With the housing market in a record slump,
one of the biggest questions I get from people is how much is too much to spend
on a renovation and will I see that money back when I go to sell my
house?
While it is a common belief that any money you put into your house
will add value to it, this is not always the case. There are really two
different categories that you put home renovations into- General
Maintenance/Upkeep and Visual Improvements.
1) General Maintenance- Projects
like replacing your hot water heater, patching a leaky roof, repairing damaged
siding, or sealing up cracks in the foundation are not going to show you a
return on your investment but they are going to be required to keep up the
overall condition of your home.
Regular maintenance can help extend the life
of your home but at some point there are things that are going to be replaced.
By avoiding repairs or maintenance on items like this will just make the
condition worse and will result in even more money being needed for
repairs
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The Right Perspective on Real Estate
Motivated buyers and sellers are the fuel that drives a quick turn real estate business. Buyers are discussed elsewhere; this article is about creating sources of motivated sellers and getting them to talk with you.
There are many reasons why a property owner might be motivated and flexible enough to work with an investor, but there are a few common types of property owners that are especially worthy of targeting with your marketing efforts. These include pre-foreclosure sellers, who are listed publicly on the notice of default list available through a courthouse or title company; abandoned property owners; landlords, lists of whom may be available from the section 8 housing authority, and owners with listings that have expired.
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Real Estate Automation
The pattern followed by successful entrepreneurs in real estate or any industry is to begin by learning the process hands on and taking responsibility for every operation, then to automate and delegate every part of the process so that it happens with less and less help from the entrepreneur. All real estate investors wear many hats when they begin, but eventually find ways to replace their own labor and free up their time.
One element available to allow you to free your time is technology. Real estate is an information business, and a few common and inexpensive pieces of equipment and software today can allow a single person to accomplish informational feats that used to require a fully equipped office and a secretary.
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Putting Money in Your Home + A Wise Investment? ~ Real Estate BlogShots
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Take Good Advice When Considering A Residential Development Loan ~ Advice BlogShots
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Real Estate: Real Estate Marketing Flyers; 24/7 Marketing
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