Top Adding - Real Estate

Basement conversions can be a way to quickly make a home more valuable. Just be sure to do the math before you try this. You should also plan for a few surprises.

Why should you conv

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ert basements into living space? Because unfinished basements are the most under-valued space out there. Finish them, and you can quickly and efficiently raise the value of a home. Yo

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

can even make an investment strategy of buying homes with large unfinished basements, in order to resell them for a profit.

Basements are not common in all areas of the country. The

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

also take many forms, such as the "Michigan Basement," which is essentially a hole in the dirt that the house sits over. The basements you want for this strategy are known as "full"

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

asements, meaning they have the same square footage as the floor above them.

You also want basements that are absolutely dry. Look for damp corners or water stains from previous seep

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ge. Unless you know for sure that you can resolve any moisture issues - and at a reasonable cost - don't buy the house. You also want to check to see if basement space really does sel

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

l cheap in your area. Basements, like anything else in real estate, can be valued differently in different parts of the country.

A Basement Conversion Example

Suppose you fin

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

a neighborhood where the 1500 square-foot, 3-bedroom homes have been selling for around $135,000, and the 1000 square-foot , 2-bedroom homes without basements are selling for around

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

90,000. You also notice that 2-bedroom homes with full basements sell for about $100,000 - just $10,000 dollars more for that extra 1000 square feet of unfinished space.

You talk to

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

contractor. If done simply he can panel the walls, put in two walls for a bedroom on one side, install ceiling tiles, electrical outlets, carpet and two special windows - all for $16

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

000. He can do it in about two weeks time. The windows make the space legally habitable by allowing an exit in case of a fire.

Other alternatives include a sliding glass door and pat

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

io if the land dips low on one side. You might make two bedrooms as well. Put at one end of a basement, two bedrooms require just two new walls. Painting the basement wall without pan

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ling them is possible too, if the cement blocks have a decent appearance. Light colors will brighten up the space.

You wait for the right opportunity, a 2-bedroom home which because

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

t was a rental is dirty. You make an offer of $86,000 and eventually get it for $89,000. You decide on a family room in the basement, with a slider opening to a patio, and one small b

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

droom as well. This costs you $22,000. With closing costs and one month's holding costs, you now have $114,000 into the property.

You also have a three bedroom home with 2000 square

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

eet of finished space - more square footage than most of the 3-bedrooms in the neighborhood. It takes two months to sell, but you get $139,000 for it. Holding costs added another $1,7

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

50 in expenses, a 5% commission cost you $6,950, and other closing costs were around $1300. That means you had a total of $124,000 into the project, giving you a profit of $15,000.

T

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

at isn't a large profit, but on the other hand, you are paying people to do all the work. If you find that this strategy can be replicated, you could have several projects going at on

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

e. Another possibility? You could also look for homes with basements to convert in order to get more rent from a property. There are families that need four bedrooms, and a 2-bedroom

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

home could be made to accommodate them. You might not be able to get cash flow by buying a renting out an existing four-bedroom home, but in this way you could have positive cash flow

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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There are many reasons why exciting this customer change is a difficult endeavor. Among the most obvious is simply inertia of rest. Your customers, like those of your competitors, are change adverse.

As mentioned earlier in this article, if you are swimming in debt that's up to your eyeballs then perhaps consider the use of a debt counseling service. There are some reputable programs and counselors that can quickly help you to get your financial situation back into a positive manner relieving you of any debt induced stress you may currently be experiencing.

Once you have developed a miserable credit history, you are likely to think of yourself as a financial pariah and believe you will not get financed for a car when the old clunker is on it's last legs. Think again, it may be easier than you imagine. First of all, an auto loan is a secured loan. In other words, you put the value of the car on the line as collateral for the loan. These loans are attractive to loan companies. The rates are probably not too appealing for someone with a really marred credit history but shop around. Go online and do your due diligence. Don't grab the first offer because you are shell shocked and gun shy.

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