Monday, April 21, 2014

Buying property to sell? Read this

There are many opportunities for investment in the real estate market. Every investor has his own investment style. A popular choice for many investors, however, involves buying and selling properties.

Many buy-and-sell investors also choose to buy a quick fixer-upper to make a profit. If you’re going this route, it’s important to assess the property's condition properly.

Market research

As with any real estate investment, identifying your potential market is a must before you actually start buying property. Assess whether the property is attractive for that particular market, as selling the property at a good price is your ultimate goal. 

Location

One of the most crucial factors and desirable features in a property is location. The same goes for an investment property. Much-coveted locations with limited properties for sale may mean your property could be sold faster. 

Property damages

Many buy-and-sell investors also choose to buy a quick fixer-upper to make a profit. If you’re going this route, it’s important to assess the property's condition properly. Enlist the help of a contractor or professional to ensure that the damages can be repaired swiftly and at little cost. 

Renovation process

Renovation projects are notorious for delays and going over-budget, even for meticulous property owners. As a homeowner, home remodel projects are personal investments, however, as a real estate investor, unnecessary costs will only eat away at your profits. Avoid delays, extra costs and renovations that won’t add value to the property. Choose which areas to renovate strategically.  

Time management

When ‘flipping’ houses, managing your time wisely is crucial for a quick turnover of the property. Create a timetable which should be followed strictly. It’s important to think ahead and plan accordingly, as shortcomings in the planning stage will manifest when you don’t finish the renovations on time. Delays will only cost you more than you expected.


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