Whether lived in or brand new, your home is your sanctuary. For that matter alone, we take the time and spend the money to make sure every single interior and exterior detail reflect our personality. Full of ideas but unsure where to start? Consider these useful tips to get you going in the right direction!
START IN THE KITCHEN
The kitchen is the heart of the home. Known for being the most popular spot in the house, it’s no wonder this room has so many memories. Pay close attention to appliances and cabinets – these are the main focal points and what the eye are initially drawn to.
THERE CAN NEVER BE TOO MUCH LIGHT
Lighting, apart from being vital to every day life, aesthetically adds to the atmosphere and mood of your home. Key rooms to keep lighted are the kitchen and bathrooms.
Flooring is key to the look and feel of a home. Focus on the living room and the kitchen, as these are the two much trafficked areas. Keep in mind, wood floors never seem to go out of style!
Saving on energy bills goes beyond specialized home appliances. Tank-less water heaters, plumbing, and air conditioning can make a huge difference almost immediately!
No one ever complains about having too much closet space. When deciding between upgrading a minimally used room versus adding more space, it’s a no-brainer.
Not all upgrades have to be intricate and expensive. Simple things such as adding extra power outlets and ceiling fans to heavily occupied rooms can make life much more comfortable without costing a fortune!
Ready to invest?
Don’t be fooled by the television shows, investing in residential real estate isn’t a get rich quick regime and it won’t come easy. How do you know when you’re ready to start investing?
- Understanding the process
The goal of investing in real estate is to buy a property at a lower than average price, perform value add renovations, and either sell it for a quick profit, or rent it out and receive a steady stream of revenue. It’s a good idea to team up with an experienced investor who can walk you through prior examples of deals they have done.
Before you start investing, it is important to do a little background research. Assess what neighborhood/city/county you want to invest in. Learn about what has been selling in those neighborhoods. Find out what is available.
Analyze how much money you are willing to put into investing. Assess costs related to purchase price and renovation budget. Decide on an exit strategy. Are you planning on flipping the home and selling it for a quick buck or are you able to leave money in the investment and rent it out.
Investing in real estate requires a significant amount of time to manage and oversee the process of renovating your investment property. Before deciding to invest asses your time schedule and calculate the cost of your time to manage this project.
Not quite ready?
Maybe you don’t have the time or the money right now but it isn’t too early to prepare. Wholesaling, the process of obtaining a contract for a property and selling it for an assignment fee, is a great way to earn capital while learning the ins and outs of real estate investing.