If you’re from Jersey or even New York, you’ll know there’s a ton of new development happening in Jersey City real estate, buildings are going up daily. The Jersey City mayor recently said that in 2016, Jersey City could overtake Newark as the number one population center in New Jersey. Although the census isn’t out, it’s still very interesting, especially since the demographics are a lot different between Jersey City and Newark. The economic status of Jersey City is a lot higher.
Here at Digital Home, we do smart home automation installations for many different kinds of people but working with landlords in New York City has given me an insight that I think would benefit many Jersey City real estate investors as well. Both cities have a lot of new development happening and the level of competition is continuously increasing, especially when comparing new homes to older homes. Below are three ideas for any person remodeling a home to compete with new construction projects happening in their city:
If you’re doing a major renovation, putting in whole house audio is a massive benefit with minimal effort. If the walls are open, all you need to do is run the speaker wire and add the speakers. People love music, whether for parties or personal entertainment. It’s huge to be able to say, wherever you are in your home, you have the ability to listen to music. The rise of Sonos’ popularity is proof that this is a real market. Imagine doing this for your clients so they don’t have to buy Sonos. They can have whole house audio that enables them to play all the music they want. That can be a game changer for how you compete with new construction.
This is becoming a lot more mainstream as well. You see smart home automation in a lot of commercial buildings, or in the common areas of larger apartment buildings, but it’s in the early stage of being mainstream in apartments or homes. This is a great place to invest. It will set you apart from what developers are doing in new construction, making your renovations more desirable. Imagine, it’s date night and instead of your client having to get up to turn the music on, dim the lights and bring down the shades, etc. all they have to do is press one button on their smartphone. That’s a game changer and a great reason they will choose your apartment or home over the competition.
These are the easiest to implement and people want them. For example:
Items like these can make a place look new and upbeat. Consumers typically know these products. They don’t expect them to be installed in a renovated project; instead, many times they will install them after they move in. This another great place to invest to set investments apart. Think about how granite counter tops became popular, people began putting them in as they remodeled their homes then investors started putting them in new construction, the same attitude should be taken with technology. If people are purchasing something after moving into your apartment or house it could be a place to invest to increase the desirability of your older apartment or house.
The new development in Jersey City real estate is crazy! It’s awesome for the city but it is making it harder and harder for older buildings to compete. If you are an investor, these ideas may be able to help you take your building to the next level. New York landlords are beginning to leverage smart home automation to stand out from their competition. I think it’s a great time for Jersey City to do the same!