If you’re looking for an investment property, it makes sense to find the best deal – but is it really possible to get a bigger investment property for less money?
Check out these three tips for finding a bigger investment property while keeping some of your hard-earned cash in your pocket.
How to Get a Bigger Investment Property for Less Money: 3 Tips From the Pros
When you’re looking for an investment property that’s going to get you the biggest return on investment, it makes sense to try to get the best deal. Often, the bigger the property is, the more you can sell it for (or, if you’re a landlord, the more you can rent it for). That means finding a spacious house at the lowest possible price.
If you’re looking for an investment property that’s a little bigger, size-wise, than your budget is, check out these three tips that can help:
- Look at “stale” real estate listings
- Be ready to tackle some renovation work
- Look for spaces farther from the city’s center
Here’s a closer look at each.
#1. Look at “Stale” Real Estate Listings
Real estate listings that have been on the market for several weeks are “stale.” They’re being pushed farther and farther down in search results on real estate websites because newer properties are taking the top spots – and that often means sellers are more willing to negotiate on price. Sellers (and their agents) know that the longer a house sits on the market, the less likely it is to bring in asking price, so if you find a stale listing you like, talk to your REALTOR® about pouncing on it.
#2. Be Ready to Tackle Some Renovation Work
You already know that an investment property may need some work – but you may not have considered knocking out walls, converting attic space into an office or putting up an addition to create more space. In some homes – particularly those that would bring you a great profit after remodeling and renovating – it makes sense to get the appropriate permits and make modifications rather than watching the market and waiting for the perfect property to hit.
#3. Look for Spaces Farther From the City’s Center
The closer your investment property is to the city’s center, the more expensive it’s likely to be – and it’s also likely to be smaller. If you’re willing to invest in a property a little farther out, you may get a lot more square footage for your buck.
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