Real estate investment is one of the best long term forms of investment anyone can do and is readily understood by most of us. Some of us may be interested in buying properties that we can fix and flip, others might be interested in buying rental properties and make money from them. This article is for both kinds of investors and highlights three simple things you can do to make more money from your real estate investment whether it be in terms of rental or capital appreciation. Tip #1 - Paint it up Spend some money to paint up the fence and the rest of the property. You will be surprised at the difference this makes to the buyer of the property. Which would you rather see when you visit a property, a drab old looking building or a nice newly painted building? In addition, you might consider buying a nice front door to match the newly painted building. On paint choices, depending on who you intend to sell the property to. For residential properties, try to get neutral colours and choose colours that make the place look welcoming. Colours that make someone upon seeing it say to themselves, yes this is home. This would increase your chances of getting a tenant for your property and thus the price of your real estate investment will rise accordingly. Tip #2- Fix the windows Another simple trick, when residential viewers come into the house they love to look out of their house into the vista that surrounds your property. Thus you would want to work on the windows a bit so that they look nice and new and complement your new coat of paint. Another thing that you can do is to install grilles in high crime areas and highlight it as a feature to your prospective buyers and tenants and tell them that you have considered their security when installing the grilles. But always check if they want the improvements unless it comes with the property when you first bought it. Tip #3- Mow the lawn This trick comes along with the neighbourhood. Let me explain what I mean by this. If you are investing into a residential property in a neighbourhood, take a look at the surroundings. If the properties in the area are in a state of disrepair, avoid even purchasing the property since you might be buying into a neighbourhood where the property prices will not increase by much. If you have found a good neighbourhood with well maintained lawns and the real estate investment that you found is not well maintained, spend some time looking to see if the soil and the foundations of the building are good. If you think all is well, call in the professionals to re turf and mow the lawn and do some basic landscaping. You will be surprised at how much more a property with a well kept garden will fetch over a normal unkempt property within the same vicinity. In conclusion, we have highlighted three simple steps anyone can take to make more money from their real estate investment. Try doing them today and hopefully it makes you more money along the way. Take massive steps and action and you will find that your real estate riches will start coming your way. By Joel Teo 2006 All Rights Reserved |
