Facebook
Twitter
Pinterest
Copy Link
3 Splurge-Worthy Home Improvement Projects to Boost Your Home’s Value
When it comes to selling your home, it’s natural that you’d want to get the best return on investment possible for changes and upgrades around your home. While there are many inexpensive home improvement projects that can help increase your home’s value, sometimes it’s worth splurging on certain projects that can yield a higher return in the sales price of your listing. Today we’re exploring three splurge-worthy home improvement projects that can help boost your home’s value and appeal to potential buyers.
1. Kitchen Remodel
The kitchen is often considered the heart of the home, and a thoughtfully-done kitchen remodel can significantly increase your home’s value. In fact, buyers report that the kitchen has the greatest amount of influence over whether or not they will decide to purchase a home. According to the National Association of Realtors, a minor kitchen remodel can yield an average return of 81% of the project cost, while a major remodel can yield an average return of 59%. A kitchen remodel may include upgrading appliances, replacing countertops and cabinets, and adding new flooring. The important thing to remember with kitchen remodels is that a little goes a long way. While ultra-high-end appliances or a luxurious countertop option may make the space feel more grand, you actually will make back a larger percentage of a more modest renovation project that brings your home’s kitchen up to scratch.
2. Bathroom Renovation
Bathrooms are another incredibly important area of the home that buyers pay close attention to. Often, bathrooms are such a priority for potential buyers because the process of completing a bathroom overhaul can be a daunting prospect. So when you take this project on in advance, your potential buyers don’t have to worry about completing the project themselves, but they get the benefit of a beautiful and updated space. According to Remodeling Magazine’s Cost vs. Value Report, a mid-range bathroom remodel can yield an average return of 62% of the project cost, while an upscale renovation can yield an average return of 53%. A bathroom renovation may include upgrading fixtures, replacing the bathtub or shower, and adding new tile or flooring.
3. Outdoor Living Space
An outdoor living space, such as a deck or patio, can be another major selling point for potential buyers. Adding an outdoor living space can expand your home’s livable space and create an inviting area for entertaining. According to the National Association of Realtors, a wood deck addition can yield an average return of 75% of the project cost, while a composite deck addition can yield an average return of 69%. Other outdoor living space projects may include adding a fire pit, outdoor kitchen, or landscaping. Particularly for those buyers moving in during the Spring and Summer, additional space to enjoy the outdoors can go a long way in the value that they see in your listing.
Knowledge is Power
No matter which of the three types of renovations you are considering for your home, the more you can research the specific projects and the average ROI for those renovations in your specific area, the better you’ll be equipped to make the best decision for your home and your bottom line. Better yet, reach out to our team at Coldwell Banker Elite to get an idea of what a project may be able to add to your resale value and project an updated listing price for Virginia!
3 Smart Ways to Take Advantage of AI in Your Home
As the world continues to become more and more digitally connected, artificial intelligence (AI) has been a major factor in transforming the way that we live, work, and play. While AI has been driving innovation through high-tech corporate applications, there are plenty of ways that the average person can take advantage of artificial intelligence even in day-to-day mundane tasks.
In today’s blog, we’ll explore several of the most unusual yet helpful ways that average families can make the most of time and energy with the help of AI tools.
1. AI for Meal Planning
Yes, you read that correctly. Meal planning! One of the most significant challenges of managing a home, particularly for large families, is meal planning. With busy schedules and limited time, it can be difficult to plan nutritious and delicious meals that everyone in the family will enjoy. Did you know that you can use tools like ChatGPT or other AI language models to create a customized meal plan for you? After providing a detailed explanation of the meals that your family typically enjoys, dietary restrictions, budget constraints, and any preferences, you can have AI create a full meal plan and even a grocery shopping list for your weekly meals.
This is where AI can make a difference. Using an AI-powered chatbot like ChatGPT, you can create a meal plan for the week based on your dietary preferences, budget, and schedule. This is an excellent way to not only streamline a hectic daily chore but also allow for more creativity in the meals that you create with only a few clicks.
2. AI as a Personal Assistant
Not everyone can swing hiring a dedicated personal assistant to help wrangle the chaos of everyday life, but with smart AI devices like Amazon Alexa or Google Home, you keep track of your to-do list, set reminders, and manage your schedule with ease. With voice-activated commands, you can ask your personal assistant to set a reminder for your next meeting, create an alarm for taking vitamins or exercising, or play your favorite music on a schedule.
These AI-based personal assistants can also help you control any other smart devices in your home, such as lights, thermostats, and security cameras. With a simple voice command, you can turn off the lights, adjust the temperature, or check who is at the door.
3. AI for Cleaning Your Home
No matter where you live – whether a rented room or an entire multi-level home – we all typically are responsible for some level of cleaning, organizing, and generally keeping our space tidy. While AI can’t exactly sort through piles of junk mail or dust your blinds for you, artificial intelligence offers several highly underrated ways to support your home cleaning routines.
Using ChatGPT or similar software, you can have the AI create a detailed cleaning schedule based on your other commitments and your unique space. By providing ChatGPT with information about your home, your typical schedule, and the cleaning tasks that you’d like to get done, the AI can create an optimized schedule with time slots for completing each task. This way you only need to worry about knocking out each task – making the bed, vacuuming the floor, cleaning the microwave, etc. – rather than stressing about when you’ll fit them into your day.
If you want to take this one step further, AI can help you actually tackle the cleaning if you choose to invest in smart robot vacuums or mops. Some of the most advanced versions of these robotic cleaning tools can even map out your entire home and clean different areas of the house based on a schedule of your choosing.
AI as the Ultimate Home Manager
Just about everyone could use some support in the running and managing of their home, and AI offers unparalleled potential for little to no cost to you! Whether through planning your homemaking activities or scheduling out responsibilities, don’t miss out on some of the most practical ways to bring this new technology closer to home!
6 Exciting Ways to Get Involved in Richmond, VA and Give Back to Our Planet
As Earth Day approaches the Richmond, Virginia community, locals gather to celebrate in a variety of ways through planet-friendly festivals, volunteering, and getting involved.
Scouting out the many ways to spend your weekend giving back to our planet, we’ve listed our top six ways to get involved with your family and friends this 2023 Earth Day.
1. Keeping VA Cozy Trash Cleanups
Saturday, April 22nd from 9:00 am – 4:00 pm, join Brian with Keeping Virginia Cozy and the local community as they meet at Bryan Park (4308 Hermitage Road) for a few hours of cleaning up trash and keeping it cozy!
Collaborating with Elias Junk Removal, Beyond Boundaries, Virginia Department of Wildlife Resources, James River Outdoor Coalition, James River Women, RVA Goats, and Honey, S23 Print Truck, Studio Two Three, and tons of local food and vendors, this celebratory zero waste litter cleanup leads into the Earth Day festival and RVA Big Market farmer’s market at Bryan Park for a full day of giving back and enjoyment with thousands of local Richmonders.
2. RVA Earth Day Festival: April 22nd at Bryan Park 9-4 pm
Celebrate our planet and support the Richmond community at the annual RVA Earth Day Festival April 22nd from 9:00 am – 4:00 pm at Bryan Park! Featuring local vendors from RVA Big Market, Studio Two Three print shop, live music, local food, drinks and plenty of free family-friendly demonstrations all day long!
Bring your own light-colored t-shirt or tote bag to screen print your own exclusive Earth Day design with Studio Two Three’s mobile print truck. Discover the different vendors of this upcoming celebration here.
3. DCR Virginia State Parks Earth Day Events and Community Involvement
The Virginia Department of Conservation and Recreation has listed over 30 ways you can invest your time and energy to make a difference for Virginia State Parks, and ultimately, our planet under the 2023 Earth Day theme of ‘Invest In Our Planet’ Saturday, April 22, 2023.
Almost every Virginia State Park is offering a way to get involved and give back through clean-ups, bird surveys, art sessions, invasive plant removal initiatives, group hikes, planting native species, and more!
4. Science Museum of Richmond Earth Day Celebration
To celebrate Earth Day, the Science Museum of Richmond is hosting the Virginia Section of the American Chemical Society to share a special hands-on activity with local Richmonders and families.
Exploring sustainability, natural resources, and environmental science, the museum will show Antarctica in The Dome to experience a rarely seen part of our Earth on a quarter-acre screen! Reserve your seat at Guest Services on the day of the event, April 22, 2023, with activities ending at 5:00
5. Henrico County Earth Day Festival
Henrico Recreation & Parks and Keep Henrico Beautiful are hosting a free Earth Day festival this upcoming Saturday, April 22nd from 10:00 am to 1:00 pm at Deep Run Park. Enjoy live music, food trucks, and activities for all ages including face painting, seed planting, inflatables, and a sensory-friendly activity tent as you also learn about sustainability initiatives and resources available within Henrico County!
Bring your old phones, laptops, and technology to donate to Tech For Troops to help veterans in need. Learn more and view the list of vendor.
6. HandsOn Greater Richmond Earth Day Volunteer Options
If you want to give back, get involved and volunteer this Earth Day, browse the many ways to join your local community in their efforts with HandsOn Greater Richmond and The Nature Conservancy.
Offering ongoing proactive efforts, education and experiences, organizations like the National Park Service, Surfrider Foundation, The Urban Garden Initiative, and more, invite us to explore a sustainable and conservative lifestyle with volunteer options to help our planet and contribute to our future. View the list on their website here.
We’re excited to get involved and give back in the RVA community this upcoming April 22, 2023 and beyond! Look for ways to give back, volunteer, and upgrade your lifestyle for the future of our planet and families.
Don’t Invest in Commercial Real Estate Without Asking These 5 Questions
Investing in commercial real estate can be a significant undertaking, but it’s also a great opportunity to generate income and build wealth. Before you ever enter the market, however, it’s essential to approach this type of investment with a clear plan and thorough research. In this blog post, we will discuss five essential questions to ask when you’re interested in investing in commercial real estate.
1. What is the Potential Return on Investment (ROI)?
Typically, the primary goal of any investment is to generate a return on your investment. Therefore, it’s crucial to understand the potential ROI of the commercial property before investing. To calculate the ROI, you need to determine the net operating income (NOI) by subtracting the operating expenses from the property’s annual income. Once you have the NOI, divide it by the property’s purchase price to determine the cap rate. A higher cap rate indicates a higher potential ROI. By calculating ROI you’re better able to make an informed decision about the benefit of that specific property and more accurately compare it against your other options.
2. What is the Condition of the Property?
The condition of a commercial property is crucial to its value and potential ROI. Therefore, it’s important to inspect the property thoroughly to identify any issues that may need to be addressed. Some common areas to inspect include the roof, foundation, electrical systems, plumbing, and HVAC systems. A professional inspector can help you identify any problems and provide you with an estimate of the repair costs. It’s important to pay attention to this category in particular because neglected maintenance or significant repairs will be costly and will cut into your ROI quickly.
3. What is the Property’s Location?
Location is a critical factor in commercial real estate investing. A property’s location can significantly impact its potential value and ROI. Therefore, it’s essential to consider the property’s proximity to major transportation routes, population centers, and other businesses. Additionally, you must be sure any location-specific regulations allow for your intended use of the space. A property in a high-traffic area with easy access to major highways and public transportation is more likely to attract tenants and generate a higher ROI. Not only do you want your investment property to be geographically well-situated for the type of business you intend to house, but you must ensure that the property’s location has the correct zoning and other regulations to permit your intended use.
4. What is the Current and Future Demand for the Property?
Understanding a commercial property’s current and future demand is essential to its long-term success. Therefore, it’s important to research the local market and identify the demand for the type of property you’re interested in. For example, if you’re interested in investing in retail space, research the local retail market to determine the demand for retail space and identify trends that may impact future demand. Another valuable metric to determine the need for a space is the vacancy rate. How often are spaces like this one left empty? This will help you understand what the resale/rental value of the property might be down the road.
5. What Are the Risks Associated With the Property?
Commercial real estate investing comes with inherent risks, such as tenant turnover, vacancy rates, and market fluctuations. Therefore, it’s important to identify and assess the risks associated with commercial property before investing. Some common risks include zoning changes, environmental hazards, and changes in the local economy. A thorough risk assessment can help you make informed decisions and mitigate potential risks. Asking this question is also a good time to curate a team around you to help mitigate the risks. For example, a great real estate broker, a professional appraiser, a commercial real estate lawyer, and more. With a team of experts around you, you’re able to minimize the risk that you take on, and it’s more likely that you’ll choose a great property to invest in.
Getting Started with Commercial Real Estate Investing
Before investing in commercial real estate, it’s important to ask these essential questions to make informed decisions and maximize your potential ROI. If you don’t quite know where to start or want to begin building your commercial real estate team of experts, reach out to our team anytime at Coldwell Banker Commercial Elite for a helping hand and unmatched commercial real estate expertise.
The Real Cost of Renting Out Your Home: Is It Worth It?
With the current state of the real estate market in Virginia and around the country, the discussion around renting out versus selling your home is a lively one. Renting out a property can provide a steady stream of income, but it also comes with responsibilities and expenses, especially in today’s economy.
So, how can you decide which route makes the most sense for your unique home and situation? In this blog, we’ll explore the major considerations when you’re looking at your options.
7 Factors to Consider In Your Decision:
1. Financial Goals
Before making a decision, it’s important to determine your financial goals. Renting out your home can provide a steady stream of income, but it’s important to make sure that the rental income covers your expenses such as mortgage payments, property taxes, insurance, and maintenance costs. If you’re looking for a lump sum of money, selling your home may be a better option.
2. Current Real Estate Market
The current real estate market can play a significant role in your decision to rent out your home. If the rental market is strong, you may be able to charge a higher rent and attract high-quality tenants. However, if the rental market is weak, you may struggle to find tenants and may have to lower your rent to attract them.
3. Condition of Your Home
The condition of your home is also an important factor to consider. If your home is in need of repairs or renovations, you may have to invest money to make it marketable for rent. Alternatively, if your home is in great shape to host new tenants, the costs associated with preparing for renting could potentially be fairly minimal.
4. Responsibilities of Property Management
Renting out a property comes with responsibilities such as finding tenants, collecting rent, and maintaining the property. If you’re not up for these responsibilities, selling your home may be a better option.
If you’re not interested in the responsibilities of being a landlord but you do think that renting may still be your best option, you may want to consider hiring a property management company. Property management companies can help you find tenants, collect rent, and maintain your property. However, those services also come with a cost, and it’s important to factor this cost into your decision-making process.
If you’re interested in exploring the potential of property management services for yourself, our team here at Coldwell Banker Elite have got you covered. Want to learn more? Get in touch with our team of property management experts today!
5. Tax Implications
There are significant tax implications to consider if you want to potentially rent out your home. When you rent out your property, you become a landlord, and this means you’ll have to pay income tax on the rental income. You may also be able to claim tax deductions on expenses such as repairs and maintenance, property management fees, and mortgage interest. Therefore, it’s critical to consult with a tax professional to determine the tax implications of renting out your home. On the flip side, there are also taxes (and potential benefits!) associated with selling your home as well. Whichever route you choose, be sure to consider the tax implications!
6. Risks of Renting
Renting out a property comes with risks such as bad tenants, property damage, and rental vacancies. Bad tenants can cause damage to your property, and if you’re not careful, you may end up with costly repairs. Rental vacancies can also impact your rental income, and it’s important to have a plan in place to deal with vacancies. When you choose to sell your home, you avoid this issue altogether, so it’s important to consider if you’re willing and financially able to handle potential vacancies between tenants.
7. Long-Term Goals
When making a decision to rent out your home, it’s important to consider your long-term goals. If you plan to move back into your home in the future, renting it out may not be the best option. It’s crucial to weigh the benefits of renting out your home against the potential impact on your long-term goals.
So, Should I Sell or Rent?
Ultimately, the decision to rent out your home or sell it depends on your personal financial situation, the condition of your home, the current real estate market, your long-term goals, and your willingness to take on the responsibilities of being a landlord. Unsure of the best move for you and your family? We can help you weigh the pros and cons of each option and make an informed decision that aligns with your financial goals. Reach out to us anytime on our website.
In short, renting out your home can provide a steady stream of income, but it also comes with responsibilities and expenses. As the homeowner, you must carefully evaluate your decision against the current real estate market and consider all the factors involved before deciding whether to rent out your home or sell it.
Good Eats Virginia: King George Edition
Whether you’re a King George local, work in the area, or are just passing through, you won’t want to miss trying Tim’s II at Fairview. This popular restaurant has been serving up seafood in its King George location overlooking the Potomac for over 20 years. Because of their unique location, Tim’s is easily accessible by car, boat, and seaplane.
To start out your meal, check out the “Lures and Nibbles” section which has a mix of both seafood and non-seafood options. We recommend giving the crab balls, fried calamari, fried pickles, or bacon cheese fries a try. Tim’s also has a selection of soups and salads, including their famous cream of crab soup, and clam chowder.
When you’re ready to move on to the next course, there are plenty of seafood dishes to choose from. Crab cakes, steamed crabs, rockfish, cod, scallops, and oysters are just a few of the many seafood entree options Tim’s II has. If you order fish, you can get that served up to you in one of three ways: fried, broiled, or blackened, and all dinners are served with two sides of your choice and “a few hushpuppies” during dinnertime.
For those who prefer their food from the land, they also offer non-seafood items including a selection of burgers, sandwiches, and salads. For non-seafood fare, we recommend giving the grilled chicken sandwich a try or a caesar salad.
During the warmer months, be sure to venture outdoors to Tim’s waterfront tiki bar, which offers a laid-back atmosphere and a variety of tropical drinks. The tiki bar also hosts live music on the weekends during the summer. Tim’s II at Fairview is open 6 days a week, 3-10 pm Tuesday-Thursday, 11 am-10 pm Friday-Sunday, and closed Mondays.
**Photos by Tim’s II at Fairview **
Smart Home Trends for 2023: Transforming Your Virginia Home into a High-Tech Oasis
Smart homes are quickly becoming a reality, and many homeowners in Virginia are jumping on the trend. From voice-activated assistants to solar-powered gadgets, there’s a wide range of smart home technology that’s revolutionizing the way we live. In this blog post, we’ll take a closer look at three of the most significant smart home trends for 2023, explore their benefits, and provide tips on how you can implement them in your own home.
1. Voice-Activated Assistants
Voice-activated assistants, such as Amazon’s Alexa and Google Assistant, have been around for a few years now, but they’re becoming increasingly popular in 2023. These assistants use natural language processing and artificial intelligence to understand and respond to spoken commands, making it easy to control your home’s smart devices without ever having to lift a finger.
The benefits of voice-activated assistants are numerous. Firstly, they provide a hands-free way to control your home’s smart devices, making it easy to adjust the temperature, turn on the lights, or even order groceries without having to touch a button. Additionally, voice assistants can learn your preferences and habits, allowing them to provide personalized suggestions and reminders that help you stay organized and productive.
Implementing voice-activated assistants in your home is extremely straightforward. You’ll need a compatible device, such as an Amazon Echo or Google Home, and smart devices that can be controlled with voice commands, such as smart thermostats, lighting systems, and smart locks. Most smart devices come with detailed instructions on how to set up voice control, and many can be controlled using a smartphone app, even when you’re away from home.
2. Solar-Powered Gadgets
As homeowners in Virginia become increasingly eco-conscious, solar-powered gadgets are quickly gaining popularity. From solar-powered outdoor lighting to solar-powered phone chargers, these gadgets use the power of the sun to provide energy, reducing your reliance on traditional electricity sources.
Solar-powered gadgets are more environmentally friendly than traditional gadgets, reducing your carbon footprint and helping to reduce greenhouse gas emissions. Additionally, solar-powered gadgets are typically cheaper to operate than their traditional counterparts, saving you money on your energy bill over time.
Implementing solar-powered gadgets in your home is relatively easy, but is entirely dependent on the extent that you plan to add them to your home. You’ll need to purchase solar-powered devices that meet your needs, such as outdoor lighting, phone chargers, or even solar-powered generators. Many solar-powered devices come with detailed instructions on how to set them up, and some can be connected to your home’s existing solar power system if you have one.
3. Smart Kitchens
In 2023, we can expect kitchen appliances to become even smarter, making cooking and baking easier, more convenient, and more precise. Voice-activated mixers that can read step-by-step instructions and weigh your ingredients to ensure accurate measurements will become more common, and smart ovens that monitor and adjust baking temperatures in real-time to avoid overcooking or undercooking food will be widely available.
Smart refrigerators will also become more prevalent, equipped with touchscreens that can display recipes, pictures, and control appliance settings. With the ability to control your appliances using your voice or a touchscreen, you can focus on other tasks while your food is cooking or baking.
If you’re interested in upgrading your kitchen to a smart kitchen, there are many options available to you. Consider researching the latest smart kitchen appliances and consulting with a smart home expert to find the solutions that work best for your needs and budget. With smart kitchen technology, you’ll be able to take your cooking and baking to the next level and enjoy a more functional and efficient home.
Smart Tech at Home
Smart home technology has come a long way in recent years, and the trends for 2023 are poised to take things to the next level. From voice-activated assistants to solar-powered gadgets and virtual assistants, there are plenty of ways to transform your Virginia home into a high-tech oasis. By implementing these trends, you’ll enjoy greater convenience, comfort, and energy efficiency, all while reducing your environmental impact and saving money on your energy bills.
Whether you’re just getting started with smart home technology or you’re looking to take your existing setup to the next level, there are plenty of resources available to help you get started. From online tutorials and forums to local smart home experts, there are many ways to learn more about the latest trends and technologies and find the solutions that are right for your home.
9 Must-Do Tasks for Homeowners: Your Ultimate Spring Home Maintenance Checklist
Now that the winter season is officially behind us, it’s time to prepare our homes for the warm weather and all of the fun that comes along with it! While home maintenance may not be the most exciting part of your spring to-do list, staying ahead of any maintenance tasks around your home will help to ensure a smooth and stress-free season ahead.
If you find yourself neglecting your home maintenance tasks during the winter months, know this – you’re not alone! However, now that springtime is here, it’s the perfect time to tackle all of those forgotten projects. With warmer weather and longer days, it’s the ideal time to take care of your home and prepare for the summer months ahead.
To help you get started, we’ve put together this ultimate spring home maintenance checklist of 9 must-do tasks for homeowners:
1. Inspect Your Roof
Inspect your roof for any damage or missing shingles that may have occurred during the winter months. Look for signs of wear and tear, such as cracks, leaks, or loose tiles. Address any issues you find to prevent further damage to your home.
2. Clear Out Your Gutters
Clean out your gutters and downspouts to ensure they are clear of debris. This will prevent clogs and water damage to your home’s foundation. Additionally, clean and well-maintained gutters will improve your home’s overall curb appeal.
3. Evaluate Landscaping
Spring is the ideal time to take a critical look at your home’s landscaping and/or gardening. Are there overhanging branches from trees that could use a trim? Overgrown bushes or hedges? How about a weed-dominated flower bed? Take time to address these curb appeal issues and you’ll set your spring landscaping to be more attractive and easier to maintain for the rest of the season.
4. Service Your HVAC System
Get ahead of any potential issues by servicing your HVAC system to ensure it’s working efficiently and effectively. This is also an ideal time of year to replace the air filters in your home to maintain the best quality of air for your family. These two simple checklist items will help to keep your home clean and comfortable throughout the summer months.
5. Clean Your Windows
Clean your windows inside and out to let in more natural light and improve your home’s overall appearance. Not only will cloudy, dirty-looking windows impact your curb appeal from the outside of your home, but they’ll impact the amount of natural light that’s able to brighten up your space. Take full advantage of longer, brighter days by giving your windows a good scrub!
6. Repair Your Home’s Exterior
Take an in-depth look at the entirety of your home’s exterior. Whether it be damaged siding, peeling paint, necessary cleaning, or any other maintenance items, you’ll want to take steps to clean, repair, and polish your home’s exterior. If you’re planning to list your house, you’ll prepare your curb appeal for buyers, and if you’re staying put, your home will look its best for the warm weather months to come!
7. Inspect Your Deck or Patio
Inspect your deck or patio for any damage or wear and tear. This is also a good time to clean and seal your deck to protect it from the elements. Make sure you’re ready for all of your time spent outdoors as the temperatures rise!
8. Test Your Lawn Sprinkler System
If you have one, be sure to test your lawn sprinkler system to ensure it’s working properly. Taking care of this now will help keep your lawn healthy throughout the summer months.
9. Check Your Home’s Safety Features
Inspect your home’s safety features, such as your smoke detectors, alarms, fire extinguisher, carbon monoxide detector, and any other devices in your home. Replace any outdated or malfunctioning devices, complete any testing, and replace any batteries as needed to ensure your home is as safe as possible for you and your family.
By following this ultimate spring home maintenance checklist, you can help keep your Virginia home in top condition and prevent any costly repairs in the future. Don’t forget to consult with a professional if you encounter any issues you can’t handle on your own. Happy spring, everyone!
3 Questions to Ask Yourself Before Investing in Commercial Real Estate
Committing your time and money to a commercial real estate investment property is a major decision, and for a first-time investor can seem particularly daunting. With so many variables and risk factors to keep in mind, asking the right questions can ensure that you’re taking on a property that will serve your needs and goals the best.
Before Investing in Commercial Real Estate…
First, you’ll want to evaluate your intentions and desires when it comes to investing in commercial real estate. These questions will help not only narrow your search and determine the budget range you should be looking in but will clarify your overall vision for the investment process going forward.
1. How Comfortable Are You With Risk?
This simple question will be hugely important as you’re deciding where and what type of property you’ll invest in. If you’re okay accepting some level of risk, you may be comfortable investing in a more “up and coming” area, whereas if you’d prefer to play it safe, you’ll want to look for more established areas. Similarly, a risk-averse investor may want to consider a more “turn-key” property, whereas if you are excited about potential gain and associated risk, a “fixer-upper” or a property that needs some renovation or remodeling might be a better option with more room for increased value down the line.
2. Are You Looking for a Property to Increase Cash-Flow, or to Appreciate in the Long Term?
Essentially, are you hoping to rent out the property regularly to increase your total money coming in each month, or are you hoping to acquire a property now and resell it at a higher cost later? Each is a valid strategy to make the most of a commercial investment, but it’s important to understand which approach you’ll be taking so that your choice of property is in alignment.
3. What Value do I Bring to the Table as a Commercial Investor?
If you’re looking to make an impact in the world of commercial real estate, it’s important to understand what you have to offer and how you are uniquely suited to build a business around your investment properties. Maybe you can purchase properties in cash, allowing for greater negotiating power and better profit margins. Or maybe you’re highly connected and able to fill a space quickly once you obtain it. Perhaps you can move quickly through the commercial real estate process and make sound, snap decisions.
Whatever it is, you must have a solid handle on what you bring to the table before you ever step foot in a prospective investment property. Taking the extra time to consider your competitive advantage will support your bottom line and your success moving forward as a commercial investor.
Getting Started with Commercial Real Estate Investing
Regardless of your level of experience with commercial real estate investing or the number of properties you own, these essential questions are an excellent litmus test for your business. Keep in mind that the answers may shift over time as the market changes and as your financial and investment goals change, so it’s a good idea to reconsider these three questions from time to time and keep a firm handle on your overall goals and strategy.
The best way to determine the right commercial real estate approach and ensure your investment is the best one for you is to work with a team that knows the commercial real estate market in your area inside and out. If you’re interested in commercial real estate investing in Virginia, contact our team at Coldwell Banker Elite to discuss and strategize for your future commercial property investing. With many years in the local commercial real estate space under our belt, our real estate professionals can take your goals and match them with the ideal investment strategy in the area. Reach out today to get started!
10 Spring Event Locals Can Enjoy In Richmond, VA // 2023 Edition
Welcoming in the spring season this year, we are excited to share the many events, activities, and experiences Richmond, Virginia has to offer!
We’ve explored several local guides and resources to put together a list families and friends can plan for in the next few months to come:
Church Hill Irish Festival
March 25-26, 2023 | Church Hill, Richmond, VA
Explore over 50 Irish vendors at the spirited annual Church Hill Irish Festival this weekend as families enjoy crafts, face-painting, games, food, live music, and more! Returning Sunday is The Hill Topper 5K event as well. This donation-based event has been celebrated for years, with proceeds benefiting several children’s charities. Leave your pets at home and come test your luck!
RVA Burlesque Festival
March 30 – April 1, 2023 | Robinson Theater Community Arts Center
Featuring both local and nationwide performers, this annual festival celebrates and creates awareness of the art of burlesque. Enjoy the entertainment of several artists as they promote values of empowerment, creative expression, inclusivity, and diversity.
NASCAR Cup Series Race Weekend
March 31 – April 2, 2023 | Richmond Raceway Complex
Tailgating encouraged, come join the roaring crowd at the Richmond Raceway as engines roar to over 180 mph for the 2023 Toyota Owners 400 event! Visit their website to purchase tickets and learn more about this weekend’s fast lane.
RVA First Fridays
April 7 & May 5, 2023 | Virginia Museum of History & Culture
Discover a celebration of arts as the galleries of Richmond’s art district open their doors for a night of live performances, exhibits, pop-up entertainment, and more! This popular recurring event attracts a large crowd with the many incredible art installations and experiences offered to the public.
Flying Squirrels Baseball Home Opener
April 7, 2023 | The Diamond
Join our local baseball team as they kick-off the season at The Diamond playing against the visiting Fightin’ Phils. Enjoy the experience with a local craft beer, fried PB&J from the many food vendors, and don’t forget their dancing mascot (and umpire)! Purchase your ticket(s) and explore additional games this season here.
Dominion Energy Family Easter
April 8, 2023 | Maymont
One of RVA’s favorite traditions is Maymont’s “Eggs-Travaganza,” offering families a day of festive activities across the Carriage House lawn and beyond. Enjoy a picnic lunch with food trucks, crafts, games, live entertainment, a dance party, and more! Register for one of the two time-slots here.
Dominion RiverRock Festival
May 19-21, 2023 | Brown’s Island
Head down to the James River for the annual RiverRock festival featuring numerous outdoor adventures, vendors, entertainment, trail runs, yoga, and more! This event is family-friendly and perfect for those who love the ‘great outdoors.’ Richmond offers multiple events this spring weekend to get involved and explore! This event is free to the public unless opting in to select events. Learn more and register for an event here.
Ukrops Monument Avenue 10K
April 22, 2023 | Richmond, VA
Join the Richmond community in a celebration of wellness and an active lifestyle as thousands of locals gather together for a day full of running, walking, and fun all around! Register for this 6.2-mile road race across the Richmond streets of Monument Avenue, Broad Street, and Franklin Street. Connect with the community for this monumental day shared together. Register here.
Ashland Train Day
April 29, 2023 | Downtown Ashland, VA
Spend the day in Downtown Ashland for their 19th annual street festival as the community celebrates their love of trains. Rolling through the center of the event, more than 12 CSX freight trains and Amtrak passenger trains will make an appearance. Indulge in railroad history exploring the locomotive museum, storytellers, model trains, scavenger hunts, and more. This a local event perfect for the kids, learn more and plan to attend this free event here.
Friday Cheers
May 5 – June 30 2023 | Brown’s Island
Starting back up in May 2023, Richmond’s celebrated Friday Cheers unleashes a concert series admired by the outdoor nightlife crowd and lovers of great music. Offering a weekly event with local craft beer, food trucks, and entertainment for all, view the upcoming lineup to plan an eventful evening down in Brown’s Island.
Richmonders have so many wonderful local events to look forward to this season, and we are excited to showcase the many exciting opportunities offers to families and friends in the surrounding areas. Richmond, Virginia is truly a great place to live and explore!
