Investor Boo-boos - What-nots When Investing In Properties
If you plan to sell your home, theres a huge chance that by now
, youre already searching for ways to improve its value. For most
property investors, this means pulling out all power tools and changing all old fixtures to work on renovation projects. Instead of getting too busy on your renovation plans, why not get a dust rag and start cleaning the mess yourself? The key here is to clean up your property before finally calling your realtor.
One of the most important factors to remember when
investing in properties is that professional home sellers will not exert effort to sell your home if its a mess. Investors can go ahead and repaint the walls but even so, it is important that you limit your work to repainting rooms that have outdated colors and to covering blemishes.
With bigger pre-sale improvement projects, investors tend to share a uniform view that they are rarely worth the effort and money. For many, the value added is a simply a fraction of the total cost. It is a fact that home renovations have huge benefits but to residents, and not necessarily to sellers. Kitchen and air conditioning may improve ones lifestyle but the amount that a buyer will pay for a home with such features still fall below the sellers cost.
The National Association of Realtors (NAR) conducted a survey recently. The survey arrived with the conclusion that for every $1,000 spent, investors get back $638. This is bad news for individuals who are currently investing in properties. Even projects that are expected to sell at high value yields surprisingly weak gains. For instance, converting an attic into a bedroom is considered as a way to gain interest among buyers who might have otherwise disqualified the home for their search. Bathrooms and kitchens are considered as two of the most important rooms to prioritize when rehabbing properties. These two rooms provide the best returns on remodelling investments. However, mid-range jobs yield only around $700 on the average for every $1,000 that you invest.
According to the NAR survey, if you want to get more buyers than sellers, the only investment that you can consider is an insulated steel entry door. If you invest $1,000 on its upgrade, you can expect to get $1,289 as sale price.
Keep these ideas in mind when renovating houses. If you want to make the most out of your properties, always study the market and ask your fellow investors for advice. You can also visit
www.REIWired.com to learn more about the latest trends. This will give you the chance to tailor-fit your renovation plans according to what the general market wants.
by: Judy McKay
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