The demand for multi-family homes has been on the rise in many parts of North America. As the cost of real estate has risen, these properties have quickly become a practical substitution for a traditional home. Bruce D Strebinger, a successful developer in Vancouver, opens up about why he’s invested in these ventures and the inherent benefits of seeing these projects through to the end.
Multi-family developments give the designers a chance to include perks for buyers and renters alike. Fitness centers, pools, parking: this is often just the beginning of what’s available. From community gardens to on-site security, a good property developer will make use of the extra space and resources available.
While appreciation ultimately depends on a myriad of factors, multi-family properties are known for solid growth rates. Even considering catastrophic events like COVID, there’s always going to be a need for these units. Not only will some people not be able to afford a traditional home, there are also people who simply don’t want the responsibility. Bruce D Strebinger says that they may take more effort to put together, but the overall pay-off can be substantial.
Bruce D Strebinger of Vancouver believes that there’s something extremely satisfying about being able to house people from every age group. A multi-family unit can serve as alternative housing for young professionals, small families, and senior citizens alike. When people from different backgrounds share space like that, it can lead to some truly amazing relationships. Property developers have some choices here too. If they want to focus on one tenant group, such as retirees or student housing, that can be every bit as rewarding for the property developer too.
Multifamily can refer to any number of real estate classes, which can make it easier to get started if you’re new to developing. While multi-family properties like Strebinger’s tend to be on the larger side, real estate tycoons may start their careers with little more than a duplex. They might live in one half and rent the other half out just to get their feet wet. From there, it’s easier to branch out to new territory.
As much as it might seem like it, there are no sure-fire bets in real estate. Still, it’s worth noting that there are difficult events that can actually work in a multi-family development’s favor. For instance, a recession can actually improve demand for these properties, because they can provide a more affordable lifestyle without compromising people’s quality of life. This kind of decreased risk can be a huge weight off the property developer’s shoulders.
Bruce D Strebinger says that building in Vancouver has provided a wealth of opportunities for his business. From the beginning of his career, he was able to envision how opportunities shape up before he breaks ground. Multi-family units were a smart move for him, and he considers himself fortunate for all the benefits that came with it.
Source: Bruce Strebinger