Are you guilty of driving past and seeing a rundown building, old warehouses and barns, and even houses that just don’t seem to fit right on the street, and wonder what you could do to improve them?
This is often where many property investors can make some money. Turning something that isn’t fit for purpose and giving it a new lease of life. But how could you do it? Here are some suggestions.
A building that can be used as a warehouse
Businesses are being created all of the time, and that is because more people are taking the plunge to work for themselves and offer up products and services that they think are valuable in today’s society. So there is a need for business locations and also for businesses to be able to store stock and work from locations securely.
Warehouses can often be rundown, but making the necessary repairs, installing things like a polished concrete flooring and even renting out as a commercial endeavour yourself could be a profitable way to make the most of an old rundown location and give it a new lease of life. This could be an excellent business idea yourself.
An old shop that could be converted to a home
Maybe you like the idea of seeing a run down shop but it looks a little out of place in a street full of homes. Often back in the day, the corner shop was made from a converted house, but now there isn’t so much of a need for them, and so there is a market for turning these old shop’s back into homes.
It could be a great way to give a new lease of life to a building and property and to add some much-needed value. It can also help neighboring homes as a street can feel more complete.
A home that could be converted to a business location
Sometimes a property is just crying out to be turned into a business location. A high street, for example, full of busting shop windows and then one odd house just doesn’t seem right. So this is where you could do the opposite thing and convert an old home into a business location or shop front.
You could then convert the upstairs into a living flat or apartment which could then enable you to create a dual purpose in the one building. It can be a great way to gain commercial and private landlord rent in one go.
Renovating a rundown property or old barn
Finally, maybe you want to stick with a more traditional route. An old rundown property in need of big repairs or converting an old barn into a property that can be lived in could be an option for you.
This is where most people get the big idea for renovations and property development, and it could be the ideal way for you to create and manage a property to give you a taste of what this life is all about.
However, just make sure you are aware of the amount of work that would be involved with a project like this. Not only do old properties sometimes have pest control issues, meaning you would need to find a local exterminator company before things get out of control, but they also often have safety issues that need sorting with a matter of urgency.
Let’s hope this has given you some inspiration on how you can make old run-down buildings fit for purpose once more.