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Buying an Investment Home

Want to know how to buy a house and turn it into an investment so you can sell it for a greater profit later? This article covers all you need to know.

If you plan on building a home as an investment then there are some things that you need to know. You should be prepared to take the time and effort necessary to ensure that your home will sell for more than it’s construction cost. Simply having a large house with no land compared to the small houses close by won’t cut it (unless of course, the people in those small houses don’t have jobs so you can offer them one).

There is no sure-fire way of making a lot of money from building a home but here are some guidelines:

Research what kind of houses similar sized lots in your area go for . This will give you a good idea of how much yours is worth. Make sure that you buy something where the houses close by are not currently overpriced. If you find a fantastic deal (like land 1/4 of what it’s worth) and there is already a house being built right across from you, then this would be a good place to build your home.

Build something that will have an appeal to someone in the future . For example, if you live off of a main highway then people who live outside the area will want to move in. So building something nice so they don’t have to drive through your neighborhood but can instead drive up to their new house with curbside appeal is important. Also, think about how many bedrooms and bathrooms your home could feasibly have before you decide on one. The more rooms that fit into the space that you have available, the more likely someone will want to buy it because there is a lot of room for growth.

Consider building a home with an open concept . Sometimes this can be achieved by simply removing a wall but sometimes all walls need to come down. These houses are usually very popular because they make entertaining guests and doing chores much easier. Also, try not to build your home in front of older homes or ones that are currently being built unless those homes do not have curb appeal. People don’t want to live where other people live so if you plan on selling it later, then having too many houses around yours could put people off from buying yours.

If you’re going to build a future investment property then you should probably consider building it now . Yes, this is cheaper than later but how long are you willing to wait? If you’re planning on living in the home for 10 years before reselling it then that’s not too bad. However, if you want to sell it in 5 years then building now will be better than building much later when prices go up.

How to sell your future investment property

If you’ve done what was previously mentioned here and built somewhat of a house with appeal then your job should be half-way done right? No, not by a long shot!

You need to put money into landscaping . Putting some trees around the yard or adding some rocks can make all the difference between someone stopping their car or driving by. Even if you have to borrow money from a bank for landscaping, it will be worth it when the time comes.

In terms of selling your investment property . It is much easier to sell something if you can add in appliances and furniture . So make sure that if purchasing new ones isn’t an option then going to friends or family who might have extras that they don’t mind parting with works too. The more things that are in the home when a person walks through it, could mean less items left behind which results in a higher selling price!

Property managers Now if you’re planning on renting out your property instead of reselling it later then this simple guide probably won’t cut it for you. You will need to work with a professional team first. You could manage the property yourself but there are other people out there that may be able to do it better than you (for a fee, of course).

To find one you can search online for IDSG Property Management . Or simply ask us if we know any good ones!

So before starting building your future investment property make sure that you go into it with a plan or else it might end up costing you more later on down the road. Good luck!

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