People make numerous kinds of investments to keep their money flowing and coming. One such way of making investments is through real estate investment. Real estate investment property is property that is meant to be sold so as to make a profit at some point or the other. This might be immediately after renovation or might follow a certain period of rental of the property. It would vary as per the needs of the seller and the buyer.
Once a person has bought some real estate investment property then they need to be aware of the various nuances involved in the process since the very beginning. One buys real estate investment property to resale at some stage and that should be considered from the earliest start. Any knowledgable investor would be aware of this and would consider resale in all the decision making processes with regards to the real estate investment property.
There are majorly two situations in which you can resell your real estate investment property: (i) immediately after renovation; and
(ii) after a period of renting out your property.
Let us look at these separate cases more closely.
- Selling immediately after renovation
Selling immediately after renovation certainly involves making changes that are absolutely necessary for any kind of property. It is advised that you do not incorporate changes that you yourself would like to see in your house. You are anyway going to sell the house soon and hence, it does not make sense that you put in effort and money into personalization. This would be unnecessary and would also reduce the chances of many people liking your house. Make practical changes and bring in only those that would increase the resale value of your property.
One thing that people often tend to neglect are the fixtures and fittings in the real estate investment property. The fixtures and fittings that you probably would want in your house should not be your go-to option for the house which is a part of your real estate investment property. All you need to keep in mind is that everything be done keeping quality and high standard in mind. Make sure that you keep any sort of guarantees in writing. Check all the nooks and corners for any kind of defects before the workers have left the place. Let the property be squeaky clean so that it leaves a good first impression on potential buyers.
(ii) Selling after a period of renting out your property
If you have and your real estate investment property rented out before and are now considering selling it after a certain period of rental, you may need to keep in mind certain things, more carefully. The first and foremost decision is to do with the current tenants of your home. Give them a notice period so that it gives time to both you and your tenants to work on your respective properties. You can use this notice period to prep up your property for the shelves in the market. If you plan to sell the house without getting rid of the tenants, then this might actually help the new buyers as well as it would help them cut out on the time required to hunt for tenants themselves. If, however, you have decide to get rid of the tenants, then work to upgrade this property.
Visit a few houses surrounding you area to get an idea of what are the amenities that other houses are providing. Always be aware of your competition and avoid among mistakes that might lag you behind in the real investment property scene.
If you are looking for reselling a home, then you might also want to get a home evaluation done. To get it done free of cost, contact Ron Tomblin of RE/MAX Escarpment Realty Inc.Brokerage, your source for Hamilton Ontario Real Estate and surrounding area.