You have probably heard the word redevelopment in real estate several times, or someone has already suggested that you do the same for your apartments. What is redevelopment? It simply means demolishing your old apartment and setting up a new one to suit a developing town or city. Redevelopment should not be confused with regeneration. Regeneration is entirely different as it involves rebuilding or repairing a building.
When to Choose Apartment Regeneration
Regeneration can be done after five to ten years after building it. Regeneration involves renovating, painting, and fixing the appearance of your apartment to suit the commercial trends in urban areas. Most apartment owners opt to regenerate their houses to prevent them from aging and aging faster. However, some housing may not change its appearance to suit the upcoming trends due to its usefulness as a country’s iconic building.
Before a tenant moves into an apartment, the first thing they want to see is the presentation of the building and if the owner takes a keen interest in ensuring the building looks presentable. You will therefore need to regenerate your house for commercial competency.
When to Choose Redevelopment
Redevelopment is the most common activity in the upcoming urban centers. You may choose to demolish your apartment entirely for reasons such as:
Too Old
If a building has stayed for 77 years or above, it is outdated and risky to live or conduct business in. Old strictures can easily fall even with the periodic wind. Old buildings have become hard to renovate as almost everything requires renovation. In most cases, old houses are usually a result of succession. People without previous knowledge of housing and real estate can get help from professionals such as Steven Taylor Los Angeles to help you with the redevelopment process.
The Cost of Regeneration is Higher than the Cost of Rebuilding
Sometimes the money used in regeneration may be so high that there is a minimal difference if the house was redeveloped. In such instances, a professional assesses your building and recommends a redevelopment plan.
Urban Plan
If your apartment does not meet the requirements of the urban plan, you might be forced to take it down and start constructing a new one. If your house is not up to the urban standards, you might lose potential tenants. People renting such houses may need to put attractive displays for their customers.
The Impact of Regeneration and Redevelopment
Redevelopment and regeneration improve the economy of the surrounding community in broad scope. They create job opportunities and improve the economic status of a town. They also increase property values, in return attracting investors. Old houses are often associated with crimes as criminals hide in such places. In redeveloping such areas, the crime rate goes down.
Before you go demolish your apartment or start a renovation process, be sure to have your building assessed. You also need to get the necessary documents to proceed. Have the required urban plan to avoid possible future demolition of your apartment.