Turning Fixer-Uppers Into Profit in 8 Quick Steps
| Real Estate
By: Sal Vannutini , Posted On:2008-07-18
One of the very best parts about most fixer-uppers is that you don't have to be an interior designer or a master builder to turn them into sheer profit, provided you know the 10 quickest steps to making it happen.
After obtaining the proper permits, if necessary, and ensuring all contracts are drawn up to be fair and in order if you're using outside builders and contractors, here are eight quick and simple steps to take to turn your fixer-uppers into cash:
Step #1: Remember the Importance of Curb Appeal
Curb appeal is perhaps one of the most important, but overlooked aspects of selling a property, especially fixer-uppers that may not be quite as aesthetically pleasing as the rest of the area's surrounding properties. Curb appeal gives you the ability to make an excellent first impression and compel buyers to stop and take a look inside. Be sure the lawn is neat, add flowers, shrubbery, and remember the mailbox, the house numbers, railings, and anything else you can see from "the curb."
Step #2: Checking or Repairing the Plumbing and Electrical
Next is the aspect of tending to the plumbing and the electricity, first making sure all is in order and won't need repaired after you've treated the walls and ceilings. Retain a licensed electrician to handle any changes with the wiring, and likewise, an experienced plumber should any of the pipes have leaks or need replaced.
Step #3: Interior Painting
Fresh coats of simple paint can quickly turn fixer-uppers into a welcoming place ready for habitation. While most of painting lies within the preparation, the quality of the finished product will make a world of difference when it comes to selling the property. One thing to remember is, leave your personal tastes and style at the door and instead choose a neutral color that will appeal to a wider audience.
Step #4: Updating the Kitchen and Bathrooms
All buyers look for a clean, functional kitchen that they'll feel at home in. If cost is a concern, consider a quick facelift using paint, new fixtures and inexpensive countertops to make the room
After the kitchen, the bathrooms are the rooms people often pay the most attention to as this room can be costly to renovate, something that will send buyers running in the opposite direction.
Step #5: Replacing or Repairing the Windows
Repair or replace any windows or frames that are damaged, removing cracked or peeling paint and increasing the curb appeal by adding flower boxes or shutters if possible.
Step #6: Replacing or Repairing Floors and Doors
Replace front and back doors if needed, or simply dress them up with new fixtures and knobs. If your property has hardwood floors, a good polishing or re-staining can work wonders and be far less costly than a complete replacement. Stick with neutral carpeting or inexpensive vinyl for floors in fixer-uppers that will be used as rental properties.
Step #7: Don't Forget the Window Treatments
Window treatments can really alter the look of a home, both from the inside and out, and come in a variety of options ranging from elegant draperies to simple mini-blinds. Choose relatively inexpensive treatments, again in a neutral color and style.
Step #8: Adding the Final Touches
The final touches, like light fixtures, door handles, outlet covers, and all of the other small accessories that can really tie a home's décor together shouldn't be forgotten either as they can all truly enhance an otherwise boring home, turning fixer-uppers into eye catching properties.
And, by following these eight steps, that can be all it really takes to turn structurally sound fixer-uppers into money in the bank.
Sal Vannutini is the author of " The 8 Power Profit Secrets To Making More Money With Less Risk In Real Estate, " a free strategy report for investors. Get your complimentary
copy at www.FastFixerUpperProfits.com today. |
