that several of these structures are in sections of a town where housing is scarce. Adding affordable apartments while giving a neglected building a new, attractive look will draw occupants to a part of the city that might have been considered run down. As the population increases, other businesses will follow.
You will have an opportunity to negotiate a better price on a commercial property that has sat dormant for a long period of time than one that is newly built. There is also the possibility that there will be a tax break for investing in such a place. Research what comes with the purchase of a vacated building and weigh whether it is wise to proceed with the improvements you will need to make.
Modern Mixed With the Old
Another reason to consider an older building that has been on the market for a while is that you can add modern, creative touches to a solid, established structure. You can replace outdated windows with brighter, energy-efficient glass. You can consider installing skylights, a rooftop garden, or an atrium for your tenants to enjoy. Be sure to have the property inspected so that you know what improvements need to be done to convert it into separate living areas. You will need to check the plumbing, the insulation, and the structure itself. Also, you will want to inquire whether it is considered a historical landmark, which will also dictate what remodeling you are able to do. There are specific regulations you will need to follow to keep in on the registry.