In my previous article I emphasized the fact that you should never view a property without a checklist. In fact, after your initial viewing, you should set up a second viewing and double check your list and add anything you overlooked. Once you have your list as complete as possible you should sit down and prioritize what projects need to be completed in order to give you the best possible chance of a quick sale. Once you have your list in order you can then apply your budget limitations to it. In this day and age anyone looking for a move in ready home, like the majority of the buyers are, will be looking for certain things to be completed. Some of those things are an updated kitchen, updated bathrooms, a good roof, newer or new windows and doors, good condition flooring, bright and clean rooms. This means that if you are looking at a project that needs all or most of these projects completed, then you will be facing a large budget issue. Leaving any one of these unfinished is going to make it harder to sell the property. Most people do not want to face a large renovation, even if they can afford to have it done. They just want to move in and have no worries. If you can’t afford in your budget to do all of the major projects than you may want to find a property that needs less major work done and suits your budget. One of the things you can do to prioritize your list more exacting is to talk to your real estate agent. Ask him, or her, what buyers in that area are looking for. If the neighborhood attracts more of a do it yourselfer client then you may be able to reduce your “must do list”. Research is the key, don’t assume anything. The information is out there. The bottom line is that you must work within your budget. A half finished project is as bad as one that hasn’t been started. Don’t do it half way. If you can’t afford to complete the project, then don’t start it. Bob Power has been has been buying and selling real estate for over thirty years. As a contractor, a real estate agent and instructor, he has the experience to advice others on how to do it right, and what to avoid. As well Bob is the owner an designer of Time Burst Clocks unique, hand made, one of a kind collector’s item clocks. Tags: budget, flip, flipping, real estate, renovations Related PostsPost a comment
|