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Do You Recognise The 10 Key Factors That Drive Real Estate Values Up? Part 3
Increase value, income, or both
Areas that the investor can directly influence
Highest & Best Use:
This means that the real estate is being used to its maximum potential. Certain experienced investors may develop a warehouse into apartments or an old office building into condominiums.
he newer investor can also profit from less ambitious changes.In Barrie near Georgian college a 3 or 4 bedroom home may rent fro $1,250 to $1,450 BUT each bedroom could be rented individually for up to $600 or $650 potentially doubling the income.
Top Quality Marketing & Presentation:
Unlike the Kevin Costner film with the mantra “if you build it they will come”, investors can increase their profit by actively marketing the property and achieving above average rents.Adverts and viewings need to make potential renters fall in love with the home and be willing to pay more to live there. Changing light fittings, a lick of paint and steam cleaning the carpet are all relatively inexpensive ways of creating that WOW factor. Nearly everyone I meet has seen the transformation programs on HGTV that help sell a house. The same principles appy to renting a house.
Sweat Equity:
Simple renovations and cosmetic changes can vastly improve the value of a house. Find a well built but somewhat neglected property and buy it below market value. Even better if it is in an area that is just about to boom ( the tell tell signs to look for in a previously run down area are an increasing number of homes showing pride of ownership and more newer cars.) The investors own labour and ideas can increase the value so that a higher rent is achieved or the house is sold for a considerable profit above and beyond the normal market increase.
Do You Recognise The 10 Key Factors That Drive Real Estate Values Up? Part 1
Do You Recognise The 10 Key Factors That Drive Real Estate Values Up? Part 2
