If you are new to property investment, then you will be thinking about how to climb the property ladder as quickly as possible. The types of property you invest in are of course one of the biggest factors, but, you also need to make sure that you are going to get the best return on that investment. It means you will need to make your purchase is worth more than you paid for it, but how can you manage that?
Fix Any Structural Problems
If you have decided to take a chance on a property that needs a little work, then you will need to ensure that the house is sound before you progress to anything else. Get a survey done as soon as possible to find out what needs to be done, then arrange for builders to come in and rectify the problems. You need this part to be done as soon as possible so you can get the house ready for resale and reinvest your money with companies like 1031 exchange.
Add Central Heating and Air Conditioning
If your purchase property is an older house, then it might not have been fitted with heating or air conditioning. These two things, in particular, are what new buyers are looking for, so it can be a wise investment. It is another area that needs completing as soon as possible. While you can fit these systems yourself, it is best to employ a professional to get the best results. While you are looking at the heating and cooling, you should also be thinking about fixing any holes or areas where drafts can get in. You should also be fitting loft insulation or updating it if it has been there for a while.
Painting and Decorating
Even though you don’t know how the new owners want the house decorated, they will like the idea that it is already done. It means they won’t have to worry about decorating as soon as they move in. Choose a neutral color such as cream or beige so that it will appear as a blank canvas to the new owners. You should also consider repainting any outside paintwork, especially if it is starting to fade or crack.
Add Storage Space
One thing that potential buyers love is storage space, so if you can add some to your property, it could be the element that makes the sale. Consider adding cupboards to the kitchen if there are only a few, and perhaps built-in wardrobes into the bedrooms. Another good space idea is to lay floorboards in the attic space; this will give the new owners more area to use as they wish. If you have the budget, converting the attic entirely will give you added value to the overall price.
Property is a fantastic way to invest your money, all you need is some courage and a knack for choosing the right property. You can then start to buy and sell in increasing amounts.