Developing a property into both a profitable investment and an opulent home is one of the wisest and most rewarding projects to start. The ‘fixer-upper,’ as they’re called, is a property with potential for you to invest in and slowly renovate into a home worth a good deal more than you initially paid for it. Whether you’re hoping to make a career out of such a lifestyle, or you’re just finding a certain property irresistible, this three-tip guide endeavors to make your life a little easier in your move to a top-notch fixer-upper.
Research, Find, Buy
Your first tip is threefold: you should research the best location, find the best property in that location, and hammer home on the purchase at the lowest price possible. While it’s important to select your property wisely, it’s equally important to consider the location in which your property sits. Here are some potentially lucrative places:
- Billed as an ‘up-and-coming’ neighborhood
- Close to an area of a city undergoing redevelopment
- Attracting young professionals and start-up companies
- Close to expensive and fashionable neighborhoods
If you’re smart, you’ll be able to pick a property that, even without fixing it up, will be slowly rising in its valuation over the months and years you live there.
Then there’s the place itself. How big is the project going to be? Do you think the price is good or bad for the investment you’ll have to make on fixing it up? Find yourself someone you can trust who can assess these things with you – perhaps a builder or a property developer – so that you have a second opinion. If it still looks good, launch into the buying process with a price you feel is reasonable, yet cheap.
Pack and Move
Next, you’ll need to pack your things and get yourself moved into your fixer-upper. Pack your things methodically so that you know in which box your possessions are when you come to unloading them. Compare moving company services by searching for moving companies Atlanta and selecting the best option for you.
The moving company will transport all of your things, but it’s up to you to decide where you’ll put everything at the other end. Try and get everything into the same room, one you’re unlikely to need for a while so that you have plenty of space from the get-go for renovations.
Plan Your Renovation Carefully
You’re now in an excellent position to start your work on the home while living inside it. You should set up a comfortable bedroom and make sure the toilet and the kitchen are operable. After that, you’ll still have relatively empty rooms to work with.
Still, you should plan your renovation carefully. Make a note of everything you want to fix up in the home, and how you’ll be able to achieve this in an ordered, systematic way. Don’t paint before you’ve stripped the walls; don’t hang new lights before you’ve added insulation. Plan in order to make the most efficient move possible.
Fixer-uppers are exciting ventures into profitable areas of the world. Enjoy yours by planning it beforehand, and experience how rewarding working on a fixer-upper can be.