Is your Real Estate working for you? Are you managing your home and other properties to have the greatest return? In 2014 We need to focus on Smart Real Estate and steps you can take to get it there.
1. Maintenance – Maintaining a property should be most important and done so in a smart and efficient way. The only way to realize value in a property is to sell and buyers expect your property to have no maintenance issues whatsoever. Missing trim, failed windows and lose siding are a just a few items that should never be left in disrepair. Keep your property maintained and do so as economically as possible and you will surely see a return on those investments.
2. Upgrades – I have preached this over and over again that upgrades do not necessarily turn into dollars. The upgrades you see on tv are now expected by buyers and most likely have already been done by your competition. The new mindset is move-in ready at a good price. I tell all of my sellers that the home will sell quicker because of these upgrades but not necessarily for more. New flooring and polished fixtures do not get you more money, but they will help get you a sale quicker.
3. High End – Sorry to break it to you but the buyer of your home will most likely not care about your decor or style and especially in High End. High end buyers remodel and add-on not for necessity but for their own enjoyment. When designing your high end home, don’t try to create a product for the next owner but for yourself to enjoy. And when it comes time to sell, don’t fool yourself to think that the expensive chandelier you brought back from Waterloo is going to blow a buyers mind. You enjoy it and thats the value. But on resale all goes out the window. Prepare the homes space for someone else to redesign and get their creative juices flowing.
4. First Time Buyers – Slow down!! There is nothing to rush into as a buyer. When you are ready to buy be sure you have credit, cash for closing and time. Signing a month to month lease may be advantageous. Be picky because changing your mind later is not that easy. Make a list of what a house will do for you and please erase “good investment” of it. Then start a search and take your time finding the perfect place to fulfill those needs.
5. Buy Rental Property – Save up a few grand for carrying costs and then jump in. People will always want to rent single family homes and they will always pay a premium. Start looking for homes that can net a good monthly profit. Buy one and let a renter pay down the mortgage for you. That is building equity.
This year We have a great outlook in Real Estate but not because the market is strong, but because we practice Smart Real Estate now and are actively looking for opportunities that most investors are not looking for.