| So the thought may have occurred to purchase | | | | sight of the fact that your fixes have to |
| yourself a second home to use as an | | | | justify the increased asking price or savvy |
| investment property. Good choice. Real estate | | | | buyers will lose interest quickly. Also try |
| is making people great amounts of money so | | | | not to be too outrageous with the design or |
| why not grab a hold of your chunk of the pie | | | | color scheme as this too can alienate a |
| right? Do be careful however because this is | | | | sector of the buying market. Make sure that |
| something that will require some planning on | | | | all the work is done to code and decorate |
| your part. Investing in a home is a great way | | | | appropriately for the space. |
| to build your equity and overall worth. Its | | | | |
| also give you chance to climb the property | | | | If you have chosen to be a landlord then your |
| ladder a little faster. The big question is, | | | | path is a little different. If any renos are |
| will you flip the home, or take on the mantle | | | | to be done, try to ensure that they are well |
| of landlord? | | | | done and simple and will appeal to your |
| | | | average renter. If you are thoughtful about |
| This decision will define the future of the | | | | your improvements and create a good and clean |
| home as with flipping there are likely quite | | | | space where everything works properly you |
| a few renovations and such that you will do | | | | should be able to attract a higher class of |
| to increase the home's asking value. Whereas | | | | renter. Of course the ideal situation would |
| with renting the home, depending on the | | | | be long-term renters who are quiet and always |
| home's quality there will hopefully only be | | | | pay their rent on time. However it usually |
| minor fixes that are necessary. Taking a look | | | | take some time to find these kind of renters, |
| at the average home flip, if you think about | | | | so in the meantime be prepared that you may |
| all the TV shows on this topic then what can | | | | have to evict someone at some time. Not an |
| be done to a home in preparation for a flip | | | | easy thing to do but it is sometimes |
| can be quite an expense and take a fair | | | | necessary. Try to arrange it so that the rent |
| amount of time or grief. Be reasonable about | | | | for the month pays off the mortgage, it's a |
| your expectations for renovations. Never lose | | | | great way to accrue equity. |