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.
Location
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.
Renovations
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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