Moving? Consider Converting Your Long Island House to Student Housing
Moving? Consider Converting Your Long Island House to Student Housing
According to the U.S. Census Bureau, more than 11 million people changed residences in 2016! People who leave New York do so for a variety of reasons, and end up in many different places – 134,835 people relocated to either Texas or Florida in 2015. For some homeowners the decision is triggered by a work-related transfer or a temporary family matter, but most people (42.2%) say they were looking for a change in housing, such as looking for a larger/smaller house in a better neighborhood. Whatever your reason for the anticipated change, you may not be ready to sell your home, but cannot afford to leave the property vacant. Are you wondering what Renewal by Andersen of Long Island replacement windows and moving have in common? Read on for more information.
Converting Your Home into Student Housing May Be the Answer
Whether you anticipate a temporary move, or you’re looking to “move-up” or scale down permanently, converting your current residence to student housing may be an excellent investment opportunity. For more than a decade, college communities have struggled to provide on-campus housing to incoming freshman. Accommodating new arrivals has resulted in negotiating living arrangements in surrounding neighborhoods.
Across the nation, high-rise buildings are going up in mixed-used zoned areas which allow developers to answer the demands of a growing student population – on-site dining, study lounges furnished with state-of-the-art technology and gyms with saunas, whirlpool tubs and in some cases, lap pools. But, the developers can’t get the buildings up fast enough. Today, students (or more likely their parents) are willing to pay more to live in an almost resort-like atmosphere. Single-family homeowners willing to “amenitize” their homes, are poised to capitalize on this ever-expanding market.
What You Need to Know About Updating Your Home: Modern Replacement Windows & Beyond
In the past, dorm life meant sharing a small concrete space with three or four other students, and traipsing back and forward to the communal shower down the hall to brush your teeth and get ready for the day. Not anymore. The student housing industry is exploding right now. Privatizing dorms and converting off-campus residences near colleges, universities and trade school has even spawned new careers – think, professional designers and decorators that focus on making even limited space beautiful and functional and efficient.
Consider these Points As You Think of Ways to Upgrade Your Home
Students, medical researchers and young professionals in training flock to the area seeking a better future. By sharing their digs, they are able to pay a higher total rent, but they want some basics – a comfortable, well-organized space with access to transportation and all the conveniences nearby, such as dining options, entertainment and room to spread out once in a while.
Make sure all appliances and fixtures are working properly. This includes making sure your windows don’t leak air and moisture, so replacing older, single-pane windows will bring more money on the market. Sliding replacement windows and double-hung styles are two great choices since they don’t interfere with traffic patterns or furniture placement.
If you’re planning to rent furnished, consider investing in apartment-sized furniture. This makes better use of the space.
Convert the den or bonus room in your home to a study room where individuals can get away by themselves to devote time to intense study.
Before you begin the rehab process, contact the local colleges, universities, trade schools and medical research facilities closest to you to discuss their anticipated housing shortfall. Remember to ask if the school negotiates contracts and pays the rent as part of the student experience. Some colleges do this, and if a student is evicted from a rental for lease violations or complaints, they run the risk of losing scholarship funding and/or access to on-campus housing when it becomes available.
Taxes will go up. Unfortunately, New York and New Jersey have a host of taxes the business owners have to pay – including homeowners who lease student housing. It is imperative to check with your local authority to find out how the decision to convert will impact tax liabilities.
Zoning regulations are another bothersome, and sometimes burdensome, issue. The cost of living on Long Island and in the surrounding areas is extremely high, but adding an apartment, or apartments, to bring in some extra cash without obtaining the proper permits is setting yourself up for fines, penalties and even fractured relationships with your neighbors. Do things right. Check with the zoning authority, make sure you (or your contractor) purchases any building permits before starting a remodel. By the way, you don’t have to get a permit to install Renewal by Andersen replacement windows.
Let Renewal by Andersen of Long Island Help You Consider the Benefits of Replacement Windows Whether You Decide to Convert or Sell Your Property
Moving can be stressful enough without going through the process of converting a residence to a modern, amenitized student housing solution. But, if you’re relocating, you will want to sell or rent your home. Let us help you get the place ready with ENERGY-STAR certified replacement windows, fully customized to your needs. Fill in the short form on this page or give us a call at (866) 609-5033 to learn more about our beautiful, high performance replacement window and patio doors.
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