he market value for most properties has increased by tens of thousands of dollars, sparking an increase in investors and property owners to sell their assets for a higher return. Unfortunately, favorable market conditions automatically increase the competition. If you’re going to turn a profit, you must stand out. This can be particularly challenging for novice investors as they have less capital and fewer resources available. However, with adequate planning, you can come out on top. Continue reading to learn how.
Outdoor Living Spaces
Go beyond a clean residence that’s up-to-code. If you’re going to attract buyers, your property must stand out from the competition. It should include features and amenities that make it more functional, convenient, comfortable, and aesthetically pleasing to buyers. Outdoor living spaces, for instance, are a popular renovation for California residents because the weather permits them to be outdoors all year long.
Adding a deck, patio, pool, or outdoor kitchen to your investment property would essentially seal the deal. Suppose you’ve exhausted your budget on purchasing the investment property and making essential repairs. In that case, you can always look into hard money loans Los Angeles, Venice Beach, Brentwood, or Santa Monica to cover the upfront costs.
Include Furnishings And Appliances
Another way to stand out from the competition is to include furnishing and appliances in the purchase price. Buyers want to make the moving process as easy as possible and reduce their out-of-pocket expenses. If they can buy a house that comes with living room furniture or modern kitchen appliances, it saves them money.
Make It a Multi-Unit
If you want to attract buyers to your investment property, why not help them see the profit potential in the living space? Turning the basement into a separate living space can be worthwhile. Buyers can live in one portion of the home and rent out the other part to keep their living expenses low.
Host An Open House
There’s nothing like an in-person experience to encourage someone to make an offer on a property. If you want to get your investment sold, an open house can increase your chances. An interior decorator or staging company can help you select the right furniture and decor to accent the property’s best features and characteristics. It helps to create a picture for buyers of what it might be like to live in the residence. If nothing else, an open house can expand your network as you can meet other investors or real estate professionals who can spread the word to their clients and increase your chances of making a sale.
Consider Rent To Own
If you’re having difficulty finding a buyer for your investment property, perhaps a rent-to-own contract is better. There are many people who want to buy a house but don’t have the necessary funds or credit to do so successfully. A rent-to-own transaction would essentially allow someone to pay rent for a few years and then buy the home when their financial circumstances have improved. Although it won’t give you a lump sum of cash upfront, a rent-to-own option will prevent your investment from becoming a financial burden.
Turn To Organizations
Believe it or not, many companies and organizations are interested in purchasing real estate. Corporations might buy properties to offer company housing for out-of-state employees. Churches and non-profit organizations may be interested in purchasing a property to provide housing for those in need. Colleges and universities with minimal campus living options often look for affordable properties for their students. If your investment property is reasonably priced and in a convenient location, they may be willing to make a purchase.
When the real estate market is in the seller’s favor, the competition increases. Ultimately, selling your property can prove difficult. The good news is that you can still turn a profit. By incorporating some or all of the strategies listed above, you can increase your investment property’s value, functionality, comfort, appeal, and convenience and get an offer sooner rather than later.
