How Real Estate Investment Helps Your Community
Over time, cities with even the most sturdy buildings can have their most treasured dwellings fall into disrepair. Newer buildings seem to be popping up everywhere, but what happens to these timeless classics is left up to the city or an investor.
How are these precious pieces of real estate saved? By commercial investors that buy the properties to restore them. There are several types of buildings that can be restored to help the community. Below are some great examples of how short-term investors are breathing new life into cities across the country.
Theaters and Historical landmarks. Theaters of old used to be more of an entertainment venue that would host not only films but musicians, artists and conventions. These grand structures were the epitome of society and beautiful examples of architectural trends for their time. However, these buildings can often bounce from owner to owner, and upkeep can be pricey. Restoring these old theaters are a great way to bring an old bit of glamour into the modern world.
Churches. When a real estate investor takes an interest in restoring an older church, the entire community becomes involved. It’s a way to bring a group of like-minded individuals together for a common cause of doing good. These properties are often gifted back to the community, or restored at a reduced rate.
Parks. Although not technically buildings, restoring parks help the city as a whole by providing a clean, safe space for families and friends to gather. It can be as simple as planting new trees or sod or adding a newer playground. While city taxes may pay for smaller upkeep and repairs, it takes more than a few tax dollars to completely turn a park around. Investors can help achieve this.
Homes and apartments. Often the most coveted living in spaces in a city are the ones that have been modernized but a revitalization project. This can be a huge boost to the economy because where there are people, there are consumers. Soon businesses such as grocery stores, shopping centers and restaurants are bound to follow to an area that is up and coming.
You may be wondering how this progress happens so quickly. Investors often turn to hard money lenders to secure a short-term loan to purchase a property, do the necessary restoration and repairs, and sell it back for a profit. It doesn’t make sense for investors that plan to finish a project quickly to secure a traditional 15-year mortgage, so a hard money loan is a perfect solution to bring their vision to a community to reality.