Investment Potential Maximized

Some come seeking their dream home, but more often our buyers are looking to create a realistic investment opportunity. Perhaps you are buying a vacation home now with your eye on a future retirement location. Maybe you are looking for a rehabilitation project for a business. At CENTURY 21 Boardwalk we have the resources available to help you consider your investment 3-dimensionally.

Rental Potential

Often the dream of a Northern Michigan vacation home becomes a reality when a buyer realizes their overhead investment can be greatly offset by considering the vacation rental option. This is a solid income opportunity that is often met with trepidation due to the property management and marketing aspects. CENTURY 21 Boardwalk recognized this need and CENTURY 21 Boardwalk Vacation Rentals was born.

The dedicated and experienced staff of CENTURY 21 Boardwalk Vacation Rentals manages all aspects of the vacation rental transaction. They focus on protecting your investment while attracting high-quality guests. Their staff is dedicated to keeping your expenses and concerns minimal, offering advanced technology for marketing your property, managing reservations, maintenance, and cleaning, making sure you feel comfortable and confident throughout the rental process.

Each home we list is assessed for vacation rental income potential. We provide this information proactively because we believe this is valuable information to consider when assessing investment options. It helps to shed a new light on the potential opportunity of each property.

Average Peak Summer Rent/Week ($)

Average Off-Season Rent/Week ($)

Total Anticipated Weekly Rentals

Total Average Gross Revenue ($)

 

CENTURY 21 Boardwalk Vacation Rentals offers instant access to the world’s largest vacation rental platforms for your vacation rental.

Investment Potential

A Property Renovation Assessment allows both the property owner and potential buyer to see beyond the current constraints of an existing property. Whether you are considering a kitchen renovation before or after the sale, or a full-scale property renovation, our experts can evaluate the potential of an existing property and provide a estimate of renovation investment and the impact the changes can have on resale, or potential rental value.

Our Property Renovation Assessment is a tool available to all buyers and sellers we represent. Let us help you maximize your real estate investment by providing a roadmap for property optimization.

 

Purchase Price

Anticipated Rehab Budget

Estimated Top Value

Average Renovation Costs

Interior

Project                                            Average Price   

Kitchen                                                             $95.00 sq. ft.

Bathroom                                                        $155.00 sq. ft.

Finished Basement                                       $45.00 sq. ft.

Paint                                                                 $2.50 sq. ft.

Carpet                                                              $3.50 sq. ft.

Hardwood                                                       $7.30 sq. ft.

Exterior

Project                                             Average Price

Add Garage                                                     $30.00 sq. ft.

Roof –  Asphalt Shingle                                $3.90 sq. ft.

Roof – Metal                                                    $9.00 sq. ft.

Windows                                                          $400 to $650 per

Siding                                                               $5.45 sq. ft.

Painting                                                           $2.90 sq. ft.

Wood Fence                                                    $39.00 linear foot

Utility

Project                                             Average

Air Conditioning                                           $4,100

Furnace                                                           $3,600

Updating Electrical                                      $1,200 to $3,500

Rehab for Investment & Sale


Assuming a 5 year investment following a moderate to extensive renovation of main living spaces, bath and kitchen spaces. A property can yield a 10% return on investment after expenses assuming it is placed in the rental market during that period of time.  Implementing some of the options below can maximize resale value.

Top Projected Value - 5 Year Return

Floor Plan & Finishes

Understanding the finishes and durability of an investment property is critical. Look to the following materials to implement into your project:

  • Engineered wood with pre-finished – 20 year warranty
  • Quartz or Corian Counters – The durability of the finish and low maintenance is ideal.
  • When seeking fixtures and finishes, stay in the brushed family of finishes. These appeal to the largest cross section of those who are going to be utilizing the rental market over the next 5 years.

Exterior Options

Due to the nature of Lake Michigan coastal living, durability and finishes on the exterior of the structure are critical from a maintenance and longevity standpoint. The following are some ideal materials to consider when looking to rehab the exterior.

  • Hardi siding (prefinished) – this durable material will make for a great return on investment as it looks great on a home that could eventually sell for 500K+ while also being fairly maintenance free.
  • Composite decking – this material has come a long way, and is now the standard on homes that come at a high price point, because of its quality finish and longevity.

Rehab for Rental


The renovations to your property can also make it ideal for vacation rentals, allowing you to maximize rental income potential. The reconfiguration of sleeping accommodations and the amenities of main living spaces will allow for maximized rental income.

Top weekly rental/week fully renovated

It is a great time to invest in Manistee County!

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