Real estate is changing hands in several different ways that are making the headlines. Whether you are a buyer of real estate or selling real estate, below are a few suggestions and tips to help you make the best deal.
Buying Real Estate
So you want to buy a house? In this market? Are you nuts? Actually, it depends on where you are. You could be very shrewd right now if you pick the right spot, the right pricing trend and bid aggressively. It requires homework, homework, homework.
Example: My wife scoured a market, screening 90+ houses. We eventually found a fixer-upper for $162K. We offered $160K the same morning it was listed. They took it on a handshake. One year later with no improvements we sold it for $208K. For those of you without a calculator, that’s a 30% return on the investment.
And you can do it, too. Heres how:
1. Pick a growing area. This is essential. Yes, its hard to predict economic cycles and which metropolitan areas are going to prosper over the next year or so. However, if you read the business pages regularly, youll have a much better idea of where to buy/invest.
2. Learn the market. This is also essential. You’ve got to know whats out there, what houses are going for and how to spot a bargain from the overpriced. When you find your bargain, you probably wont have much time before the competition gets wind of it. So you must be ready to make a solid offer right away.
3. Make your offer contingent upon a thorough inspection. There is nothing worse than buying a house with plenty of infrastructure problems. This will cost you time, money and aspirin. If you discover only a few problems, try to get the seller to lower the price to counterbalance the flaws in the property. They often will.
4. Recognize that you will not likely land your first prospect. Therefore, be patient and be prepared to keep looking until you find the right house that makes good economic sense for you to purchase.
Follow the above four tips and youll do better with your property investment.
Selling Real Estate
What to do to get the best price for your home? Just follow these six tips:
1. Everything (usually) looks better in brighter light. So let the sun shine in. Open curtains and blinds and turn on lights in all the rooms.
2. Fix up those little things. Oil or WD-40 those squeaky door and window hinges. Tighten any loose door handles. Replace broken shutters, fix leaky faucets, etc.
3. Deodorize! Nothing turns off a potential buyer than a funny or unpleasant smell. You’ve heard of the bake bread or cookies in the oven to make the place smell great, but sometimes it is just as easy to use plug in deodorizers.
4. One of the easiest things to do is clean the place. Clean in the corners, clean the cabinets, re-grout the kitchen and bathroom sinks, tubs, etc. Wash the baseboards, make the place shine, especially in the entrance way.
5. Get rid of the clutter! Buyers need to envision the home as they would live in it. Anything interfering with that vision works against you in selling your home to them. So divide all your possessions into three groups:
a) things you really need to live in the house,
b) things you don’t really need but want to take with you to your next home, and
c) things you don’t want to take with you and should really toss.
Now, put those things you want to take with you to your next home in a rental storage facility. Hold a garage sale and/or donate everything else to charity. That’ll leave your home looking elegantly simple, which is the best way to present your home to potential buyers.
6. Paint, paint and more paint. Virtually every home has some area that could use a fresh coat of paint. It is one of the most important (i.e., best and inexpensive) investment you can make is maximizing your sale price. Make sure you patch cracks and peeling paint first, though.
Follow the above six tips and you’ll sell your home faster and for a better price that if you didn’t.
Need to sell your Colorado Springs house fast? We specialize in helping you find a safe, secure solution to your real estate problems. Contact us today for a no cost consultation!