If you’re considering profiting by investing in handyman special properties, know that this is a good decision with the right amount of renovation. Some people believe that handyman specials mean that with a little paint and carpeting the house will resell quickly. This is not often the case.
In order to make money from these properties, you must be willing to renovate them. However, with the appropriate renovations, you’ll have a large profit potential with each property you take on.
When you see a property listed as a “handyman special” be sure to see the property before deciding on investing. It’s easy to invest in a property and then later find that it’s going to require more investment than you’ll get in return. Buying a handyman’s special will result in you making money if done carefully. There are certain steps that you’ll want to follow when investing in handyman special properties:
Step 1: Review the property carefully.
Be sure that you’re going to get a good return on your investment. If a property has to be completely renovated complete with plumbing, electric, etc. You may not get back what you put into it. Don’t be afraid to invest, but be sure the investment is worth it.
Once purchased, take the time to do the job right. When work is done haphazardly, it’s very obvious to potential buyers. When they see that something has been thrown together, they will feel that the entire property has been taken care of that way and will be less likely to purchase it. Take the time to make sure it’s done right.
Be sure to price the property right. Talk to others that are selling and find out what other properties are selling for. Don’t just look into what they are asking for properties, but what those properties are sold for. If you overprice the property you’ll sit on the property for a long time. If you under price the property you’ll cheat yourself of profits. Be sure to find out what other properties are priced for and price your property just below the others.
Take care of property well when it’s on the market. Renovating the property is not complete until it has been sold. Be sure that even though the property inside is done; the outdoors will need constant care. Be sure to mow the lawn, pull weeds, and plant flowers if necessary to increase curb appeal. Don’t let too much time go by between mowing. If the weather’s been cool and sunny you can be sure that the grass is growing quickly. Cut the grass at least once a week. If the lawn is starting to brown due to heat, water the grass a few times a week to regain the green.
The above steps will ensure that your property will sell quickly. You will maximize your profits by choosing your properties wisely. You will take your handyman’s specials and turn them into cash.