Need for Groundwork and Investigations
As in any investment business, investing in Real Estate also requires proper groundwork and investigations. Of course, one finds myriad literature, websites, how-to-do-it-by-yourself manuals, etc. regarding Real Estate Investment. But practical research will go a long way towards a better understanding of the market trends and investing sensibly. With a bit of guidance, even a novice in this field can succeed, if one knows what to look for. Initially, more than the initial investment capacity, it is the identifying of property with real growth potential, which is the deciding factor.
How to Begin
Initially, gather information regarding the sale/purchase of Tri-Cities WA real estate from all available resources. Hundreds of sites advertising the sale of real estate can be found on the internet. Most of these sites do not bring realtors into the picture. This saves money for both the buyer and seller. Google Base, eBay, and Craigslist are some among many which have houses listed for sale by owner (FSBO).
Property listed with realtors also needs to be considered. Get introduced to the realtors and send feelers letting them know of your interest in those properties that are hard to sell and need some work. Chances are they will offer to lower their commission to sell a house that was lying around unsold and unproductive for a long period of time.
Do the Ground Work
Physically visit the property and look around, and evaluate it. Browsing through pictures of proposed Tri City Wa real estate will not do! Scrutinize the property, the rooms, fixtures, and overall construction from close quarters. If possible visit during good and bad weather. Check out for any signs of wear and tear during bad weather.
Get acquainted with the folk staying in the neighboring area. Their age groups, economic status, and such details could throw some light on the growth prospects of the property in that area.
Always make a careful and complete Tri Cities Wa real estate home inspection. Although one must have made a thorough inspection, the inspector’s report can pinpoint problem areas that may have been overlooked. The Inspector’s report covers details from leaks, carpet and floor damage, to problems with the foundation, or heating system. A basically solid house can be improved upon and turned out into a real gem. But a not-so-sound house can end up being a money pit of repairs and major reconstruction. Also, find out from an expert whether the problem areas are worth repairing or not.
All repairs which have anything to do with the foundation of the house like heating and air conditioning problems, repairing chimneys and flues, should be done by experts. However, there are many jobs that can be done without the help of experts. Examples are fixing leaky faucets, repairing minor leaks, patching drywall, or even refinishing floors. The money spent on such work can be added to the price of the Tri-City Wa real estate when negotiating with the seller. The seller does not need to know who did the work.
These are some basic principles to be remembered when investing in the real estate business. Apply them assiduously. The day is not far off when one realizes that there are “Hidden Gems” in real estate investments, waiting to be discovered!