People love their pets. One study by the National Association of Realtors found that 99% of pet owners view their pets as part of the family. Most of them take their pets into consideration when choosing a place to live and more than half renovated their homes for their pets. Animals simply have a huge impact on the choices that consumers make in the real estate market.
Demand for Pet-Friendly Housing is High
Pets are extremely popular in the modern world, so much so that more households have pets than children. That means that many people who are looking for homes are trying to find places that can accommodate their animals. Houses and apartments that offer pet-friendly amenities, such as big yards or fences, are particularly appealing. Homes that are close to veterinary clinics, parks, or other pet-friendly attractions can use those amenities as a selling point.
Investors also love pet-friendly housing. Apartments that accept pets tend to be more profitable than those that ban animals. Sellers can also raise the value of a property by renovating it to be more appealing to pet owners. Those amenities can also make it much easier to find someone to buy or rent a property. Many landlords are reluctant to accept pets, so those who do accommodate animals face relatively little competition in many markets.
Pet owners and investors alike can benefit from renovation projects. Fencing projects are among the most popular, but far from the only option. Pets tend to be messy, so they benefit from replacing carpets with laminate flooring to simplify maintenance. Smaller changes, such as installing bathroom fixtures that are appropriate for cleaning animals, can also make a big difference.
The Bottom Line for Investors
Modern homes need to meet the needs of both their human inhabitants and a variety of pets. They should be safe and comfortable for as many different species as possible. Investors and builders who make a point of accommodating pet owners are likely to do better than those who ignore the needs of cats, dogs, and other species. Just a little bit of extra effort can lead to higher profits for investors and a lifetime of joy for pet owners.
Whether a house is recently purchased or has been lived in for a while, the fastest way to increase its value is with a plan. Upgrades made intentionally rather than on impulse are more effective overall. Start slowly, making a list and prioritizing. Do research or talk to realtors after the plan is formulated so that the return on these improvements can be discovered. Some improvements add more to a home’s value than others.
Redo the Kitchen
Buyers of all sorts have focused on the kitchen for a long time and it still holds sway over the most recent wave of new homeowners. A new suite of appliances, a new countertop, and fresh flooring, all result in a new look that is coordinated and invigorated from its past incarnation. A fresh coat of paint on cabinets or walls, with updated hardware, also breathes new life into a kitchen.
Enliven Floor Plans
Millennials wanted an updated kitchen first and foremost; an open floor plan that featured flexible living space was only second on their list of desired features. One means of adding usable square footage is by finishing a basement. Attic conversions are also an option. It is important to remember that a basement can cost between $10,000 and about $27,000 to convert, depending on its size, while an average attic conversion cost almost twice that.
Lower Energy Costs
Saving money currently and making more when selling the house down the line is always desirable, and this is achieved by lowering the home’s energy costs. Younger buyers look for R-Values on insulation and for windows that have low-E coatings, both of which are effective efficiency measures. Water heating is also important, as it accounts for 15% of a typical home’s energy costs.
Clean Things Up
While many means of boosting a home’s value involve redoing rooms and repurposing spaces, a simple step that can be overlooked is simply making things look fresh and new through a thorough cleaning. Wash the house, its windows, its walks and driveway, and its fence if there is one. Add fresh paint where necessary. Especially if a home is going on the market, making it look clean is a relatively easy means of increasing curb appeal.
About Jason Cohen Pittsburgh
Jason Cohen is a real estate investor in Pittsburgh, Pennsylvania. He created Jason Cohen Pittsburgh, a group of real estate enthusiasts committed to helping others invest in real estate, and he has thrived in the area since 2002.
As Jason’s career has grown and flourished, so has Pittsburgh itself — transforming from an industrial “rust belt” city into a major cultural center abundant with high-end multi-family rental properties. Jason has seamlessly handled the dynamic nature of Pittsburgh and of the real estate industry in general. A research-driven professional, he consistently enables smart and profitable investments in the area, helping to transform modest properties into high-end rentals in Pittsburgh’s hottest neighborhoods.
Jason Cohen first entered the world of real estate shortly after his graduation from college. He started out by investing in distressed properties in Pennsylvania. After some experience working full-time for a real estate company, he decided to pave his own path in the industry. He has worked as an independent real estate agent and developed the Jason Cohen Pittsburgh team ever since. The team consists of highly qualified investors, property managers, leasing agents, and contractors.
Over the course of his career Jason has become highly proficient in acquisitions, joint ventures and partnerships, multifamily real estate investments, asset repositioning, real estate management, real estate brokerage, and new construction. He has excelled in high-level investment strategies, but is also no stranger to “ground work” when it comes to the industry. He is well-versed in each step of Jason Cohen Pittsburgh’s unique system: researching local areas and investing in properties, performing renovations to transform these properties from dilapidated eyesores into high-end units, and ultimately repositioning the properties for maximum profit in renting and selling.
Jason Cohen Pittsburgh is the group of choice for anyone who needs advice, analysis and due diligence, and general expertise in matters of investing, whether they are short-term or long-term. Jason Cohen Pittsburgh has dealt with properties in a variety of neighborhoods throughout parts of Pittsburgh, including the South Side, Oakland, Shadyside, Squirrel Hill, Mt. Lebanon, and Regent Square. Each and every one of these locations, paired with Jason’s overall knowledge of real estate investing, has allowed him to play a part in restoring Pittsburgh’s place as one of the most popular cities in the United States.
This blog will share news, updates, and insights regarding Pittsburgh and its real estate market from the perspective of Jason Cohen Pittsburgh. Stay tuned!