To find the community best real estate, you need to look for real estate that has investment potential. It needs to give you the chance to enhance it and change it so that it will be worth more when you sell it than it was when you bought it. Of course, buying empty land and developing it is the best way to do this, but you can find a lot of options when you buy homes that already have been built as well. What are some of the things that you should look for?
1. Unfinished basements.
A finished basement adds a lot to a house, so buying a home without one means that you can do that work yourself. You can add a sitting room, a games room or anything that you want. Imagine the change in value of your home if it only has two bedrooms and two bathrooms when you buy it, but you then add two bedrooms in the basement, giving it a total of four. Your house will be massively more attractive to the type of people who are most often looking for homes: Families.
2. Outdated kitchens.
Kitchens get outdated faster than any other room in the house. One year, white appliance might be in, five years later, everyone might want stainless steel. Five years after that, who knows what buyers will be looking for? This means that most kitchens need to be updated, and it also means that buyers who look at your home are going to want a modern kitchen that needs no work. Your interior can be most drastically impacted by an update project in the kitchen.
3. Small rooms.
Older homes often had layouts with a number of small rooms. Every part of the house that served a different function – the dining room, the kitchen, the living room – had walls around it. Now, people like to have open-concept homes without walls, where each room just sort of fades into the next. Look for a house with small rooms and then take them out.
4. A leaky roof.
This will be the most expensive update for you to do, but it also adds the most value. It can cost thousands of dollars to put a new roof on a house. The upside is huge for buyers, though, because they will not have to worry about it for thirty years or so.