SPECIALIZED IN LUXURY REAL ESTATE FLIP AND REAL ESTATE APPRECIATION, EXCELLENCE CONSTRUCTION RÉNOVATION, SHARES TIPS AND TRICKS TO GET THE MOST OUT OF YOUR REAL ESTATE INVESTMENT
You are just starting out as a real estate investor, you have just bought a property or you would like to learn more about the real estate flip market? When starting a renovation project or a real estate flip, several aspects must be considered in order to succeed. Buying and renovating a home or a rental property may look glamorous from the outside, but it’s better to be prepared for the dust and the unexpected that come with it.
HERE ARE OUR TIPS TO ENSURE THE SUCCESS OF YOUR REAL ESTATE INVESTMENT.
A MAJOR ELEMENT TO SUCCEED IN YOUR REAL ESTATE INVESTMENT: SELECT THE RIGHT MATERIALS
When planning your real estate flip or optimizing a residence or income property, the choice of materials will directly affect the return on your investment. To ensure the best return on your investment, you will need to analyze the real estate market and understand what your future buyers are interested in as far as type of property and area.
When choosing materials, consider asking what the best sellers are in home improvement stores. Also, try to create a wow effect, a crush, by making distinctive elements of the house stand out such as a staircase, a large window, a fireplace, etc.
There’s no need to install granite countertops and other luxurious finishes in a bungalow or a single-family home in a rather modest neighbourhood. You won’t be able to recoup your investment at resale, as the value will become too high compared to area comparables.
However, if you are renovating a luxury home in a prestigious neighbourhood, you will benefit from installing this type of finish. The key to a successful real estate investment, regardless of the type of property, is to please your potential buyers, both in terms of the renovations and the selling price.
WHEN INVESTING IN REAL ESTATE, KNOWING HOW TO SURROUND YOURSELF WITH THE RIGHT PEOPLE IS ESSENTIAL!
The success of your real estate flip depends largely on the subcontractors and employees who will help you carry out your renovation project. Make sure you choose people who have been recommended to you and who have a reputation for being meticulous and meeting deadlines. This will make your project easier to manage, ensure a flawless result and guarantee (almost certainly) that you will meet your deadlines.
While you want to be confident and let each of the building trades work on its own specialty, be sure to check on the progress of the work at each stage to avoid surprises. When managing a real estate project, the most important element can be summarized in one word: FOLLOW-UP. Follow up with everyone involved. Make sure that the material is ordered, that the dates are right, etc.
THE KEY TO REAL ESTATE INVESTING: AVOID DOING TOO MUCH
It is easy to want to do too much, or to forget the objective of minimizing costs and reselling quickly in order to make a profit, and to start renovating everything. This is where a plan and a good strategy will be very useful. It will allow you to stick to your plan and keep an eye on your budget, so that your investment or income generated will remain as lucrative as possible.
Also, remember that this house is not for you, so always think about what your buyers would like, not about transforming it to suit your tastes. In short, when renovating or optimizing, be sure to fix what needs fixing, but try to retain as many existing elements as possible, while creating a style that will appeal to potential buyers.
PROPER MARKETING: A BASIC PRINCIPLE OF REAL ESTATE INVESTMENT
One of the keys to successful real estate investing is being able to resell the property quickly. First, you want to maximize your chances of success with renovations that will appeal to buyers as mentioned above.
Second, consider creating a “home staging” by renting out furniture and accessories. This will make it easier for buyers to imagine themselves living in the property, rather than presenting them with an empty house where it may be difficult to visualize the space.
To ensure the profitability of your real estate investment, using a real estate broker to sell the property can be well worth the commission you will have to pay. Chances are, the real estate broker will be able to sell the property quickly and at a better selling price. Make sure you choose a broker who knows the area and the target market very well, so he can suggest a price and will probably already have a pool of potential buyers for your property.
In conclusion, before buying a building or embarking on a flip or real estate investment project, make sure you plan the necessary renovations and surround yourself with the best. Understanding the issues involved in this type of investment is essential.
Remember that the goal is to get a finished product that matches what buyers in the area are looking for, as quickly as possible. With proper marketing, you will be able to resell quickly and make your renovation project a success.
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