Older homes offer singular and classic appearances as well as historic value. However, rehabbing these properties for the modern commercial real estate market poses unique challenges because of their lack of modern conveniences that home buyers have come to expect.
Here are some things to watch out for when working in this area of commercial real estate.
Make It Energy Efficient
Homes built a century ago lack energy efficiency. To make up for this, seal up the cracks, and install storm windows. It may be difficult to add insulation to the walls, but you can at least inexpensively put some into the attic.
Check the Sewer Line
There’s a good chance that old sewer lines are cracked, collapsed, or have roots growing through them. Before buyers of older homes receive a shock when they start to use the water lines on a regular basis, be sure that they are sound and have no impediments.
Plan for an Entertainment Unit
Most modern homeowners put in elaborate entertainment units with big-screen TVs as centerpieces, but living rooms in older homes were not built to accommodate these. If there’s no space for the big-screen TV, create it by moving walls or constructing an addition. Be sure that the building is wired for cable and internet and has sufficient plugs for all electrical needs.
Create Closet Space
Modern households require abundant closet space for changes of clothes, shoes, and storage of other items. However, many older homes lack sufficient closet space. Expand existing closets, and add more if necessary.
Add an Extra Bathroom
Many older homes have a singular bathroom for the entire household. Modern house buyers, though, look for a master suite that includes a bedroom with separate attached bath. Consider renovating to create this space.
Build a Washer and Dryer Area
In older homes, washers and dryers were often relegated to the dark and uninspiring basement area. Modern homeowners prefer a dedicated area for the washer and dryer on the main floor, where they can handle the laundry in comfort and convenience.
For more advice on rehabbing and other aspects of commercial real estate, contact Growth CC.