Dec 23, 2013

From Rags to Riches: How to Turn Your Bargain Buy into a Valuable Home

If you’re thinking about buying a cheap house and reselling it for a profit, you know that there are so many things to consider. Realtors will tell you that location is one of the most important factors to consider when buying or selling a home. If the property is located in a desirable area, it has a greater chance of selling at a higher price. Additionally, once you’ve set your sights on a particular house, consider house inspections and the cost of renovation. What type of repairs are the most important ones in order to make a profit? Being armed with knowledge is the best way to profit from what is called house-flipping.

The three most important words of advice realtors give is location, location, location. Location is what makes or breaks the value of a home. You can have a nice home in a bad location, so get acquainted with the location before buying a home.

Homes near busy stores, gas stations or commercial buildings are not as desirable and valuable because home owners aren’t in control of the loitering and noises that come from these places. Equally true are homes in economically distressed or crime-ridden neighborhoods. The same goes for homes near busy freeways and railroad tracks.

So what do you look for in a neighborhood? Most people, especially families, want to live in a neighborhood with a reputable school district. Equally desirable is easy access to shopping places, entertainment sites and parks. What’s even more appealing to home buyers is a home with a river, lake or mountain in close view. Try to target high-end neighborhoods for a better profit. Also, neighborhoods in close proximity to hospitals, airports and workplaces offer greater convenience to people and are more popular.

How much renovating can you do in preparing your bargain house for resale? This is where you can lose your profit margin if you don’t think it through. Once you’ve set your heart on a house, don’t rely on the realtor’s word alone. Hire a certified, professional home inspector who will give you an unbiased view of the home. For potential buyers, the cost of house inspections is worth it in the long run. He or she will provide you with a written evaluation of the whole house. You’ll then get an idea of what you are up against, and if the cost of repairs is greater than the profit. If there are a lot of issues with the house, you can either find another one or use the inspector's report to negotiate a lower price.

Some of the basic renovations include things that add to the curb appeal of the house. An attractive coat of paint, landscape touches and simple driveway repairs will go a long way for that first impression. Simply cleaning up the house, replacing the carpets and updating fixtures are all inexpensive improvements that can make the difference in the sale of your bargain house for the greatest, possible profit.

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