Today, we have a guest blogger from Dallas. Richard Soto explains in great detail the items you need to keep in mind regarding real estate investing.
Sure, you know what a fixer-upper entails; a lot of hard work and elbow grease. But you’re prepared to take on such a project because you know that you will likely be able to transform it into the home of your dreams. For many, the idea of buying the worst home in the best neighborhood it simply the only way to achieve their homeownership goals.
Before purchasing a fixer-upper, you will want to decide what makes a fixer-upper the perfect fixer-upper:
- Location, location, location – It doesn’t make much sense to pour loads of money into a Tempe home if it located in a neighborhood that won’t experience good appreciation. Often times, the best homes are those that are located in the best neighborhoods, but that have problems that most home buyers simply don’t want to tackle. Remember: tackling a fixer-upper in a less-than-desirable neighborhood will do nothing more than give you an overpriced home.
- Features - If you are purchasing a fixer-upper in a neighborhood that features many four-bedroom homes, and your home has just three, it is in your best interest to add another bedroom. In other words, stick with the features of many of the homes in your neighborhood so that you can remain competitive when you sell. Whatever you do, don’t eliminate a garage or downsize a kitchen, as this will likely affect the ease at which you can sell your home and the price you can get for it.
- Layout - Your home’s layout can often make or break a deal. If the master bedroom is off the kitchen, or if the second-floor bedrooms don’t have a bathroom then you will likely have a hard time selling your home. You will therefore either want to configure the home to appeal to the widest range of buyers, or simply pass on that home in lieu of a more attractively configured one.
Author Bio:
Richard is a Dallas real estate broker that specializes in Highland Park real estate.
