Things to Do Before an Investment Property Open House

shutterstock_109717871-72a3e0An open house is referred to as the period of time during which a house, an apartment or similar other investment property for sale is open to the public for viewing. It is done to attract buyers and hopefully encourage them to close a deal.

Open houses are very crucial in the world of real estate. Oftentimes, they can either be the deal breaker or the deal maker. Of course, anybody would wish for the latter. So as someone who wishes to successfully and quickly sell their investment property, what should you do prior to an open house?

  • PREP IT

There’s a lot to do before an open house and any smart seller or property owner knows this. First of all, cleaning up the space comes on top of the list. Nobody will want to purchase if they see the place in a mess. That’s a really bad first impression and we don’t want that. Repairs come in next. Anything that’s faulty needs to be fixed or replaced. Upgrades are also something to consider. Remember that certain renovations can actually increase not just the appeal but the value of the investment property itself.

  • DEPERSONALIZE IT

Make sure that no remnants of the previous owners remain within the space. We want it to look fresh, new and ready for a move. Things like photographs, mementos and personal items can create an impression that the current or previous residents don’t want to let go of the space yet. It also creates a feeling of the asset being old and used. Depersonalize the asset so the new owners can better picture themselves in the space.

  • STAGE IT

Staging refers to the act of preparing a investment property for sale in the real estate marketplace characterized by the use of furniture, appliances and design details to suggest buyers or onlookers about the potential of the space. The better staged an asset it, the more quickly it tends to sell. In many cases, every item is more like a prop instead of an inclusive item to the purchase. Sometimes, sellers may offer them for an additional price.

  • PROMOTE IT

An open house for any investment property will be futile if sellers fail to effectively promote it. Make use of both traditional and digital medium. Take advantage of low cost and free advertising too. Spread the word as much as possible. We want our open house to be full and bustling!


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Residential Property Investment Tips

investment-advice 2Making a residential property investment is one of the biggest purchases you will ever make in your life. Owning a home is no easy-peesy deal. It takes a lot of hard work and not to mention financial resources to get one. That is unless you’ve won the lottery or you happen to be a multi-millionaire of some sort. Regardless, you will have to make sure that you make the right calls and get the best deals. We all want to get the best bang for our buck right? How do you do that? We’ve got some tips for you!

  • Buy low and sell high. This is the rule that investors who plan to lease out or to resell properties aim for and that should likewise apply to you even if you don’t have any plans on selling the home in the near future. You never know for sure and it would be best to sell something with a return than with a loss right?
  • Know what to look for to initiate a bargain. Sellers and agents will want to sell as high as possible but as a buyer you want to get it at a lower price. Not everyone is open to negotiation so you have to know who to target for a bargaining chip. Your best bet will have to be either properties that have been in the market for long or those that want to sell quickly. They are far more open to negotiations than others.
  • Know the neighborhood. This is not merely for purposes of acquaintanceship or location assessment but also as a form of research. Knowing the true value of a home includes having to know the worth of properties surrounding it.
  • Always set a budget for yourself. You cannot risk going overboard. Remember that there is more to your expenses than the price tag. There are other hidden costs that you will have to shoulder such as but are not limited to professional fees, survey and examination fees, taxes and other legal costs.
  • Always have ongoing costs computed. Many residential property investment buyers fail to consider this and suffer in the process. Such costs pertaining to maintenance and repairs do not surface unless you ask or have the asset checked. Some properties may be priced low at the onset but come with staggering ongoing expenses that will cripple you so check and do your research first.

Residential Property Investment Myths

Real estate residential property investment is nothing new. People go into it either for personal use or business reasons, both equally important and a gamble. One puts a significant amount of their hard earned resources in the hopes of ripping benefits from the asset either by using it themselves or having it leased or sold to garner monetary returns.

Unfortunately, investing in residential assets is equally riddled with myths and misconceptions just like any other type of investment out there. This can be a huge pain because people never get their facts straight and that can cost them. To help everyone on this, we’ve come up with a list of the said myths. Let’s debunk them one by one.

Myth: “The asset’s value appreciates overtime.”

Fact: Not all the time. There are many factors that lead to the appreciation of a residential property. Plus, their various combinations can lead to different and very varied results. Factors like location, accessibility, safety and security, proximity to significant establishments and employment are only some. You need to research. Furthermore, don’t get us started regarding repairs, maintenance and upgrades. If you know how to handle these investments and if you hold ones that have the potential then yes value can go up but this is not guaranteed to happen every single time.

real estate residential investmentMyth: “Upgrades create more value.”

Fact: If you plan to rent out and sell for income purposes or even think of selling the home you are currently living in today in the future should the need arise, the thought of upgrades can come across your mind. Do they add value? Yes but it depends. Not every expense can be capitalized and not all upgrades can bring the price tag up. Sometimes you might even find yourself spending for an upgrade that doesn’t really add much and ends up more costly than it is useful. To avoid that, it is best to call in the pros to the table. You need guidance and you need someone with the expert knowledge to tell you whether the upgrades you are planning are feasible for the asset’s structure and feasible value and cost-wise.

Myth: “Location is all there is to it.”

Fact: In a residential property investment, a lot of factors come into play. As mentioned earlier we have location, accessibility, safety and security, proximity to significant establishments and employment to name a few. In other words “location” is only one of them. It is an important one but should not be your sole target. Think about it this way. A home that’s close to schools, malls, offices and transportation hubs may sound great but what if it’s flood prone? Would it still be great and valuable? No.

Trust only the experts when it comes to investing, visit https://www.singerviellesales.com.