Real estate is one of the most lucrative businesses you can venture into. If you have some good capital and are creative enough, you can easily quit your 9-5 job and have nothing to regret for the rest of your life. However, there are many ways to invest in real estate, one of them is buying and selling houses. But while buying a house can be easier, selling is the harder part of the business. If you guessed right, it starts with being strategic about the type of house to buy. (Image Credit: Nick Romanov/Unsplash)
You’ll want to buy a property that will move fast and earn decent returns after the deal is signed and sealed. You’ll also want the entire process to go smoothly so you can start hunting for your next property to invest in. While at it, it’s important to note that buyers have different tastes and preferences, and it’s up to you to figure out which property will attract interest from your target market the most. Your strategy will also have to take into account factors like style, design, location, average home price, amenities, and features most home buyers are looking for. The list of the factors to consider is endless but if you are in the real estate industry to stay, here are some ideas on the houses that many clients tend to easily fall for when looking for a house to call home:
Previously owned homes are hot cakes in the real estate industry. Whether you’re a property investor or a homeowner who’s planning to relocate soon, a previously-owned home can be easier and less frustrating to sell. This is especially because, in most cases, the asking price for these houses is more affordable and negotiable as well. Actually, you can sell your home in a matter of days for cash if you’re in urgent need of money as a homeowner. Andrea Van Soest from this site says that nowadays, the selling process is hassle-free, guaranteed, and you don’t even have to do repairs, you can sell your house as it is. Moreover, fast cash home buyers will even allow you several days to continue staying in your house as you look for your new residence. For investors, however, it’s always advisable to give your home an upgrade and address the necessary repairs so it can fetch more.
Also known as foreclosure houses, bank-owned homes are among the highest in demand because banks are reputable institutions. They are often acquired from individuals or entities that took up loans with the house as collateral and failed to repay the money. The bank is forced to take the house and sell it to recover their money. This means that you can get the foreclosure house at a price lower than the market average since all the bank needs is to recover their owed amounts. Such a house will also be easier to sell.
Newly Constructed Homes
Available in different layouts and designs, you will be spoilt for choice when looking for a newly constructed house to buy. As long as construction is complete and you’re working with a reputed real estate agent, selling a new house can be easy. Well, recently constructed houses are often in high demand, especially in fast-growing areas. Many people will get a mortgage to buy a house, and since they want to get value for their money, they choose to buy a new house. Their prices vary from one house to another, depending on factors such as location, size, features, and design.
Short sales are often confused with the bank-owned houses, but in this case, the owner of the house still holds the title. Here, the owner owes the lender some money, but since the house was given as collateral, he has to sell the house so he can pay off the borrowed money. In most cases, the lender and the owner will agree on selling the house at a price lower than the market value to increase the chances of getting potential buyers. Whether you’re the owner or a middleman in the process, selling a short-sale is easier.
In addition to the above, several other factors make a house easier to sell. These include:
- Houses in prime locations
- Standard sales (houses sold in an auction).
- Homes with city views (city skylines)
- Properly-priced homes
- Furnished homes, with stainless steel & granite
Buying and selling houses is a critical process that requires strategy. The deals involve large amounts of money, and a small mistake can cost you a lot. With the few tips above, you can be more confident when making your investment decision in the real estate business.