Once you have made the decision to take the journey into property investing, you have found an agent to help you locate a piece of property, have found something that you want to purchase, and have then sought out financing for the property, you are going to want to consider what types of renovations are going to be required, as well as the costs you are going to incur if you are unable to sell off the property quickly.
It doesn't really matter what type you are investing in, these few areas are going to have to be taken care of in order for you to list the property on the open market.
The monthly expenses between property types is also incredibly similar, so we are going to group every property type together for the sake of this article.
When you are finally ready to dig in and begin the renovation process on your new investment property, you are going to want to begin with the inside of the structure or property first.
Because you are probably going to have contractors, and workers coming and going all day, you aren't going to want to focus on the landscape and the exterior until the final phase of remodeling.
Getting the interior trim, paint, fixtures, and any structural repairs completed first will save you a lot of headache, because once the interior is finished, you can keep workers out of it completely.
This will help you maintain the fresh new look that is going to help sell the property quicker.
Once you've completed everything on the interior, you can begin focusing on the exterior.
Again, take care of any structural repairs, and then begin getting the trim and painting completed.
Once you are at this point, you may want to consider contacting your agent and letting them know that you are ready to list the property.
As long as you have the landscaping project in progress, you will be able to complete it around the same time that the agent is ready to take pictures.
This helps to streamline the entire process.
While you are waiting for the property to sell though, you are going to have to understand that you will still have to maintain it while it is on the market.
You have to keep the electricity and water running to avoid having mold and mildew building up from not running the air conditioning and heating systems, as well as allowing water to sit.
These will lead to problems when you are ready to sell the property, and are either going to require you to invest even more money, or you are going to be forced to drop your asking price on it.
This is a big hit, that could have easily been avoided if you know that you have to keep the property running even if there isn't any occupants.
The minute amount of money that you are going to be paying each month graves in comparison to the amount you will lose if you let the property go.