Whether you buy new or renovate an older property. Property investment is always a wise choice. While it’s likely going to be one of the biggest investments that you’re ever going to make, it’s something that will pay off in the future. You have a few different options to take into consideration. You can purchase a brand new property that doesn’t require much work if anything at all. A more affordable option is an older property. The initial investment will be small. You can take your time to make the necessary repairs and updates later on.
Inspect Property Thoroughly
Before you make any kind of final decision about what you’re going to purchase, you’ll want to have an inspection performed on a property. There are professional inspectors that will go over every inch of a home. They can determine if there are major issues that need to be addressed, they can uncover things that are being hidden and they’ll give you an idea of what is going to need to be replaced in the near future. You might be tempted to save some money and do the inspection yourself. It’s a good idea to let the professionals take care of this for you.
New Property or Renovate an Older Property: Determine Your Repair Capabilities
You might be very handy when it comes to your ability to fix common household issues. Unfortunately, some jobs have to be done by a professional. You want to make sure that work is done right the first time. This will increase the value of a property, and you will get the results that you’re looking for. Savvy real estate investors can make a profit after upgrading. Do the work that you can, but reach out to a contractor for everything else. If you don’t have a budget that allows for ongoing work, a new property might be a better idea.
New Property or Renovate an Older Property: Think About Timing
Are you looking to buy a property and immediately move into it? Are you looking to flip a property and resell it a number of months down the road? The type of time frame that you have to work with can help determine what you should be buying. A new property provides you with an immediate place to stay. An older property might not be safe until a lot of work has been completed.
If you are still confused about purchasing a new property versus an older one that needs renovations, you can speak with a real estate professional to see what their opinion is. Each property that you look at may be different. You should look at each opportunity individually. This will allow you to make a wise investment choice.
If you want to learn more about investing in real estate, come to one of our monthly luncheons!
The Southwest Florida Real Estate Investment Association is the leading source of SWFL real estate investing events that provide investment education and networking in southwest Florida. We analyze the housing market and foreclosures and provide information, education and networking events in order to build a network and knowledge base for investors and potential investors. Our members include real estate agents, brokers, investors, hedge fund managers, rehabbers, wholesalers and more.
Our SWFL REIA General Meeting is held in Fort Myers where we provide education on hot topics in investing and an opportunity to enjoy the camaraderie of your fellow investors. You’ll get a chance to ask for advice from successful real estate professionals and even make a few deals on your latest projects.
To become a member, anyone can register as an individual, a couple, or a corporation. Being a member opens the doors for endless networking opportunities, advice from members with decades of experience, new ideas from entrepreneurs, camaraderie with those just beginning, and deals and contracts done in the meeting room. For those interested in Cape Coral rental property investment and/or Fort Myers rental property investment, SWFL REIA will be able to provide a network to help launch a successful investment career.
The SWFL REIA is known and respected as a source of current, actionable and useful information about the housing market in the area that we meet.
We meet twice a month.
One of the premier sources for real estate investing networking and education is the SWFL REIA. In the real estate world, the SWFL REIA is different in that it does not do information product sales. Their meetings are focusing on the best ways of investing in real estate by collaborating with other property investors who are sharing their experiences.
We look forward to meeting you at a meeting soon!
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