While having your own real estate property is a good use of your money, its value may appreciate or depreciate over time. If it’s an extra property, you will also need to spend extra on its maintenance. But there are other ways to see your property investment grow. You can make your real estate work for you in almost every step of the way.
1. Try buying during the pre-selling
Also called ‘off-plan properties’, pre-selling units are sold before the construction is actually completed. They are often sold for a huge discount and can even offer flexible payment schemes. Many developers offer this option. In the Philippines, for example, there is a variety of Cavite pre-selling house and lots these days. In other places, condos or apartments are also sold during the pre-selling period.
This option also gives you first dibs on the best units or locations. Just make sure the developer is reputable to avoid the projecting from folding over before completion. After the property is completed, it’s price worth will automatically increase. So if you do choose to go ahead and sell after this, you even make a profit.
2. Flip houses
If you’re already thinking of making a sale of your property, try flipping it first. This is a term that refers to first renovating a unit, essentially giving it a makeover. By flipping a house you can make an old property enjoy the same higher prices as new ones. It will require you to put in some more money and time, but the better a property looks, the more money you can earn.
When flipping houses, you can also consult a contractor to asses if anything else needs some TLC. Otherwise, a little sprucing up and a deep clean may be all you need.
3. Put it up for rent
If you aren’t using the property or are moving to a new home, but you don’t want to let go of this one try renting it out. Putting your property for rent means you need to ensure that your facilities are in full working order. You should also be sure that the damages are fixed. The better the condition your property is, the higher the price it can go for.
That said, when you do put it up for rent, have a property lawyer by your side. He or she can make sure the contract you and your tenants will sign is fair and airtight. To safeguard your property, ask for all the necessary documents from potential tenants. Be strict but understanding to foster a good relationship.
If you have some furniture pieces that you may want to leave, they can add value. Depending on how much you will leave, your property can be listed as semi or fully-furnished. Just make sure they’re in good condition.
4. Make sure your deed is transferable
The last thing you will want is to have your deed untransferable. To make any sales, you need to ensure that your deed can be transferred to the buyer’s name. This is the legal document that verifies their ownership. Ask a property lawyer about this to make sure you have the flexibility to do so. Along with this, encourage whoever is buying your property to work with you in opening new accounts for basic utilities such as electricity, water, etc.
Owning a property is one of the most meaningful investment investments you can make. By making smart decisions, you can keep your property at a good value that will benefit you even when you pass it on.