Discussion board REE
Suppose that as a real estate investor, you got a great deal on an old historic building. The area around this property is becoming increasingly popular and you want to capitalize on the growth and potential increase in value. You have drawn up plans that include tearing down the old building and replacing it with a newer, more modern building that is about the same size. Unfortunately, locals have not responded well to your plans, as they consider it to be a somewhat of a landmark. What would you do in this situation and why?
Option 1: Build the new building anyway – they will get over it.
Option 2: Renovate the old building because the square footage you plan to rent out is about the same, and the building facade could be preserved. Option 3: Do nothing to the building and sell it in a couple years.
In a minimum of 200 words, explain which option you would choose and explain why you think it is the best option. To receive a score of 100% requires a well-written reply with over of 200 words and a clear-cut, persuasive argument that includes references to the text and/or outside resources.
Thinking as a real estate investor I would choose option 2 which is renovating the old building. Real estate investors build new and also renovate old houses (Austin, 1999). I choose this option because of two reasons one, is that since the square footage of the plan to rent out is somewhat the same, I don’t think I would need to build a new building.