As a residential real estate investor, you will probably agree that it is all the more joyful when it comes to attracting the interest of a buyer or a tenant in a property. Homes that were used as filming locations are sure to stand out from the rest of the real estate listings. But is buying the most famous house in the area the right decision for you?
The pros and cons of investing in reputable real estate
Before choosing a home that will be used as a television or movie set for a role in your investment portfolio, here are a few things to consider first.
You will be a success on rental sites
Superfans will flock to book getaways to the same places their favorite movies or TV shows were filmed. While luxury homes like the Italian-style villa seen in Entourage normally could order the best price on vacation rental websites on its own, rental prices could skyrocket if there are bragging rights that come with ownership.
But even smaller homes can also result in a full schedule. For example, Ralphie’s house in A Christmas story can be rented for overnight stays, and there is a nostalgic cinema museum just across the street. If your property isn’t sexy enough on its own, you can include photos, decorative items, and other keepsakes to make the stay a more holistic experience.
There will always be lookie-loos
The bane of real estate agents will also become your problem as the owner of a famous property. Just ask the owners of the West Village brownstone on Perry Street in Manhattan which was used as the exterior of Carrie Bradshaw’s apartment on Sex and the city. While one could argue that any block in New York City will get its fair share of foot traffic anyway, imagine if this famous front steps were in a quieter part of the world.
Location always matters
Selling or renting a famous property can generate a lot of interest, but location always matters. For example, a lakeside house featured in the latest romantic comedy might be a bit too much romantic and secluded for buyers to bite into, although this can be a lure for vacationers.
Ultimately, no matter how cool the movie or show was, if the house isn’t located where buyers want to live, they’ll switch channels on your ad.
You should always consider the compositions
No matter how famous the house is, it won’t get a blockbuster award if the compositions don’t demand it. When the Hollywood glitz wears off, home is all that’s left. A more modest property will likely be judged – not to say valued – against its next door neighbors, not its Hollywood pedigree. If its starring role is the only thing that sets it apart from the house next door, the price may not be what you’re hoping for.
The bottom line
A movie or TV show has the potential to make everyone a star, including the place where it was filmed. But a Hollywood blockbuster can turn out to be a failure for your wallet, unless the property itself can attract the interest of buyers and tenants. – not just the fans hoping to take a peek.