Earn Your Profit with Your Investment Property!!
Are you thinking of an investment property for the New Year 2023? The key to success with your investment property is to stay on budget. Follow these tips and you will earn the profit that your hard work deserves.
1. Buy Low, Sell High.
This is one of the first clichés that you will hear about when discussing investing.
We learn in Real Estate 101 that the value of a property is “what a willing Seller and a willing Buyer agree that it is”. You can negotiate to that “sweet spot” where both sides are satisfied.
When you are Buying, and when Renting to your new Tenants, make sure you negotiate prices that are comparable to the current prices in the neighborhood and that also support your goals.
2. Do fix-ups that match the neighborhood.
You want to understand the price points and level of improvements in properties similar to yours.
Talk to a realtor professional to understand the current market. It may be useful to obtain a Comparative Market Analysis and to attend local open houses. Then match your level of improvement to similar homes.
3. Choose finishes and paints carefully.
You want the property to be clean, stylish, bright and current with colors that will pop. Interior design magazines can help. Again, consult a design professional to get ideas of what is most popular and also what classics will stand the test of time. It is always recommended to choose those finishes that are in the middle price range.
4. Pay particular attention to the kitchen and baths.
Cynthia Cannizzaro, owner of One Design Place, always says that the kitchen is the heart of the home and the bath can be an oasis of comfort. However, the kitchen and bath can also add the most to your bottom line costs. Look to see what can be re-purposed and re-used. Then, the finishes, paints , wallpapers, floor coverings and design touches can be used to add the style and a fresh look.
5. Enjoy the process.
There will always be ups and downs. Keep your ultimate goals in mind through all of it. You are bringing beauty and upgrades to the property for people to enjoy. You are improving the neighborhood for your fellows and for your own future investments. It will be worth it.
6. Hire a great team.
You want a team that will get the work done on or before schedule and under budget, with the least inconvenience to you. One Design Place can be a resource.
One Design Place operates as a one stop shop for your convenience.
Or if you have your own designer, One Design Place will do the rest to oversee that all the work is done properly and in a timely fashion from start to finish.
One Design Place has licensed professionals that can help with all of these steps.
- Purchasing Your Property
- Pricing and Comps
- Planning and Design
- Purchasing Products
- Reliable Handyman for Upkeep
- Ultimate Sale or Rent
One Design Place was recently showcased in the Memorial Lifestyle Magazine.
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One Design Place 713-446-7330