There are many ways to make lucrative investments in the real estate field. One option is buying fixer upper houses, fixing them up and selling them for huge profits. But how do you know which houses are the best? Following is a quick guide on how to spot the the best homes.
First of all, you need to assess the structure of the homes. It’s likely that most of the paint outside and in will be replaced by you. Don’t look at the porch with the broken boards, or the overrun garden. All you’re looking at is the location, the structure of the home and any original detail that, if fixed up properly, might add value to the home.
Once you’ve decided that the home is structurally sound and in a good area, keep looking. Are there enough bedrooms? Is the kitchen either large or easily expandable? A garage is a must, as is a decent size yard for kids or pets to play in. You’ll also want to take a look at the landscaping possibilities. One of the best ways to increase the value of a home simply and easily is to landscape the property. Don’t worry about what’s there – think of the potential only.
After you’ve decided on a house that’s right for you, you’ll need to work on getting the seller to lower their price. Take note of the problems with the home and use them as bargaining tools. Once you’ve got the house in your position, have fixed it up and sold it – you’ll be amazed at just how much this lucrative investment can pay off.
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