5 Tips for Real Estate Investors to Maximize the Potential of New Property

At JustinHavre.com, we know that buying a property to sell goes beyond the location or the price tag of the neighbourhood, as there are many key considerations an aspiring real estate investor needs to keep in mind.

One of the most important rules is to always monitor the housing market trends and forecasts in order to spot lucrative opportunities and grab amazing properties at the right time.

That said, when you get your hands on a magnificent property, it’s still not ready to hit the listings, nor you can guarantee the sale. Without further investments into the aesthetics and the functionality of the property, you can’t hope to sell it for a higher price than you got it, and needless to say, you won’t be able to attract the homebuyers you want.

Every property you buy needs some love and care before it’s ready to hit the real estate market, and the more you invest now, the higher the price will be—especially if you invested in an up-and-coming neighbourhood.

With all of that in mind, let’s talk about what you can do to maximize the potential of your new property and sell it to the highest bidder.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Revitalize Interior With Modern Features

“Many new investors don’t have the financial resources to buy a luxurious or premium property right off the bat, but that doesn’t mean that you can't turn it into one, regardless of owner or renting,” comment tenancy experts at Simply Business. “When you buy a property to flip to sell or rent, you can improve any fancy interior and exterior improvements you are going to invest in, allowing you to maximize the potential of your budget,” the spokesperson added.

For one, no matter the interior design the property has, or whether you’d want to downsize, it’s important to equip the interior with modern features. Consider the layout of the space and envision the best workable arrangements and weigh on your best plan for each room.

For example, you don’t have to build a home theatre (the owner will do that), but you can definitely design the space to clearly serve as an entertainment center with accent wall lighting, a darker colour scheme, and a few movie theatre seats or couches.

Read: A Decorator Versus an Interior Designer

Follow this mindset in every room in the house, and consider the modern features the new owners would like to see.

Pay Special Attention To The Garage

Many real estate investors focus so much on improving the living space that they forget about those utility spaces like the garage. Functional spaces should also be on your list of priorities because you want to leverage them to elevate the aesthetic appeal and the overall value of the property. Look at the state of the garage and start making some improvements.

“Make sure the garage door works properly and don’t hesitate to get professionals,” comment A1 Garage Door Opener Repair experts. “You have to fix or replace the door entirely with a newer model, if necessary. After all, it’s about the presentation and the potential buyers will inspect every nook and cranny of the property. Next, make sure to organize the garage for DIY, storage, and car maintenance,” the experts add. Property owners like to have a functional garage space that’s comfortable to work in, after all.

Consider Investing In An Addition

There are many minor ways you can spruce up the property and elevate its value, but there are also some major renovations you could invest in if the budget permits. You might have gotten the property for a steal, but it may be missing that crucial additional space that will make it more marketable in your area.

• For example, you can add a bedroom to the house to add value to the property and make it more marketable in a suburban neighbourhood.
• You could also build an addition in the form of a detached and efficient home office in the backyard, perfect for peace and day-long productivity. It all depends on what the market research tells you because you need to cater to the needs of the local buyer group.
• Another thing you can do is remodel or finish an existing space such as the basement to add more room to your home. Finishing a basement has proven to add more value to a house. You’ll have an extra living space and make use of your home to its maximum potential.
• Adding a fresh deck area as a summer terrace makes spending time outdoors more enjoyable.
• Incorporate green renovations to also better your life.
• Explore our backyard design ideas to further inspire.
• Beware home improvements that decrease home value.

Survey Land & Capitalize On Landscaping

Boosting the curb appeal of the property is one of the best ways to elevate its value and attract the best buyers around. Because after all, who doesn’t want a natural oasis around their house? To maximize the potential of your landscaping endeavours and the property though, you will first need to survey the land.

This is an important step in all high-value markets, including North America, Central Europe, and Australia, because you want to capitalize on every inch of the property. In Australia, for example, investors will work closely with local land surveyors in Sydney to get a better understanding of the property as a whole and come up with cost-effective landscaping ideas.

Whether you’re investing in Calgary or across the world, make sure not to skip this crucial step if you want your landscaping to improve the ROI of your property. Additionally, doing a third-party home inspection can better the price.

Invest In Green Transformation To Attract Buyers

Finally, consider the green revolution and how it can help you attract affluent buyers. Aspiring homeowners have their home-buying wish list, and on that list, you will often find energy-efficient and water-conservation features. This is because people want to minimize their running expenses as much as possible nowadays, but they also want to aid in the preservation of the environment.

With that in mind, be sure to invest in eco-friendly, waste-free apartment functional elements like energy-efficient appliances, light sensors, dimmable fixtures, and water conservation features. Simply introducing faucet aerators and low-flow showerheads and toilets is a great start.

Final Words

To make your new property marketable and attract high-paying homeowners, you need to invest in the right improvements and quality-of-life upgrades. Not only is it important to introduce functional features that will help the new owners minimize their running expenses, but you also want to invest in the aesthetic features. Use these tips to maximize the potential of your budget and calculate the ROI of an investment property potential homeowners won’t be able to resist.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.