Real Estate -- Cheap Repairs, Big Profits

You want the most profit you can get for that property you sweat blood and tears to buy. Is there anyway to improve your chances, without investing a lot more out of pocket cash? Fortunately, there is.

Even a person not very skilled in carpentry, plumbing, and other traditional trades can improve the sale ability of a property with modest effort and a few common tools.

One of the first things a potential buyer will notice when viewing your property is the condition of the outside and those houses around it.

The first thing you should do for your investment property is to clear away the junk and mess in your own front yard. People make a split decision on their First Impressions and if you spend a few dollars on a couple of bag's of mulch and a few flowers it will help your curb appeal greatly.

Trim the bushes that have turned into trees and tear out the old dead ones. Encourage your neighbors to clear away junk cars, or other unsightly objects before buyers come looking.

Sometimes you can offer a small incentive on to motivate them as well. Give a dinner certificate for keeping an eye on the property or making sure it is secure.

At the same time, show them you're getting your own house in order. Mow the lawn carefully and repair any bare spots. Trim the edge. And invest in a few dozen inexpensive flowers and plants if the season permits it. The exterior is always what is seen first and first impressions linger.

Since a home inspection will almost always be done prior to a conclusive bargain being struck, take the opportunity to make those inexpensive repairs BEFORE showing the house. You know you are not selling a new home but give them the impression of what it "could" look like.

Replacing carpeting throughout an entire house, or even one room, can be expensive. But getting it cleaned costs very little, typically. And repair any small damage or try to cover it with a piece of furniture. Eventually, you'll have to show every flaw when you have a concrete deal. But it needn't be the first thing they see. Replace those old welcome mats and small entrance rugs with new ones.

New screens are low priced and can make the exterior look fresh and new. To save even more, you can remake the screens with mesh and rubber kits, provided the frames are still in good shape.

Replace any cracked or broken windows. You'll usually have to do this anyway as part of closing the deal. Of course, all the windows should be cleaned thoroughly to give that shiny new feel. Even a brand new house that's dirty will fetch a lower price.

If you have air conditioning and heating ducts, replacing defective or worn conduits can get very costly. Replace old filters to give the appliances a newer look and the air a fresher smell. Some stores sell fragrances or things to add on the air filter that take the clean smell throughout the house.

Toilets and the Kitchen are the biggest buy areas and Impulse areas in the house. Make sure they are clean and don't have a ton of food, or worse, sitting in the sinks or bowls.

I like to replace all of the lights as well. Brighten up the place. It should look cheerful and happy not dank and dreary. Even if you are just flipping the property being able to show the "potential of what the investor will be getting will go a long way.

A bit of spackle and a coat of paint on those rooms that have seen accidents needn't cost a lot and don't take a lot of effort. Be sure the work is done carefully, though, or it can come out looking worse than before you started. You may overwhelm a family or new investor with a whole lot of holes in the walls or busted up sheetrock.

A buyer that sees that you've made efforts to keep the property up will be more inclined to offer a better price. Think of the last time you bought a car. Didn't you favor the one that was well maintained? You were probably willing to pay a little extra to get that one. They will be too.