Simple Steps to Invest in Fix Up Real Estate

Christopher ZeniosChristopher Zenios14/10/20193min
Everyone needs somewhere to live; this simple fact makes the real estate sector a desirable field to become involved in as the sector will always be needed.

One option is a “fix-up” which is the purchase of an older building and then refurbishing, designing and styling the property. This can be beneficial for both personal use and resell value with fix up options ranging from small properties to large mansions. When deciding to invest in real estate it is wise to consider the following:

Research

Narrow down your options by selecting the area you wish to buy. Research property prices in the area so that when you find a fix-up property you will be able to recognize if it is under-priced in relation to the other property process. If you are struggling to find a fix up look for terms used by real estate agents such as “special” and “TLC” (tender loving care) which indicates it is ready for some work.

Lowest Payment

Once you have found the property, purchase the house with the lowest cash down payment possible. It is possible for the seller to agree for you to buy the house with no money down, usually seen in cases when a seller is eager to move. If the seller does not agree to this, it may be possible they will agree to carry back a second mortgage or trust deed on the property for an amount that represents the majority of equity in the house.

Maximize Investment

Once the house has been renovated and decorated it is now your decision whether you wish to sell on the property listing it on the market for a considerable amount more than what you paid and renovated It for. Or the second option is to rent the house our providing a steady income rather than one large sum.

Repeat and Increase

As your assets increase over time due to this process you will be able to buy even larger properties and turn an even larger profit. Many have started from one house to now renovating whole blocks of apartments, building their own real estate empire.

 

Christopher Zenios

Christopher Zenios

Christopher has always been a pioneer, a first adopter when it comes to technological advancements. Over the years, his expertise surrounded the real estate and digital markets and their evolution in today's society. After being the editor to various professional business news portals and blogs, he was selected to become the chief editor for HWC. Contact Christopher at +357-22029786 ext: 6110 or by email at czenios@highworthcitizen.com for editorial related questions.



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