Real Estate Veteran Says: "Build it Union"
He says, “without question, unions provide the highest quality product,” which translates into long term value for real estate buyers.
In the world of New York City real estate, one truth remains constant amid the fluctuations of markets and tastes— quality reigns supreme. And union-built properties are in a league of their own when it comes to quality. Nobody understands this better than Steve Hodson, President of Hodson Realty, an industry stalwart with more than 40 years of experience under his belt.
Because they’re built by elite, extensively trained workers using the highest quality techniques and materials, union-built properties are likely to attain higher market value. They’re also likely to spend less time on the market, reducing costs associated with any sale. In Hodson’s words: “it's a lot easier to sell something that's a better quality construction.”
When Building Bigger, Union quality is Even More Important
The stakes get higher when it comes to large properties or investment real estate. In this arena, a property's value is intrinsically linked to its capacity to generate steady income after expenses. This is where the value generating power of union quality construction really shines. “One of the expenses that owners have is regular maintenance,” Hodson explains, “and they also have to set up a reserve for capital expenditures for long-live items, such as roofing, such as heating systems, plumbing systems, electrical systems. When those are built by union quality labor, that's gonna equate to a higher market value for an investor buying that type of property.”
When a building is built by unions, "that's gonna equate to a higher market value for an investor."
– Steve Hodson, President, Hodson Realty
The Highest Quality
With union labor, you know you’re getting the highest quality and value. With non-union, by contrast, you have no idea what you’re getting. Non-union contractors routinely hire workers with no construction experience and cut corners on materials and techniques. This can turn your investment into a money pit faster than you can say “Leaning Tower of Pizzarotti.”
Hodson's veteran advice is clear: in real estate, construction quality should be a deciding factor. And union-built wins on all fronts— top-tier construction, lower maintenance costs, more lucrative income streams, and higher resale value. Be sure to ask your realtor: “who built this building?”
Mark Colangelo is a writer and blogger.
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