Across the country, the housing market is getting better. Many experts agree that now may be the time to buy in. Matthew Vettese shares strategies to make the best of this kind of investment.
According to a recent Buffalo News article, eager home-owners-to-be have waited long enough. A new survey by the National Association of Realtors showed that sales increased by 7% in the first four months of 2012. Before and during the recession, people held off on buying homes. Now that things are looking up, many people are finally settling into the house of their dreams.
Prices are still low after the housing crisis. Because of this, houses are selling rather quickly. First-time buyers are buying now while prices are the lowest they’ll likely be for a long time. And this is precisely the kind of opportunity investors called ‘house-flippers’ look for.
House-flippers specialize in buying foreclosed or reduced price houses, making renovations, and then selling them for profit. Matthew Vettese, a former house-flipper, shares his knowledge:
- Start with the Kitchen. The kitchen is the beating heart of a home, and is a major selling point for buyers. It is both a working, and living space, and needs to be functional and attractive. Neutral tones and textured surfaces add calming character to the room.
- Supply the owners with space. When constructing the master suite, consider a sitting area to add a luxurious feel. Buyers these days are also looking for spacious, walk in closets. Both soaker tubs and large showers in the master bath also make good investments.
- Take good care of the bathrooms. No one wants to use a dirty bathtub. Does it need to be refinished, or replaced? Be mindful of what finishes are used in the bathroom, as moisture can damage certain materials. Mathew Vettese notes that decorations look nice, but too many will make the room look cluttered.
Keep an eye on the local housing situation. In some areas of the country, the market is still relatively stagnant, and prices continue to drop. Other areas are at the turning point, and some have already begun their recovery. An Atlanta realtor has already sold 42 homes this year, compared to his 2011 total of just 25. Get involved and investigate houses. Find ones that can be easily renovated, and make the best out of this recession.
Matthew Vettese is a carpenter, renovation specialist, and real estate expert. His years of experience have taught him the most important steps to buying or flipping a home.