Real Estate investors tips for selling quickly.
1. Change the roof.
If the property roof is over 15 years old go ahead and change that roof. The
roof may not be leaking, but it shows that is worn out and nearing the end of its
useful life. The inspector will definitely point this out once you get a buyer.
Avoid a deal breaker by changing the roof during rehabbing the house.
2. Invest in a
humidifier. If your property have a basement then you need to get a humidifier
to circulate the air. When a property is vacant many times the basement will
start to have suffocating odor, and this odor sometimes are mistaken for moldy odor.
Mold is one thing you don't want to be associated with your property. Once a
buyer hears or smell unpleasant odor that deal may die
immediately. To avoid moldy odor once the rehab work is completed put in a
humidifier to help circulate the air. An investment of just under $500 in
humidifier will avoid headache of cancel contract down the road. The
beautiful part is this is an investment that keeps yielding, because you take
your humidifier with you when you sell the house, available to be used for
the next property.
3. Don't over
buy. It may seem common knowledge buy low sell high, but I have ran across a
lot of investors that over buy, and when is time to sell they are priced over the
comparable of similar properties. To avoid losing money, don't over buy, avoid
the lure of buying at all cost and overlook the whole purpose of investing in
the first place. Be very very conservative in your expectation of your final
price. What your property sells for is not in your control. The market,
appraiser, lender determines final price, however what you have control over is
your acquisition cost. Remember always aim to buy low, sell high.
4. Don’t over improve.
Over improvements will not get compensated for over price house. The final
sales price of any property are determined by market, what the buyer will
pay for it and what the lender will finance it for. Is very important to know
who the potential buyers of the property are going to be. Will this be first
time buyer, a move up buyer or high end buyer knowing the type of buyer
should help determine the type of items to buy and to use for the rehab of the property?
Buying high end appliances for entry level properties is waste of money, use
that extra money to replace the roof, buy washer and dryer. Remember high end
appliances, or light fixtures will not make an appraiser amount higher, invest
Fairfax Realty Elite, Inc
Licensed In: MD, DC,VA
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