You may never have pictured yourself as a landlord. After all, it was not that long ago that you were a renter yourself. However, an opportunity presented itself in the form of a loft located downtown in a very desirable neighborhood.
But, is that reason enough to purchase a loft you plan to lease or rent? Experts in real estate feel that prices are high right now, but if you have an opportunity to take advantage of a sweet deal, that does not apply.
The reasons for purchasing a loft for investment purposes vary widely. Take a look at some reasons why it might benefit you to get a loft simply for the investment.
1. Buy a Loft in a Tourist Destination
The opportunity to buy a loft in Manhattan, Orlando, Hawaii, Orange County, CA and other popular tourist destinations have good possibilities as moneymakers.
- Any chance you have to purchase a loft near Disneyland, Disney World, beaches or Broadway is reason to give it a second look.
- In many popular cities, lofts are located downtown near the business districts. Lofts near work are highly desirable.
- Check with Selling Toronto Condo about lofts in downtown Toronto.
2. Lofts Have Great Views
If you plan to buy a loft and rent it out, try to find one that has a great view.
- Once you have viewed the condo, schedule a second viewing at night to get an idea of views of the city skyline, mountains and other desirable tableaus.
- If you purchase a loft with a good view, hire a professional photographer to take pictures featuring the amazing views to place in an advertisement for rent.
- Highlight the terrific views by removing all window coverings.
- Hire a service if necessary to clean the windows until the glass is so clear a potential renter does not know where the windows stop, and outside air begins.
3. Loft Offer Huge Spaces
Lofts, as opposed to condos, usually take up a large part of a floor in an urban building. Use this to your advantage.
- Emphasize the clean lines of a large space with no walls.
- Practice target advertising to sculptors, artists, dancers and others interested in combining a large living area with a massive workspace.
- If necessary, remove awkward partitions.
4. Lofts Require Little Preparation
The great thing about lofts is that the painting, carpet work, kitchen appliances and other accouterments that normally weigh down a landlord are missing in lofts.
- The completely open space is highly appealing to many renters.
- As there are few load-bearing components, renters can partition it as they wish.
- The most you may want to do is seal the cement floor and rent a polisher to show off the shine.
- Lights and fixtures are one area to put some money to increase your investment more. Track lighting that a tenant can easily move serves to shine bright lights onto areas you want to highlight.
5. Highlight Any Unusual Architectural Features
Lofts often are a part of old, industrial building and vintage buildings with character.
- Leave exposed brick just as is it whenever possible. Obviously, you cannot leave crumbling mortar in place on a load-bearing wall. But, prospective renters love old, exposed brick walls.
- Do not seal in ductwork. Make sure it is clean and dust free as much as possible and then leave it just as it is.
- Cast-iron columns are another feature to leave in place as you found them if it is feasible.
When you stumble on a loft that is available in a soon-to-be gentrified area these are some great reasons to take advantage of your find.
