3 Quick Ways to Increase Your Real Estate Portfolio

Big PurchasesWhen it comes to selling your home for the best possible price, there are many avenues you could use to make the difference in the value of the property. However, one of the biggest pitfalls that people fall for is massively overspending when it comes to repairs and unnecessarily fixing things that provide little if no return on investment.

John Russo from Fast Florida House Sale has some great tips on things you can do to sell your house fast when it comes to renovations.

With many years experience in the real estate market, I’ve seen some of the pitfalls that people fall into when it comes to home renovation for a quick sale. Over the years I’ve bought and flipped homes as part of my investment opportunity plan so hopefully the next three tips will save you time, money and help you avoid making expensive mistakes.

The next three tips are what I would call the “3 quick fixes to sell your house fast”.

A fresh coat of paint
I was once told that a fresh coat of paint covers a multitude of sins. Well, I don’t think in the years that I’ve been doing this work, nothing rings truer. You could call in the professionals, and on your first or second property, I would probably do that, if not to at least learn where the potential pitfalls are.

Once you feel comfortable however, I would advise taking the time to do it yourself. Not only can you save up to $1100 dollars on an interior renovation, you can spot what may be more than aesthetic fix and deal with the issue as it arises.

A word of warning here. If you were to look at increasing the value of your property, we strongly recommend avoid the following colors, off-white or eggshell, dark grays, browns and terracotta; any or all of these colors could reduce the value of your property by $3000 – $3500 dollars in total. Keep things neutral and simple. I use white for entrance, living areas, hallways and studies. For bedrooms, I stick with light blue or yellow and for the kitchen, soft greens. You could add as much as $2500 to the value of your home with as little as a $300 expenditure.

The home is in the kitchen

The second thing I pay attention to is the what the kitchen is effectively “telling me”. If I’m selling in a neighborhood with families, it needs to look like a family friendly kitchen. More professional areas? Well, it needs to be clean and streamlined and so on. You get the picture, if you’re flipping a house for your portfolio investment, you need to match the interior with the predominant market buyers for the area.

So, how do you get a quick fix and keep it cheap? Counter tops, a lick of paint and changing the doors and handles and you see where I’m going with this. You could change the look of the kitchen for less than $500 but the return could be as much as $5000, especially if buyers are looking for a property with a fully fitted, fresh looking kitchen.

Stick with something bright but not overpowering when it comes to a lick of paint; soft greens or even a yellow will do. When it comes to counter tops, Formica work surfaces do the job perfectly and the range of styles will suit many a buyer.

What do you want to avoid? If it’s keeping the costs down, then I would say one thing. Don’t change layout unless it is completely necessary!

Don’t empty the house

Many sites advise clearing clutter, especially if you’re trying to sell your home fast to the right kinds of buyers. I agree wholeheartedly that trinkets and memorabilia doesn’t help with a house sale, but if your investment portfolio is there for homes with quick turnarounds, then you want to think smart and not costly.

One of the worst things that people can do is to empty their homes completely of items thinking, “the buyers should see all the space”. I’ve done it, but it’s wrong. Think of an empty canvas, it doesn’t look like much but once a great artist paints it, it can inspire you to do other things. Well a home is just that a blank canvas, the problem is, for some homes and some buyers, if you don’t give any indication of what a home could house, then buyers can be put off.

So here is my tip. For the large living areas, head to IKEA or a second hand store and buy three items for each room. For a living room, it could be a sofa, coffee table, lamp. For the kitchen, a small dining table, french coffee press and two chairs. For a bedroom, a double bed, bedside table and alarm clock.

Here is the thing, if you get a first time buyer, they may want to buy those items. If they don’t want them and you are working on other projects you can use them as props. Finally, if you think it costs a lot to spruce a house with basic items, for $400 of investment, you could get back $1500 on asking price because it already looks and feels like a home.

For more on how to invest in real estate and why it’s the best investment check out these articles.

You Don’t Have to Be Rich to Invest in Real Estate
How to Sell Real Estate Like a Pro
Top Reasons Why Real Estate Investment Is The Best Investment

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