Feb 13 2017
If you’ve ever had a piece of property that’s hard to shift, you know what kind of hell it can be. It’s there, ever on your mind, as much of a liability as an asset. The costs keep rising and the payoff keeps shrinking. It’s a nightmare scenario worth avoiding as much as possible. Which is why we’re going to look at the steps you can take to make it easier to sell your next piece of real estate.
If you’re looking for a quick and easy investment, you will want to ignore the vast majority of ‘fixer-uppers’. However, if you’re alright with the long game and you want the most potential profit, then you should be willing to be a bit more creative in spotting potential. If a home looks like it has some improvements just waiting to be done, like an easy renovation or space for an extension, do some pricing. Figure out if the change to the valuation is going to do much to exceed the costs of it all.
Know the market
The better you understand the appeal of any one property, the better a chance you have of selling it. Proximity to schools, like a lot of suburban areas, means a better appeal to families. Proximity to commercial areas, like Alta Yorktown apartments, means greater potential for professionals. Proximity to colleges has an obvious appeal to students. These subsets of people are going to be looking for accommodation or buys specific to their needs. Knowing the appeal can influence the direction you put on the advertising, helping you emphasize the greatest possible value the property has the market that sees the most appeal in it.
Know the costs
In part, the idea of improvements touches on this, but you should know how much it’s going to cost in the process of buying and selling. Inspections, valuations, conveyancing, these costs all eat into the profitability. If you need more work done on staging and preparing the home, you have to consider that, too. Particularly in renting, you need to go very long-term to see if there’s a potential for profit. Without the right preparations, you could be dealing with a long-term cost instead of a long-term gain.
Going further afield
Noticing the appeal of single areas to potential target markets is important. But it’s also worth paying attention to development and potential of whole cities, too. Looking at the best cities might mean, for instance, looking at where more jobs are moving and where new industries are growing. By paying attention to the news surrounding a whole city, you can scope out where the highest number of potential investments can be found. Rest assured that home builders and other businesses are looking at the same news and seeing the same potential.
Simply put, it’s all about spending more time to spot the right place. Think out the appeal, think out the potential gains of your efforts, and think out how the process is going to affect them.