Buying a fixer-upper house can be a big challenge but it can also be a very rewarding one. There are lots of people who buy and sell houses as a way of generating income, buying a cheap and rundown property, fixing it and adding value and then selling it again at a significantly higher price than they paid, in order to cover the costs of the repairs and make some profit. But how do they do it? What are the tricks of the trade that can see huge value added without huge expense? Here are some examples of how to maximise your return on investment in the property game.
Out with the old
Take a look around and see what can be removed easily. Tatty old carpets are usually the first things to go. If you are lucky you will discover old parquet floors underneath, but if not, it is a problem that can easily be solved with the purchase of some cheap floor tiles. There is nothing nasty or dubious about such a solution, they will be clean and new and modern, they can be overlaid with a mat or rug and in one simple act you have removed years of dust and aging and replaced it with something easy to clean, light and modern.
A house with an empty or overgrown garden looks sad and unloved. But visit the nursery, buy some indigenous plants and some compost, spend a day or two digging holes and greening it all up and suddenly you have a paradise. The garden is one of the first things visitors or potential buyers will see so make sure that your yard is clean and green and you will immediately be increasing the value of your property.
Without worrying about any alterations or structural changes it is quite amazing what a fresh coat of paint can do. The exterior can be quite a job but the interior is easy, as you can break it down by room. Pick simple easy colours like white or shades there-of, and in key places be bold and make a feature wall. It really goes a long way towards changing the feel. Painting is also not an overly technical or complicated procedure which means that on a limited budget, with just you, some time and a paintbrush or roller, you can affect some major impact on your house.
It is always the little things that get noticed by potential buyers, so make sure that if and where possible you make the fittings as high quality. We are talking about things like taps and door handles. This might seem trite or overly simple but the stark reality is that a cheap bath or an expensive bath, although worlds apart in price, offer very similar experiences when bathing. But the difference between cheap and expensive taps or mixers is marked and very noticeable. So if you install the right fittings you can very easily create the illusion that the whole house is filled with similar value products.