Purchasing commercial office space can be a great investment. Finding a location which contains multiple rental units means that you get to multiply your return by taking on more than one tenant. If you're in the market for office space and have found a fixer-upper that you like you might be on the fence about it. You can see the potential but are worried that the cost might outweigh the benefits. There's no need to worry: A building and renovations crew can make that space look good as new. Learn why a rehab office building is the best investment for you to make.
1. Lower Purchase Price Gives You More Freedom
There's no denying it: When it comes to real estate, buying low and selling high is the name of the game. Finding a property that you can purchase for a fraction of the actual worth of the building gives you a lot of wiggle room to play with. The best way to accomplish this is to purchase a fixer-upper.
Buying a move-in ready piece of commercial property might look appealing on the surface, but you have to think about the back end. Sure, you may not have to put in much money to fix the place up. However, the sticker price more than makes up for this. If property values in the area don't increase substantially before you're ready to sell you probably won't make very much money off of what could have been a very time-consuming deal.
Purchasing a fixer-upper means that you'll have a lot of freedom built into the cost of ownership. You get to choose the contractors that you work with and if you're a bit of a handy person yourself a lot of the work can be done in-house. The end result is that you end up with a property that you didn't have to sink a lot of cash into, but that can end up making you a windfall.
2. Fixer Uppers Are Fun
It can be a lot of fun to let your imagination run wild in a fixer-upper. Planning out each room and making it look the way you envisioned it to is a great pastime that can be a highly beneficial project.
Buying a fixer-upper is something that can truly work to your advantage. Start taking a look at the rehabbed homes in your community and pick out the property that speaks to you. For more information, contact your local building and renovations team.