This is shaping up to be another huge year for flipping real estate and even leasing. The number one difference in results investors will actually realize over the next 12 to 24 months may rely substantially on how well they tailor their rehabs and improvements for what’s most important for today’s home buyers and renters.
Here are some of the key trends savvy investors will consider.
Over the past year we’ve seen just how volatile income can be. With the exception of tech entrepreneurs and CEOs, and investors who are seeing massive jumps in wealth and income, the majority of buyers and renters are wise to prioritize affordability. Keeping monthly housing costs below their means offers security and financial sustainability. So, be wary of over-improving and having to raise your prices too much.
Designing for Government Subsidized Housing
In one format or another we can expect government subsidized housing to be a much bigger share of the market over the next four years, at least. Section 8 and similar programs have their pros and cons for landlords. Still, being ahead of the game for this trend is smart and can help ensure consistent, crisis proof income. These programs often have specific home inspection criteria. Know it and build it in. This specifically includes electrical, fire alarms, and other safety features.
Multiple Home Workspaces
Design for multiple home workspaces for multiple members of a household working from home full time and kids doing home school. These should be separate from sleeping and relaxing spaces. Be wary of tearing down walls that may eliminate quiet places to work.
All Weather Outdoor Spaces
Expect people to spend more time at home. That means needing more time outside at home too. Make outdoor spaces usable all year round. For example, adding heating and cooling features.
Add more clean features. Expect this to be a big hit and deal closer. This may include remote entry systems, separate air conditioning systems for every unit and floor and air purifiers, as well as nonporous materials for floors and counters that are easier to clean. Plus quarantine suites for housing family members.
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Article Source: https://nngcapitalfund.com/redesigning-residential-real-estate-for-flipping-leasing/