It is often spoken about with a slight ease, as if real estate is somehow easy across the board. But the truth is highly different. It is hard, hard work where lots of hours are put into making something better to ensure it sells for more. Your first investment is the hardest. It is where you dont truly know what will work so you end up doing everything you can that will ensure the home sells for more money. There is more to it that just the work though. These tips can help you succeed in your first investment but only if you are willing to put the work in. Good luck.
First you need to draw up a plan. This is important because those who fail to plan, plan to fail as they say. The saying rings true here. If you dont plan, your costings will spiral out of control, meaning you will be making less of a profit and in the worst case an actual loss. Planning eliminates this. Decide on exactly what you are doing and run with it. It could be sprucing up the homes by painting and decorating. It could be heavy internal changes like rewiring or it could be something like an extension in the form of a conservatory or additional rooms. Plan it out, sort your costings out and then go ahead.
Now you have your changes complete you need to sell it. First get it valued. Remember, you can get a second opinion if you wanted a higher price ceiling. Then you need to market your property. This isnt easy, and some people leave it all up to agencies which is fine if you are happy to pay for the privilege. Consider open house days. You can consider an open house flyer to help spread the word. Remember, these are great because they can end up in more than one person putting an offer in, in which case you can drive up the bidding earning you a better price as a result.
Remember to spend some time in the garden too. This can add to the first impression which is everything in terms of selling. You need to ensure you sell the area as well as the house. The nearby schools, the shops, gym, etc. These are all important and can enable you to sell to a bigger variety or people. You can get help here from experts who can write your house a description. For the best chances of profit sell privately, there are a few ways to do so. You can find out more here.
When you are doing all of the work in your home remember to strike up relationships with tradesmen. This is important, especially if you are going to go for more retail development. Keeping the tradesman costs down makes a huge difference to your bottom line. You can consider going into partnerships with them or coming up with mutually beneficial deals. You may have a skill or two yourself that you can use, but always get a professional in for the harder tasks you may have to do.