Buying a House to Renovate and Sell
Whether you are a design professional, a handyman, or an everyday person with big ideas, buying a home for the purpose of renovating and reselling it can be an enticing endeavour. However, the many benefits of this potentially lucrative enterprise come as a result of making several intelligent choices along the way. Here are several aspects to consider to make your project a successful one.
Remain Gainfully Employed
You do have the potential to generate a decent amount of profit through your efforts, depending on how much money you spent on the home and how much you had to put into the renovation, of course. However, relying on this venture as your only source of income would likely be a mistake. Instead, it would be wiser to view it as a part-time gig that you can do on the side to generate extra money.
Don’t Risk Buying Without an Agent
When you are buying a house and you don’t have a buyer’s agent on your side, your level of risk increases. This is true for many reasons, and here are a few of them.
The main problem is that you will end up paying a higher price for the home than you would if you go through a real estate agent. This is because homeowners are notorious for overestimating the value of their homes.
A real estate agent will educate you on the condition of the surrounding neighbourhood, which is important. This has a significant impact on the value of the house, as well as how much money you will be able to sell it for once you have completed your renovation.
Know When to Hire a Professional
During the renovation process, it may be tempting to think that you have the ability to tackle some of the work yourself. This may be true, depending on your skill level. Be honest with yourself about what you are capable of doing and what would be better left in the hands of a qualified professional. Painting bedroom walls may be something you can artfully master, but leave a full kitchen remodelling project to someone who has expertise in this area.
Don’t Forget the Exterior of the House
Making a positive first impression on a potential buyer is critical. This is why the outside of the house should look just as good as the inside. An unattractive street view might urge someone to keep on driving.
Although you don’t need to dump a lot of money into the exterior of the home, you should make sure that it is as presentable as it can be. Adding lush landscaping and keeping a green, well-manicured lawn is one way. Painting the front door an eye-catching colour and adding a new doorknob is another small touch. A cheerful doormat with potted plants on each side will welcome guests to the lovely space you have created within.
Final Thoughts
Buying a house to renovate and sell will allow you to gain valuable experience in many ways. You will have insight into the construction process, real estate negotiations and the basics of managing your own business. When executed with forethought, it can hopefully be an experience that brings you profit and personal growth. It can provide you with an incredible opportunity to express your creativity, build confidence, and be on an empowering adventure you will want to do again.
