In this article, you will learn the art of earning money from restoring old motels. You might know that some buildings were once in their prime but now have lost their charm. Similarly, there are some motels in different cities of Pakistan that have an incredible past. But now, these motels are collapsed or in poor condition.
There are many reasons why these are not capturing the attention of people. If you look around, you will know that they were not able to survive in this modern era. Furthermore, the owners of that motel were not as skilled as they should be. Get the idea from the Smart City Islamabad.
By the way, it is not over here. Being in a real estate field, you can use your skills to bring them back into life. If you have the ability to reconstruct them, it may give you a handsome profit. Perhaps, a question arose in your mind about how to make money from restoring old motels. But don’t worry, we will make you know.
You should overview the following factors that will let you know that how these old motels are generating revenue after getting restored.
Low cost
Old motels normally have low cost. The owners of these properties have given up and are ready to sell them at an initial cost without counting the price of building material. Sometimes they even agree to sell them below the actual rate of the land. They have nothing to do with your intentions. You can demolish it and construct new, or you can redesign it. Though, the latter is the perfect option. All you need are land, and you can get it at a meager cost.
Old designs
This factor is interesting. Do you know that tastes of like and dislikes or fashion and designing reverts after almost 70 years? Similarly, the hotels that were on the peak before 70 years, but after then they gradually lost their fame due to meager interest of customers. But, now, in 2021, people are again likely going towards accepting old traditional designs.
So if you buy an old motel of the 1950s, you don’t need to redesign or reconstruct them. Just do painting and decoration. It will capture the attention of a massive number of customers. With your experience in real estate, you can use these old places to generate more profit.
Location
Some motels lose their value due to their location. But, the same area can play an essential role after the restoration of that hotel. For example, If 30 years earlier, an investor constructs a hotel near park view city. But that time due to lack of interest of people if did not run well. Now, buying that hotel and redesigning them will surely attract customers. At that time, the population was very less as compared to now.
Marketing
The role of marketing in progressing of any business is undeniable. Similarly, owners of some old motels did not do proper advertisements for their motels, and they lost the path. Now you can explore such motels, buy them and then run an appropriate campaign for its advertising. This is the era of digital marketing. With the advancement of the internet and computer, you can choose new marketing strategies.
The old motels’ owners were not aware of this new trend of marketing. So, they failed to use their capital for the best outcomes. So, marketing of old restaurants makes them back to their life.
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Conclusion
In a nutshell, not only can you make money by restoring old motels, but also by restoring old buildings. For example, you buy a home in a rotten position, reconstruct it and then sell at higher prices. Indeed, the real estate industry allows you to produce more income by dealing in old properties.
While buying old properties, don’t forget to consult real estate appraisers. They know the market value very well and better than you. Sometimes, an old building or motel you intend to buy can cause you to make a loss instead of profit. For example, if you have no experience, you cannot know the exact value of a property or hotel.
However, if you are interested in old hotels, restaurants, and old buildings, you should visit sigma properties for consultancy. Do you want to make money from restoring old motels?
Author Bio
Muhammad Junaid is a senior Analyst and Search Engine Expert. Extensive experience being a lead writer in Sigma Properties | Rudn Enclave. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.