Selling a house in San Diego, California? Perhaps you are left wondering why your house will not sell. Check out these rehabbing, home improvement and building trends:
The San Diego real estate market is ripe for investing. However, whether you are building, rehabbing to flip houses, acquiring rentals, remodeling, or even just selling your house; you need to be on top of evolving trends.
This not only provides insight on home improvement additions and features you may want to include in your properties, but what to look for when making acquisitions.
So what do you need to know about the latest home improvement trends?
1. Spiritual Spaces
Spirituality seems to be a trending topic, and according to the Wall Street Journal, it has now taken the real estate world by storm. ‘Spiritual Spaces’ are now reportedly one of the hottest home additions and improvements to make, with some splurging up to $400k on them. This can range from minimalist quiet spaces to yoga pavilions and rooftop meditation spots.
2. Home Offices
Outsourcing and remote working is only going to continue to increase. This, and the number of tech devices in homes, has pushed more home builders to create bigger media areas in their new construction properties.
3. Enhanced Security
A combination of natural disasters, rising crime and new technologies have spurred a demand for improved security for homeowners and renters. Properties with enhanced security and safety features can be more attractive to prospects, provide buyers with more insurance discounts, can help to protect the value of the property, and reduce liability risks. This may include the instillation of new in home video surveillance systems and reinforced entry doors.
4. Going Green
Going ‘green’ may not be a completely new concept, yet, it is becoming more main stream for several reasons. Many individuals, especially professionals, are expected to live an eco-friendly lifestyle. Others are simply tired of seeing their utility bills creep up every year. Homes with lower holding and ownership costs are going to not only be more in demand, but also more profitable for investors.
5. Outrageous Rehabs
Luxury homes are in big demand in Southern California. This, and lower inventory levels, is spurring some investors to invest outrageous amounts in remodeling properties. One area firm recently reported receiving a $50 million loan from a major hedge fund with plans to acquire local properties and bury as much as 100% of the purchase price in improvements.
Many might call this insane, or at least very misguided. However, it is important to be aware of what the competition is doing. On the upside, it means other San Diego, CA real estate investors that stick to sound investment principals and home improvement projects could potentially be selling houses for a small fraction of these competitors.
