Buying and Selling Real Estate: Ten Tips by Marshall Colt
Real estate is changing hands in ways that make headlines.
Whether you're a buyer or seller, here are some tips to help you
make the best deal.
BUYING:
So you want to buy a house? In this market? Are you nuts?
Actually, it depends on where you are. You could be very shrewd
right now if you pick the right spot, the right pricing trend
and bid aggressively. It requires homework, homework, homework.
Example: My wife scoured a market, screening 90+ houses. We
eventually found a fixer-upper for $162K. We offered $160K the
same morning it was listed. They took it on a handshake. One
year later--with no improvements!--we sold it for $208K. For
those of you without a calculator, that's a 30% return on the
investment.
And you can do it, too. Here's how:
1. Pick a growing area. This is essential. Yes, it's hard to
predict economic cycles and which metropolitan areas are going
to prosper over the next year or so. However, if you read the
business pages regularly, you'll have a much better idea of
where to buy/invest.
2. Learn the market. This is also essential. You've got to know
what's out there, what houses are going for and how to spot a
bargain from the overpriced. When you find your bargain, you
probably won't have much time before the competition gets wind
of it. So you must be ready to make a solid offer right away.
3. Make your offer contingent upon a thorough inspection.
There's nothing worse than buying something with plenty of
infrastructure problems. They'll cost you time, money and
aspirin. If you discover only a few problems, try to get the
seller to lower the price to counterbalance the flaws in the
property. They often will.
4. Finally, recognize that you will not likely land your first
prospect. Therefore, be patient and be prepared to keep looking
until you find the right house that makes good economic sense
for you to purchase.
Follow the above four tips and you'll do better with your
property investment.
SELLING:
What to get the best price for your home? Just follow these six
tips:
1. Everything (usually) looks better in brighter light. So let
the sun shine in. Open curtains and blinds and turn on lights in
all the rooms.
2. Fix up those little things. Oil or WD-40 those squeaky door
and window hinges. Tighten any loose door handles. Replace
broken shutters, fix leaky faucets, etc.
3. Deodorize! Nothing turns off a potential buyer than a "funny"
or unpleasant smell. You've heard of the bake bread or cookies
in the oven trick...it's a lot easier to just use plug in
deodorizers.
4. One of the easiest things to do is clean the place. Clean in
the corners, clean the cabinets, re-grout the kitchen and
bathroom sinks, tubs, etc. Wash the baseboards, make the place
shine, especially in the entrance way.
5. Get rid of the clutter! Buyers need to envision the home as
they would live in it. Anything interfering with that vision
works against you in selling your home to them. So divide all
your possessions into three groups:
a) things you really need to live in the house, b) things you
don't really need but want to take with you to your next home,
and c) things you don't want to take with you and should really
toss.
Now, put those things your want to take with you to your next
home in a rental storage facility. Hold a garage sale and/or
donate everything else to charity. That'll leave your home
looking elegantly simple...the best way to present it to
potential buyers.
6. Paint, paint, paint. Virtually every home has some areas that
could use a fresh coat of paint. It is one of the most important
(i.e., best and inexpensive) investment you can make is
maximizing your sale price. Make sure you patch cracks and
peeling paint first, though.
Follow the above six tips and you'll sell your home faster and
for a better price that if you didn't.
About the author:
Marshall Colt holds a real estate sales license in Colorado,
with experience in Denver's prestigious Hilltop area since 1994.
For more information, see:
http://www.denver-real-estate-homes-for-sale.net
