There are lots of reasons why an investor or landowner might decide to renovate or redevelop their property. Whether they want to increase profits by adding more square footage or they want to update the space so it is more desirable to potential tenants, redevelopment projects are a great way to boost profits and add value to an investment. However, the projects are usually not simple DIY events. They can require a lot of manpower and funding to get them accomplished. The following groups of people are usually involved in redeveloping properties.
The person who owns a piece of property and rents it out to tenants is called a landlord. People such as Steven Taylor landlord make their livings by purchasing property, fixing it up and selling it or renting it to people who need housing. Landlords have to be willing to take financial risks and spend a lot of time working with contractors and city officials, but if, like Taylor, they are successful, the career can be quite profitable.
Many government officials are involved in the redevelopment of apartments. Inspectors from the U. S. Department of Housing and Urban Development will make sure that all units are safe and up to code. Depending on the location, officials from the state, county or city may also perform inspections. Landlords must comply with all the regulations that inspectors enforce.
Generally, the landlord does not perform all of the work alone when redeveloping an apartment. He or she may hire electricians, carpenters, plumbers, painters and interior designers to help improve the property value of the apartment. The cost of renting the apartments will have to offset the cost of these contracted workers if the landlord wants to make a profit.
Redevelopment projects can revitalize a neighborhood. The projects usually require hard work from everyone involved but they pay big dividends in the end.