CONCEPT TO THINK ABOUT
At THE HOUSE HERO one thing we sometimes, but not often, do - is take two properties that are next to each other and combine them into a single address.
I had this idea a few years ago when it occurred to me that everyone on a street that we just purchased a build on - had many many, as we like to call, “McMansion’s.”
So I thought - why would I build a $4 million dollar house that would sit among the rest - when I could use the space two addresses provides and build a house that could bring me $9-$10 million - on the same street!
Not only would you set the record price per square ft - you would easily have the nicest house on the block, if not the neighborhood in total!
To combine two addresses into one requires a city permit, which is free, but has a 4-6 week development process. If granted you will know within days - then wait out the rest of the period to actually receive it. So you can start demolition as soon as you know it’s a “yes” from the city.
Of course, a project of this scale is nothing easy - but after removing fences and foundations it’s really all the same build process just on a bigger scale.
In the end, you will have a real mansion that everyone will agree is the nicest house on its block. Plus, you stand to make a hefty double-digit million off of the house. So yes, it works out and turns out to be a great deal.
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At THE HOUSE HERO something we thought up and always include in every build - is what we like to call a “hidden gem.”
A hidden gem is something within or outside the house (technically anywhere on the property) that is not included and can not be found in any of the neighboring houses nor comparables.
It can be anything from a extremely vintage clawfoot tub or the most unique built-in bar with a leathered surface.
Anyways, since buyers won’t see such a feature anywhere else nor near your build - they will automatically be more drawn to your property and have a hard time forgetting it. Sometimes they’ll even have never seen something like it in a house and will truly be impressed. (Standing right next to it as they make you an offer.)
A hidden gem could also definitely add to your bottom line.
Overall, investing a little extra or shopping vintage/antique retailers can pay off big bucks when carefully choosing and placing a hidden gem.
BUY THEN BUILD IT THE HOUSE HERO WAY.
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All values based on price per square ft. This varies by location.
THE HOUSE HERO
The House Hero is an EQUAL OPPORTUNITY LENDER.
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