In the past, potential home buyers were interested in buying larger homes to provide room for families with numerous children. When the economy was better and utility prices were lower, singles and couples were willing in invest in a home with a lot of square footage to showcase their antique furniture and collectibles. Today, with a poor economy and increased costs for electricity and natural gas, people are opting to buy smaller homes. In addition, families typically have fewer children than 50 years ago and numerous bedrooms are no longer required. This means that selling a large property is more of a challenge because there is a smaller customer base looking for spacious homes.
Renovate a Large Home into Multiple Units To sell a large home with a lot of land, you will need to make some adjustments to reach a wider customer base that is willing to invest in a property that they can divide into multiple units or share with roommates. First, a homeowner must determine if the home they are living in is in a city that permits sharing with roommates or renovating a property into multiple units. If it is permissible to renovate into multiple units or share a home’s amenities with roommates, then a homeowner should hire a remodeling expert to determine the best way to optimize the space. The expert will need access to detailed blueprints and schematics to determine how to renovate the home.
Sell a Large Home as an Investment When a home has multiple levels, it is frequently possible to add interior or exterior staircases to permit entry into an upper or lower floor level. With this method, a homeowner might also need to add doorways, a kitchen or bathrooms to make the space rentable to tenants. An individual who buys this type of property can choose to live on one level and rent the other or rent both levels and live elsewhere. The company that is renovating a large home into multiple units must obtain building permits, and homeowners must cope with inspections from government officials who verify that the remodeling is completed according to safety codes.
Change the Interior and Exterior In addition to making renovations to the inside of the home, a homeowner might need to make changes to the exterior such as providing more parking areas for tenants. It is likely that a homeowner will not be able to live in a home during this type of extensive remodeling project, but if a home has been on the market for a long time, then changing it to a multiple unit property is a good plan. A homeowner can also leave the property as it is but suggest to a real estate agent that they market it as a home that can be renovated to earn an income in addition to providing a place to live.
Adjusting a Home for Roommates Alternatively, when a home is on the market for several months and renovators cannot change the building to multiple units, consider making the home more attractive to a single person who is willing to have roommates. To make living with several roommates’ easier, adding full bathrooms to a home is an excellent idea. If the bathrooms are located inside or next to each bedroom, then it is possible to rent out rooms faster. In a kitchen, a homeowner might need to make space for an additional refrigerator or add cabinets for more dishes and glassware. For privacy, a homeowner may want to add doors with key entry locks to each bedroom.
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The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license. London St. Thomas Assoc. of REALTORS® Last Updated: 4/26/2018 7:22:00 AM