The New Year is upon us, and it is time to make our real estate investment resolutions. This year, make sure to set some resolutions for your real estate investing business, and hopefully make 2013 your best year yet. Consider the following real estate investment tips and potential resolutions.
Resolve to Get Your Finances in Order and Buy Something
Get your finances in order and buy your first or second real estate investment property. To purchase a property, it is helpful to have a good credit score and down payment for the home. You must also identify the type of property you would like to purchase.
Rental properties must be in locations where others would like to rent. Some people choose to by a multifamily property in a second location where they would like to live or in a location where there are more tourists and potential renters.
Many investors use the strategy of “fix and flip” or “buy and hold.” Either of these strategies is recommended. Renovated properties can often have some of the biggest returns on investment.
Resolve to View Your Home as a Product
When you view your home as a product, you will do whatever is possible to ensure that the property is appealing to potential buyers. This may involve removing clutter and arranging furniture in a way that is more inviting to visitors. Studies have shown that staged homes are more likely to sell than a home that is personalized with the seller’s artifacts. Staged homes sell for more money and spend fewer days on the market. This study has been performed in New York City real estate and has been proven time and time again. So make sure to clean the home, use aromatherapy and ensure the home is free of clutter.
Refinance a Home
While the real estate prices are low, it is a good idea to refinance. When interest rates are lower, the profits are greater. Every investor has a desire to maximize profits without buying new properties. Refinancing is an effective strategy.
Real Estate Investment Resolutions Can Bring Bigger Profits
Investors can increase their chance of success by analyzing the markets and the neighborhoods to find the best resources available. Some of the best real estate properties can be found when a thorough analysis is completed. Using these tips and a knowledgeable real estate agent can help your achieve your New York City real estate goals.
This information was written by Ken Torrino, web relations for Elliman, brokers for NYC, Queens Real Estate.