Commercial Real Estate • April 13, 2022

Converting Hotels to Housing

by Loren Keim

The National Association of Realtors (NAR) has released new research on the conversion of hotels and motels into housing. While the study was spurred by a 37% drop in hotel occupancy rates driven by the pandemic, the findings have broader implications. Hotel conversions provide a means to simultaneously create renewed profitability and help address the national housing shortage.

Commercial members surveyed

A survey was sent to 75,000 commercial members of the NAR between February and March of 2021. 168 reported being engaged in the sale, leasing, development, property management or appraisal of converted hotels/motels between 2018 and 2020. Of the reported conversions:

79% were for housing.
12% were for homeless shelters, either temporary or permanent.
6% were for healthcare or quarantine facilities.
3% were for retail, industrial, ranch land or other development.

Success stories

The report ends with five case studies detailing acquisition, zoning, renovations and expected final property values. For those interested in engaging in hotel/motel conversions, they’ll find an excellent road map in this report.

By the way

If you’re interested in shopping for hotels or any commercial real estate, please visit us at www.Century21KeimCommercial.com

Buying • April 13, 2022

Home Inspections – What to Expect Next

by Loren Keim

Home Inspection

So you made an offer, it was accepted, and now your next task is to have the home inspected prior to closing. Oftentimes, agents make your offer contingent on a clean home inspection.

This contingency allows you to renegotiate the price you paid for the home, ask the sellers to cover repairs, or even, in some cases, walk away. Your agent can advise you on the best course of action once the report is filed.

How to Choose an Inspector

Your agent will most likely have a short list of inspectors that they have worked with in the past that they can recommend to you. HGTV recommends that you consider the following 5 areas when choosing the right home inspector for you:

Qualifications – find out what’s included in your inspection and if the age or location of your home may warrant specific certifications or specialties.
Sample Reports – ask for a sample inspection report so you can review how thoroughly they will be inspecting your dream home. The more detailed the report, the better in most cases.
References – do your homework – ask for phone numbers and names of past clients who you can call to ask about their experiences.
Memberships – Not all inspectors belong to a national or state association of home inspectors, and membership in one of these groups should not be the only way to evaluate your choice. Membership in one of these organizations often means that continued training and education are provided.
Errors & Omission Insurance – Find out what the liability of the inspector or inspection company is once the inspection is over. The inspector is only human after all, and it is possible that they might miss something they should have seen.

Ask your inspector if it’s okay for you to tag along during the inspection, that way they can point out anything that should be addressed or fixed.

Don’t be surprised to see your inspector climbing on the roof or crawling around in the attic and on the floors. The job of the inspector is to protect your investment and find any issues with the home, including but not limited to: the roof, plumbing, electrical components, appliances, heating & air conditioning systems, ventilation, windows, the fireplace and chimney, the foundation, and so much more!

Bottom Line

They say ‘ignorance is bliss,’ but not when investing your hard-earned money into a home of your own. Work with a professional who you can trust to give you the most information possible about your new home so that you can make the most educated decision about your purchase.

Home Improvement • April 13, 2022

How to Decorate for Outdoor Entertaining

by Loren Keim

Even though you don’t have a sprawling backyard, that doesn’t mean you can’t enjoy entertaining outdoors. Make the most of your petite patio and turn it into a pocket-sized paradise. Here are our tips for how to decorate small spaces for outdoor entertaining.

● Arrange furniture the right way: The best way to maximize space is to arrange your furniture around the perimeter of the deck or patio. Think twice before placing a table in the center, and instead give your guests plenty of room to stand or move around.

● Add extra seating with large pillows: Get a few extra spots for guests to sit without taking up too much space by throwing in some large floor pillows. They add an extra element of coziness, plus they’re easy to add or subtract.

● Use color wisely: Color can make all the difference when decorating, especially in such a small space. Keep things fresh and airy by sticking to a monochromatic palette in whites or grays. Or add a bit of fun by using colorful accents in eye-catching patterns.

● Be strategic when choosing furniture: Save space by investing in two-for-one pieces of furniture, such as nesting tables, storage ottomans and benches (which can also be used for seating), and folding tables and chairs.

● Bring on the plants: There may be plenty of foliage outside already, but use it strategically in your entertaining area. Plants are a simple way to liven things up and make your modest space feel like an exotic retreat.

● Hang up lights: Strings of bistro lights can instantly open up a small space. Plus, that warm glow will give things a cozier vibe.

Get ready for a summer full of outdoor entertaining! Decorate for Outdoor Entertaining

Buyer Advice • February 26, 2022

8 Things That Suddenly Change When You Become a Homeowner

by Loren Keim

8 Things That Change When Becoming a Homeowner

Home ownership is a big part of the American Dream. It’s also a rite of passage, and millions of people go into their careers and family lives picturing the day when they can finally own a place of their own. When that day comes, it can be quite an experience. Signing the paperwork and getting the keys to your new place is one of the most exciting feelings in the world.

But it’s what comes after that can feel a bit strange. When you become a homeowner, you not only get to see your name on a deed, you also get to experience some of the things that only other owners get to experience.

Here are eight things that suddenly change when you become a homeowner:

1. You start having conversations about being a homeowner with other homeowners

“Yeah, we redid the kitchen first, but the bathrooms weren’t too bad. I’d like to add a deck but the nursery needs some attention next.”

2. All of a sudden you have to buy all the things every homeowner is required to have

You spend so much time at Home Depot buying tools and lawn equipment, people begin to think you work there…

3. You quickly learn how handy you are (or are not)

How’s the saying go? Is it “measure once, cut twice”, or “measure twice, cut once”?

4. You start to notice every little flaw around the house

I swear they said it was “smudge proof”…

5. You want to buy nice furniture, instead of cheaper, disposable stuff

Bye bye Ikea.

6. You begin to take special note of what’s happening in your neighborhood

Is that a “for sale” sign being put on the Jones’ lawn?!

7. You identify a favorite room

A place you could spend all day in if you could…

8. You’re proud to tell people that you just bought your own place

“Yes, I actually just bought a place. It’s near the park. No, on the far side, next to the baseball field. I really love the neighborhood so far.”

No matter how many of these things sound familiar, there’s no denying that becoming a homeowner changes things—and usually for the better!

Search every home for sale at www.ZapHomeSearch.com

Converting Hotels to Housing

Home Inspections – What to Expect Next

How to Decorate for Outdoor Entertaining

8 Things That Suddenly Change When You Become a Homeowner

8 Things That Change When Becoming a Homeowner

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