Repurposing Real Estate

Could Office Conversions Boost Housing Supply?

From cold meeting rooms to cozy living rooms, once-empty offices are taking on new life. These transformations offer a real solution to the housing inventory shortages faced by many cities, creating unique living options that can bring back vibrancy to the heart of a city.

With the rise of hybrid and remote work, countless offices have sat empty in recent years. This is especially noticeable in central business districts, where vacancies are more common than in the suburbs. While overhauling an empty downtown building offers a chance to boost housing inventory, converting an office space for residential living involves thoughtful renovations along with careful consideration of the shared amenities today's urban dwellers desire.

As the need for physical office space continues to evolve, it's important to look for creative ways to turn these areas into comfortable homes. Many developers are embracing more sustainable practices, often preserving some original structures to reduce waste. Old architectural features, such as staircases and windows, can be modernized for safety but still maintain the charm of a bygone era. Updating buildings to meet modern efficiency standards also helps reduce emissions.

However, major conversions are challenging. The cost to acquire and renovate a property is steep, and not all buildings are suitable for residential use. The process requires innovative solutions to make these spaces feel like home while meeting safety codes and local regulations, and the structural limitations often complicate matters.

Despite these difficulties, a well-executed conversion can breathe exciting new life into downtown areas, attracting businesses and residents alike. By repurposing unused buildings into functional living options, cities can address housing shortages while preserving the distinctive character and identity of a city's core.

Safe and Sold: Security Features Seal the Deal

Peace of mind is priceless, and a home equipped with security upgrades can give you an edge when it's time to sell. In fact, a recent study found that 25% of house hunters prioritize safety features, and Consumer Reports estimates that select smart home technology, including some security devices, can increase resale home values. Here are some strategic upgrades that can make your home a safe choice for potential buyers.

Exterior
Appeal to safety-conscious buyers with enhanced visibility. Outdoor lighting is an easy and effective way to brighten entryways, adding both security and a welcoming glow to your property. Sought-after features like surveillance cameras and smart doorbells can deter break-ins and help homeowners feel more secure.

Interior
Safeguard your home with smart locks on entry doors for secure, remote access. A monitored alarm system can alert authorities to any unexpected activity, adding a reliable layer of protection that buyers value.

Seller's Guide to a Stress-Free Final Walk-Through

This is it — the moment you've been waiting for. You're ready to move on to your next big adventure. But first, you should ensure the house you're leaving is ready for its new owner.

The final walk-through is the buyer's last look at a property before closing. It's a quick check to confirm the house is in agreed-upon condition. If issues arise, you may face delays, extra costs or even last-minute repairs or price adjustments. Here's how to make sure everything is in good shape before you hand over the keys.

• Complete all repairs specified in the purchase agreement. Keep receipts as documentation that work was done correctly and meets contractual terms.
• Make sure the house is clean inside and out. If it's not up to standards, the buyer could delay the closing.
• Don't remove anything you agreed will remain with the property, and avoid leaving items you think the buyer may want without asking them first.
• Most importantly, rely on your real estate professional to be sure everything is ready for a smooth hand-off.

Pros and Cons of an Adjustable-Rate Mortgage

An adjustable-rate mortgage (ARM) offers several advantages, particularly for those who may not plan to stay in a home for more than five years.

• With lower initial interest rates, ARMs may offer lower monthly payments during the fixed-rate period, freeing up funds for home improvements or other investments.
• Lower monthly payments allow for greater borrowing power, possibly qualifying borrowers for higher loan amounts or more expensive properties.

However, ARMs come with risks.

• The possibility of an interest rate increase after the fixed-rate period may introduce uncertainty, which can make long-term budgeting challenging.
• Because a large portion of your monthly payment goes toward interest, your payments may not pay down much of the principal.

Savings Start at Home

Saving on homeowners insurance is easier than you may think. Here are some strategies to reduce costs without compromising coverage.

Shop and compare. Look at multiple providers to find the best rates, but be aware of potential fees or coverage gaps when switching.

Bundle policies. Combining home and auto policies often results in significant savings.

Take advantage of home upgrades. Discounts may apply for energy-efficient appliances, security features or updated plumbing and electrical systems.

Look for state-specific discounts. For example, Florida homeowners might save with credits for hurricane-resistant roofs, while Californians could benefit from fire mitigation discounts.

Identify additional savings. Price reductions may be available for new home construction, mature homeowners, and properties in HOAs or secured communities.