Many people turn to real estate when looking to invest. If you read our blog Why You Should Invest in Real Estate, then you know it's a good place to put your money. When choosing real estate there a few must-know items you should be informed of and take into consideration when viewing properties. After all, it is a large investment and it can bring you a tremendous return. However, it can also be a flop if you don't take the right approach.
1.Location. We can't stress enough how important it is to find the right neighborhood. Invest in a desirable area with high demand. Up-and-coming neighborhoods are the best because they are on the rise which means you will get a greater return in the long-run. Explore the community - What's nearby? What school district is it in?
2.Condition. Make sure the property is in sound condition. You don't want to buy something that you end up putting so much money into that you're barely breaking even. Flipping can be quite profitable when done right, but if you're new to the real estate market, we advise you buy something that doesn't require a ton of maintenance and improvements.
3.Schools. As mentioned in #1, buy in a superior school district. This will help you sell quickly.
4.Fixes. Going back to #2, often there will be some repairs or maintenance to be done - nothing's perfect. If there's old carpet, replace it. If there are bright walls, go neutral.
5.Proximity to you. This is important because the further the property is from you, the less you can be involved. You want something that is easy to get to so you can oversee your investment from start to finish.
6.Analyze the Kitchen. The kitchen is one of the most important rooms in the house. Pay close attention to the condition of this space. Is it going to need a remodel or has it been newly renovated with granite counter tops, wood cabinets, hardwood floors etc.? A kitchen can be a huge expense so try to get something where most of the grunt work has already been done for you.
7.Value. Ensure the price of the home is below value when you buy. Go for the diamond in the rough. The less desirable home in the neighborhood will sell for less but, because of location, it will hold its value. As other home prices in the area increase, so will yours. The best home in the neighborhood can only increase in value so much.
Do your homework by browsing the internet and familiarizing yourself with local communities nearby before going out and viewing property. A real estate investment can be a tremendous success, but it can also go south if you don't take the right approach. ALWAYS see the property in person, always hire an inspector, and always investigate the property yourself before buying.
Author:Kurt Galitski DRE 01348644 Phone: 714-957-6677 Dated: December 20th 2016 Views: 16 About Kurt: After 15 years of founding and running a successful boutique real estate office in Costa Mesa as a l...
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With seven consecutive years of five-star status in Orange Coast Magazine, The Kurt Real Estate Group is among the elite. No matter where they’ve gone, they’ve set record sales. Whether you’re a buyer, seller, or investor, Kurt and his team work diligently, honestly, and with the utmost professionalism and are passionate about helping you achieve your real estate goals.
Kurt is ranked among the top two percent of Coldwell Banker agents nationwide. Kurt’s experience investing in and flipping homes and his connections with the Hollywood Film Industry give him an unparalleled edge and keen insight into market trends. The opportunity presented to you in working with Kurt is why The Kurt Real Estate Group is recognized as one of the top real estate teams in Orange County.
"Kurt and his team managed my rental property for 16 months as well as helped me then sell it in 2015. Every step of the way, he was always available, and very easy to work with. He handled issues with my tenant promptly and firmly, and when we transitioned to selling the property, he ensured that I got the best price for my property and went above and beyond to make sure that I had a buyer who could close escrow...Read more on Yelp"