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Guide to Rehabs & Renovations
It’s time to get excited about your property
What do you look for when you are about to embark on a real estate adventure, especially when it relates to property investing with a difference?
The answer is:
Problems, you might immediately think that already you are not equipped for the challenge ahead, but once you get an understanding about what to look for despite the problems you are already ahead of many other investors.
My experience has been that the worse house in the best street really does exist and it’s only by looking beyond what you see that gives you the winning edge every time. You don’t find these types of property with directional signs pointing straight at them — but you can create them.
A few checks to keep in mind:
- Does the property have a twist? In other words: does it allow you to give it something more than already exists. An example would be: an extra bedroom or is able to give you a dual income or is it in a position for an advertising opportunity etc.
- Length of time on the market: and why? This helps with the negotiations process.
- Surrounding properties: ideas about what is happening in that street.
- General overall maintenance of the property: visualise the finished product.
On any project you undertake, keeping the end in mind definitely gets you over the finish line. It’s not always easy but that makes it far more fun and challenging. Then you really can have an outstanding finish with a definite warm fuzzy.
Before Renovation
After Renovation
