In this life, we get the things we want by spending money. Whether you like it or not, money makes the world go round, so we all want to get a nice slice of it before we check out for good. We work hard for fifty-some years because we know just how much money rules our lives and how it has a bearing on absolutely everything.
Some people choose to meander through life quietly. They want to do their bit for society, pay the bills, put food on the table, and enjoy their time off. That’s as smooth and as comfortable a life as you’d imagine. It’s not exactly the American dream, but in a world that can be harsh on people financially, it’s something we can all admire. There are others, however, that like to push on a little more and show a significant amount of ambition as they progress through their years. Variety is the spice of life, so doing the same stuff over and over again might not be for everyone.
There are heaps of ways people attempt to obtain lots of digits in their bank accounts. Some like to create startups from a passion that they’ve held throughout their lives. Some like to do a little hustling on the side of their nine-to-five. There’s no real right and wrong way of doing it – unless you’re committing a crime. Real estate is a route that some like to go down in order to receive a lovely return on investment. The demand for homes will forever be high – people will always need a place to stay, so if you get it right, they could be rolling in good money.
If you’ve clicked on this post, it probably means you’re looking to get stuck well and truly into the real estate game. Either that or you have a slight interest that’s ever-growing. As we said before, if you get things right, you could be super successful as the property world won’t be dying out anytime soon. It is quite a big deal and a big world to step into, however, so you’ll need to know a thing or two before entering the realm. There’s never a strictly set way of doing things, otherwise, we’d all in rolling in dough. Everybody does things differently, and everybody operates on their own terms, but if you want to make the most of your property investment, let’s go through some things you can do.
Before you’ve even committed to anything, you have to take a look around every potential investment opportunity and see if it’s worth it or not. Even if you fancy yourself in this world, sometimes your hard work isn’t enough and it’s like waiting for an extinct volcano to erupt. The last thing you want is to dive headfirst into a project and end up losing out on a lot all because you didn’t do some fundamental analysis.
Going through all of the potential places is also wise because you’ll want to find the most convenient place with the biggest ceiling. It’s less of a problem than the previous instance as you won’t be losing money, but missing out on larger profit stings when you know you it could’ve been yours.
When the deal is complete and you’re ready to go to work, you’ll want to make sure that everything in the building is functioning properly. If you’re looking to change things up a little in order to sell again for a profit, then the home’s ability to run properly will be one of the key aspects people will desire! The same goes for if you’re looking to attract people to rent out to – they’re not going to be mightily impressed with lackluster utilities.
Whatever the problem is around the place, there will be somebody at hand to solve it for you. It could be something as minor as an issue with the window, or a huge electrical fault. Getting this nitty-gritty fundamentals out of the way should ensure you have a more attractive and valuable property.
Redo The Kitchen And Bathroom(s)
The kitchen is one of the most important places in an entire house. Residents need it every single day for genuine necessary purposes, so it’s going to have to be in tip-top condition. Taking an old, outdated and fairly unattractive kitchen, and turning and it into a modern, glistening cathedral-like zone can increase the value of a home by a huge amount. Paying the pros to come in and renovate the area may sting your wallet a little, but it’s a great thing to do in the long term if you have the money.
The same goes for the restroom. A place that is definitely needed for multiple necessities. Obviously, the function needs to be excellent, but people are also attracted to the aesthetics of a bathroom. It’s quite an intimate setting, so people like to feel as though they’re inside a squeaky clean and hygienic washing area.
Convert Or Extend
If there are areas that serve little-to-no purpose in a particular property you’ve purchased, then it wouldn’t be a bad idea to turn them into something productive. Conversion, again, may cost a little, but having that extra space for a bedroom, an office, or anything else like that would raise the value instantly. You should always aim for the best, you wouldn’t see Luxurious home in LA slacking off with cluttered spare rooms going to waste. An attic is often a place where people like to shake up. An awful lot of people don’t tend to have things stored up there anymore, so the roof area is just vacant and full of creepy-crawlies.
The basement is also a spot for people to convert. Similarly to the attic, it tends to hold old or unused items. Redoing the entire room would make everything more convenient for potential buyers and, thus, the value rises. While we’re at it: the garage could also be turned into some other than a place to store a car and old tools. If people are going to park on the driveway, then it’s just sitting there idle.
Making the place bigger and turning it into a home with a bigger surface area will naturally raise the importance of it. If it’s a bigger home, then more can be done with it.
Improve Slight Aesthetics
A lot of difference can be made with precious little effort done to it. You don’t have to throw your back out moving things around of doing hard labor in order to make something prettier. The slightest of touch-ups can attract more people to what used to be an old and outdated-looking home. Of course, going through everything and making sure it’s cleaner is a must, but doing something like going over older areas with a layer of paint could shave decades off its look.
Split Into Multiple Homes
If you’re looking to buy a place that you can then rent out to people, you might get a lot of joy out of welcoming more than one buyer. If you have space and the initiative, then you could chop the place up into two (maybe three) living spaces. If the opportunity is there, then there’s no reason why you should capitalize on it. You’re in this game to make as much as you can. If it’s doable, then you should think about it.
The outside is important for first impressions. The front door, the driveway, the garden, etc. These are all going to be judged upon first sight. Make sure the driveway has been given a good wash and a clearout. As for the garden, it can affect the value of a home negatively if it looks as though it needs a lot of work done to it. Keeping it clear, neat and low-maintenance gives you a chance of upping the numbers.
Add A Bathroom
Most homes these days have two restrooms. It’s very rare that you’ll find a place that has only one. That said, if you find yourself in the position where you’ve committed to a home that has a sole bathroom, then it would be wise to add a second. People would be wildly put off of a house that doesn’t provide these necessary pieces.
If you look at all of the best places scattered around the likes of Beverly Hills, Bel Air, etc. You’ll notice that the way in which they’re photographed and presented to potential viewers is amazing. People are immediately hooked and open to parting with their money based on a couple of pictures. If you want to sell your work to people, then you’ve got to advertise it well. Marketing is a big part of the business world, so remember to make everything sexy.
People don’t want to live in a cold place. They want to be safe in the knowledge that, when the elements hit, they’ll be covered by their abode. If the home hasn’t already been worked on, then you could get in touch with companies that add insulation to it.
About the author
Matt Angerer is the Founder and President of VerticalRent. He enjoys writing on a variety of topics that help Landlords, Property Managers, and Renters across America. He is particularly interested in helping renters understand their local marketplace, pick the best places to live, and find an awesome roommate. Since 2011, VerticalRent has grown to service over 100,000 landlords and renters across America.