If you have taken the plunge and decided to invest in real estate, then you will likely be looking for your first property. There are many things to consider when you are looking for a suitable property. For example, it needs to be within your budget, a property you can renovate without too many problems, and a house that will give you a good return. If you are looking for help with your first purchase, here are a few tips to help you.
Where to Find Your Property
Looking for a property to buy isn’t always as easy as it sounds. You want to be looking for something that you can get for the lowest possible price, so you can get a good return on your money. The best places to find houses like these are at auctions because they are often those that need some renovation or need to be sold quickly. You need to be sure that you have all the information before you start bidding as you don’t want to take on a project that is bigger than you intended. If you are not sure about the bidding process, then take a look online to familiarize yourself with the protocol. The most important thing is not to get caught up in the bidding and overstretch your budget. To take the guesswork out of the buying process, you can use companies to help you find turn key rental properties on your behalf.
Surveying Your New Property
Once you have made your bid and secured your new property, you need to take a look and see what needs to be done. Although you will have some idea already, it is best to bring in a surveyor to look it over and report back with their findings. It will give you a clear idea of the work you need to do so you can budget accordingly. As well as the structure of the building, you should also be looking around for any cosmetic damage that needs repairing. Perhaps there are holes in the walls that need to be filled or broken light fittings.
Getting the Work Done
It is important that you start work on your new property as soon as you can, then you can start to get a return as soon as possible. If you are looking to save money, then you can do some of the cosmetic work yourself such as painting and fixing some of the fittings. However, for the more extensive work, you will need to hire workers. Depending on the amount of work needed, this may take a couple of weeks to complete, so you will need to factor this into your timeline. You may also want to use these workers for any future work that needs to be done as part of the rental agreement.
Once all of the work is completed, you can start getting estimates from agents for resell and rental prices. You are then on your way to making your first property make a return for you.
Images from Barton Hills Residence by Brett Grinkmeyer Architecture – See the full story here