Buying a New Property: 3 Steps to Maximize Your Property Investment
When selling your old property to buy a new one, you are finalizing one of the most important decisions of your life. And as anybody who has gone through, it would know, there are many more steps to it than the three we are about to see. For this, speaking to a specialized broker who understands your specific needs is crucial. However, selling and buying a property can also be an extremely fast process if you know where to start. Here are only some phrases that you will go through, but they can make a substantial difference in the return on investment you will perceive.
Step 1: Identify the Property to Buy
First of all, it is worth starting to have a look at the market. Undoubtedly, the best property might enter the market a day before you commit to a purchase or even after you have done so. However, you can already sense whether it is possible to find the kind of house you are looking for in the area, and within your price bracket. This gives you an understanding of whether it is worth going ahead with the plan.
Understand if the Location Is Suitable
Some telltale signs tell you whether a property is well-located. It should not be far away from the main road and well connected through public transport. However, it should also not be too far from a high-quality school and hospitals.
Have an Idea of the Average House Price in the Area
If you have decided that you can buy in the area, you should start researching the average house price in the surroundings. This is crucial, so you know whether a property is correctly valued. However, you will also need this estimation to have a clear idea of how much you need to save to secure a deposit.
Identify the Costs of Repairs
On top of the house’s cost, you will need to add the cost of repair and maintenance that your new property might need. Whether you have found a precise property or not, understand how old the area’s houses are and how much common repairs will be. For example, structures issues related to pipes, plumbing, and waterworks can result in extremely expensive projects.
Step 2: Take Care of Your Old Property
Once you have an exact idea of how much you will need to afford your dreams’ property, you can start working on your current home or property. Depending on how much you wish to invest in your property, you will be able to see a greater return on investment that will allow you to have extra funds to pour into your new property. Here’s what to consider.
Increase Its Curb Appeal
The term Curb appeal is often used by realtors and estate agents. It refers to the attractiveness and look of the house. The curb appeal alone has been seen to be influencing the mind of potential buyers.
Increasing your home’s curb appeal is not a particularly challenging task, but it is crucial to get the rations right. Indeed, you are investing in a property that you will soon sell to make more money out of it. However, you would not want to pour large sums into it without knowing what will originate the effect you had wanted.
So, it is always recommendable to repaint your exterior walls and windows. These have been deemed extremely important features by a large number of buyers (almost 80%). Aside from being additions that the new owner won’t need to care about for years, they also say a lot about how the house is run.
Complete Any Necessary Repair
The curb appeal of a home does not stop at attractiveness. Indeed, if you decide to clean the gutters, repair any cracks and breakage in the home’s surroundings, and ensure that the windows still provide insulation, you can also increase your property’s asking price.
The roof is also an aspect towards which you should dedicate care and attention. However, if so, you might need to opt for contacting an expert in the sector who can carry out a professional audit.
Improve the Look of Your Garden
Your garden is one of the first aspects any guest and potential buyers will see when approaching the house. Make sure your garden is tidy, clean, and free of debris. Undoubtedly, if you are hosting the property viewings during the winter months, it will be hard for the garden to be at its best. However, you can already obtain great results just by getting rid of brushes and debris.
Decluttering your home and garden is crucial for successful viewings, but you should make sure to leave some characters in the house. Indeed, buyers will need to see themselves in the house, and a property that has been left bare is an attractive option for anybody. Strip the most personal details and keep the ones that create a comfortable, cozy alternative.
Step 3: Time It Right.
After finding your dream property and are ready to sell yours, you will need to time the transaction in the best way. Indeed, you will need to buy the new property before anybody else attempts to.
At the same time, if you obtain it too soon and your mortgage is not at its end yet, you might end up paying two mortgage rates, one for each place. This can also go on until the landlord of your current home terminates the contract – something that can also take time.
Alternatively, if you have been wondering, “how can I sell my house fast” you should know that some specialized experts can buy your current property as it is, without the need for improvements or repairs.
This is an optimal choice if you are looking to complete the whole transaction in the fastest and most streamlined way.
Selling your old family home for a bigger, better one can represent an extremely time-and effort-consuming process, especially if you don’t have the right guidance. However, a broker or a company that can help you sell your house fast might just be the help you need to reach your goals within short time frames.