Subscribe for Updates

Read Endeavour Magazine

Coffee Break

Make Money From A Ghost Town

Outsourcing abroad has had a huge impact on the world. Areas that used to be thriving have now become basically empty because the industry that supported the town has been moved abroad. When a large amount of the population worked in these industries, there is a huge vacuum left when they disappear. People need money so they move away to find more opportunities and you are left with a deserted town. The silver lining to this cloud is that the houses and other buildings in these places are now ludicrously cheap. This gives you an opportunity to buy valuable property without that much risk at all, and if you can turn it into something worth buying, you stand to make a lot of money. However, these places are empty for a reason so you’ll need to be clever about it if you want to bring people rushing back. Here’s what you need to know.

Source

Choose Wisely

As I said before, you need to pick the right place. If you choose a town that is in the middle of nowhere, it is unlikely that you will draw people back to the area regardless of what you do with it. Instead, you should be looking for places that have cheap property, but are close enough to other more prosperous towns so that people might consider moving there. If there is still good infrastructure nearby then people can live comfortably in the newly regenerated area, but if there is nothing else for miles then they realistically cannot.

Alternatively, consider what else could be done with the buildings. If it is not going to be a residential area then your options are opened up a bit. A secluded town is perfect for a manufacturing area as it won’t encroach on any residential areas. Industries often struggle to find places to put their manufacturing sites because of the environmental impact on nearby houses, so places like this can fetch you a good price.

Renovating

When you are renovating, there are a few things to remember. Don’t cut corners when it comes to hiring contractors. You’ve already made savings on the property itself so you can afford to spend a bit more to ensure that the renovation is done properly. You will probably need to use a mobile crane hire company when building in an urban area because they are easier to maneuver in smaller spaces.  

When it comes to decorating houses, don’t put too much of your own personal taste into it. This will alienate anybody that doesn’t like it. It’s much better to go for neutral colors that people can decorate later if they like.

Be Realistic About Price

When you’re selling, you need to remember what your product is and be realistic about the price. You aren’t selling a house in a well established area. You are attempting to create one yourself so, when you first start selling houses, people are not going to pay as much for them. But remember, you haven’t actually spent that much on it in the first place so you’ll still be making a profit if you sell them at reduced prices.    

About the author

Endeavour News

Endeavour Magazine (www.littlegatepublishing.com) is dedicated to bringing you relevant, up-to-date news every day that will keep you abreast with the current developments in the industries that interest you.

Add Comment

Click here to post a comment