Love At First Fright
On your way to work one day, you spot it. It is a For Sale sign out in front of a home that must be at least fifty years old. You have been eying this house ever since the last tenants moved out over a year ago. The home is dirty, needs obvious work and the yard is a mess. Glassy eyed, you do not see all of these as hindrances, or reasons to keep on driving. You see a possible investment property. A few weeks later, the deal is closed and you have got yourself a fixer. Now what?
Bargain Hunting For Repairs
Now the fun stuff begins. How do you turn an investment property from shabby to shining, from dirty to delightful? After all, the point is to make a profit, not just plug a bunch of cash into it and hope for the best. It is time for you to get down to the business of renovating your new purchase. The roof and the foundation are strong, so no worries there, but the inside is a mess. Years of wear and tear on the carpets, holes in the walls and dingy floors are common in a well lived home, but a buyer does not want them. Floors first. Look for sales on carpeting or perhaps laminate wood flooring. Get your floors looking sharp and shiny and the whole house perks up. Next, the walls need some attention. An investment property will sell much easier if it that sense of newness is there. If those holey walls could talk, they would be saying ouch. Patch up any holes, plug up all of the nail punctures and old curtain rod marks and throw up some pretty paint.
Now that the floors and walls are done, your investment property should look and smell clean and bright. Give the kitchen and bathroom both a nice make over. Buy the most cost effective, yet still the best quality appliances that you can find. Search out the bargains. In the long run, you will profit from a good, thorough search for the best prices. Replace old, stained sinks and counter tops with something more contemporary, and again, always find the best quality at the lowest prices. At closing time, that becomes money in your pocket.
The Devils In the Details
When the big basics are completed, it is time to begin thinking about the special touches, the little glittery specks that give a show stopping impression when a buyer walks through the door of your investment property . Ceiling fans add flair as well as usefulness to the home. New light fixtures can subtly alter the appearance of an entire house. Hardware such as towel racks, door knobs, cabinet and drawer pulls and even light switch plates are all small things that can pay big. You do not want to go crazy here, because these small things can certainly add up in price, and many times a new home buyer wants to add special touches of their own. A little sparkle goes a long way.
Now for the outside. Curb appeal is key here. Rent a pressure washer and clean off all of those years of dirt and grime. Paint the exterior trim, cut low hanging branches off of the trees, clean up that yard and make certain that the front entryway is welcoming visitors in a way that exudes warmth and charm. Clean any old oil marks or spills out of the driveway. Dirt of any kind will turn a potential buyer off. They see it as a mess that they will have to deal with, and they simply keep looking. Give attention to the windows, and even the mail box.
Take Your Check To The Bank
Put some time, a lot of bargain hunting and a good chunk of effort into your investment property and watch it pay big dividends in a short period of time. You might make enough profit to turn around and feed your renovation addiction by purchasing the house two blocks over that just went on the market.