SCHomesellers.com: When you buy a house for investment purposes you are considering the turnaround sale of the house or at least a possible sale after a rental period. How do you know what kind of house to buy that will be worth as much, if not more, when you sell it?
Location, location, location isn’t just a mindless mantra that echoes throughout the real estate world. It has absolute merit. Consider the location of any house you consider buying for investment. Look for houses in desirable neighborhoods. Find out what makes a neighborhood in your area desirable.
Different parts of the country have varying demands where the public is concerned. In states where shopping, dining, and movie going are popular with the residents, you’ll do well to choose homes that are an easy distance from those businesses. Know your target market.
In areas where agricultural events, auctions, and outdoor activities like fishing and hunting are popular, look for homes that are close to conservation areas or public recreational lakes. It wouldn’t pay to buy a house ½ mile from the mall and advertise it as such if you are in an agricultural area and the residents are more interested in the location of the nearest grain co-op or farm supply store.
Look at market trends in the area. Find out which neighborhoods have been increasingly popular in the last few years and which ones have lost the interest of the hottest buyers. If schools are being built and new business is popping up that’s a good bet. Look for signs of change regarding the use of the area. If the residential streets are being converted to commercial or industrial that’s a sign.
Try to avoid buying a house with outdated items that are expensive or complicated to upgrade. If you can cheaply and easily remove the bathtub that’s olive in color and straight out of the 70’s it can be a way to buy the house for under its market value. If the tub sits in a place where it will require major remodeling to change it out, consider that when making your decision, too.
If you want a good idea of what are desirable things that buyers in a particular area want, just get a copy of the local papers and search through the real estate ads. They usually mention certain features and if you see the same features listed over and over as advertising you can be sure those are items the local buyers want.
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