Remodeling Worth Your Effort for Reselling?

Remodeling can be one of the biggest challenges you have ever faced in your entire real estate-investing career.

First, you buy the property. Then you need to plan if you are remodeling or not. If it turns out to be in bad shape, you need to remodel for selling the property later. Then comes the part where you need to plan on how to remodel it. You’ll need to choose what goes out and what stays in. And then the most difficult part is where you actually remodel the property.

If you haven’t done any remodeling before, by now, you must have sworn that you are never going to do that. It seems like a lot of work, right?

Yes, definitely, it’s a lot of work. But the question is “Is it worth it?”

I mean, is the effort and your cost of remodeling worth it when at the end you are just going to sell the property?

There is no definite answer. But what I can tell you is the fact that whether it is worth it or not depends on the property itself.

If you can’t get your head around that, wait till I explain it. But first things first, why do you even need the answer?

When you get started with the remodeling, there will be a time when you’ll think that it’s just not enough.

So, what should you do in that case? Well, you just need to think about the property.

Coming back to the answer. This is how you can determine if the efforts and cost of remodeling are worth it.

Think of it like any other service or job. When you get a job proposal, what do you do?

You check if the hours you need to dedicate to the job is worth the pay or not. Same goes for the real estate industry remodeling.

When you remodel the property, get an estimate of the total cost. Add it with the price you bought the property for. Then do some research. Try to get a number for your expected value for the property after remodeling.

Once you get the number, calculate the expected profit. Now you need to compare your efforts with the profit. The math is simple. If you think your efforts are worth your profit, there shouldn’t be any hesitation in remodeling the property.

So, the outline is, go with the remodeling only if you think you can sell the property for a much higher rate than you bought it for.

Honestly, not all properties will be worth it. That’s why you need to do all the calculations before you even go for the deal. Only buy properties that need remodeling or renovating if you think the cost will be covered with the post-modeling value while keeping a good amount aside as a profit for all your efforts.

For more info, please visit: Charles K Carillo

Comments

Post a Comment

Popular posts from this blog

Ways To Improve Affiliate Traffic

When it comes to affiliate marketing, although it is important to have fully functional and attractive website, you must also generate enough traffic to turn profits for your business. It is difficult to drive traffic to your website, but if you do not drive high-quality traffic that actually boosts sales, then your business is at risk to collapse. Why High-Quality traffic? High-quality traffic is made up of those users visiting your site with a purpose. These users are more likely to make actual purchases and even share links that help promote your site. Because of that, it is essential to focus not just on traffic but driving users to your site who will benefit your business. Even though it is somewhat difficult, there are some tried and tested tips that are guaranteed to help you generate high-quality traffic to your site and help it succeed. Keyword Optimization Using attractive keywords should not be your sole concern, but relating it to your content is crucial. For...
Read more

Turn Automation Marketing into Human-like Approach

Automation marketing can be an effective tool, only if it is done properly. But things can get pretty annoying when you do it wrong. If the automation feels more like a robot, the clients will feel irritated and annoyed, which is not good for your whole marketing campaign. So, here are few tips on how to turn automation marketing into human-like. Personalize Automation E-mails Make your customer feel that you are writing only to them. But that’s impossible,right? You have thousands of email addresses to send your message and you cannot write all on your own. So you take the help of personalized Automation emails. But these automated emails feel very robotic and fake. So, what you can do is customize the emails for specific persons. Add some relevant stuff for each of them. For instance, say you have an e-commerce store and someone buys a pair of socks and shoes. You should send him/her emails related to your shoe category from here on. Content is King...
Read more

Google Wallet And Android Are Coming Under Google Play

Google has recently decided to get its act together and unite all its payment methods under one name, Google Pay. Now, instead of having to worry about independent services that dealt with different payments, users are now given everything under one brand to help reduce some of the clutter and headache that comes along with multiple payment platforms. Moreover, you can use Google Pay to not only pay for online shopping, but in the real world too. What’s happening? This rebranding brings together the previous Google Wallet and Android Pay systems used on most of Google’s platforms, especially Google Play. This helps ease confusion and prevents the two Google sub-brands from competing. There have been times in the past where Google Wallet was a direct competitor to Android Pay, thereby harming each other. The rebranding also comes with a refurbished app that adds to the already functional skeleton of the previously known Android Pay app. The ease of access to its services h...
Read more