When perusing the local real estate pages or searching the web, are you looking out for the right kinds of opportunities as investment projects or finished products?
If you are ready to consider a bit of hard work in order to make the most of a location and opportunity, then you might be able to pick up a better deal.
It is easy for most of us to pass over an advertised property when it looks like too much hard work, but if a property is in a good location and has capital growth prospects, you shouldn’t discount it as too much trouble.
Seeing the potential
Try not to be put off by the way a property looks, as you might be missing out on a potentially high-performing property to add to your portfolio.
More importantly, it is essential to select a property on its merits and its potential, not just your emotional response to the internal and external features that might seem unattractive at first glance.
If a property ticks the boxes in terms of location, price, capital growth and possible rental returns, then you shouldn’t disregard it before you think through the possibilities.
Look for a property that has good bones and you will find a place that offers opportunity.
Money can definitely be made if you have a plan and a vision for what can be done to turn it around, in order for your investment to deliver in terms of rental income and eventually in resale value.
Ready for renovation
The benefit of purchasing an investment property that requires a bit of work is that you can negotiate with the seller for a better deal to get something that works for your budget.
Do your research on the property and ensure the house is structurally sound so that it won’t cost you a fortune when you begin your renovations.
It is not wise to overcapitalise on your investment, so look into the improvements you can do yourself or employ a builder to do that will increase the property’s value quickly and knock those tasks over early on.
A great place to start is by upgrading the kitchen and bathroom, painting the exterior, creating a deck or carport or some eye-catching landscaping work in the yard.
These modifications can all increase the appeal of the property to renters and even for future resale opportunities.
We all know the value of street appeal when it comes to enhancing your property and catching people’s eye, but it does not have to break the bank.
Getting the look and feel right
The main goal of any renovation is to make your property look and feel both warm and welcoming - plus cool and breezy in our climate - so that renters or buyers can picture themselves living there.
Like you, buyers and investors need to quickly see the opportunity a property, most often without the challenges hard work that you took on, that can then lead to rental and re-sale opportunities.
Hopefully, you will be able to look back with satisfaction on your property and see that you turned it from a difficult project into a place with promise.
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