First, you start with the price. Don’t pay full price for a property that isn’t fully put together. Do the research, what are other houses in the neighborhood going for? What are the features of those homes compared to the one you’re looking at? Determine your budget based on the market value of homes in the neighborhood. That’s what it’s going to sell for. Don’t count on getting any more money than the highest price in the neighborhood. So don’t put more in than you’re going to get back out of the property. Also, remember that the price of the home is not going to be your only cost, it is only part of the project.
Next, consider what needs to be done to the house and on the property. There needs to be several opportunities for instant equity, things that would get you a return on your investment if you had to sell the house right after you did the repair or upgrade. Stuff like a fresh coat of paint, some curb appeal projects, upgrading kitchen appliances. Then you need to evaluate what popular features will enhance and compliment the natural beauty of the house as well as adding fiscal value to the home. Things like fireplaces and hardwood floors are very popular and worth the money to install.
One last important thing to consider, time. Time, and honestly your patience. Do you have the time and patience to invest into the property? If not, then don’t waste your time or money starting the project at all. Renovations take time. Each and every project you take on will take you time and money whether or not you hire someone or take on the renovation yourself. So, it’s time to do some soul searching. If you don’t have the time, money, and patience to throw into in-depth landscaping then don’t bother doing any of this at all.
Well… happy hunting, hope this goes well for you and all that. Enjoy the process or don’t do it, those are your two best options. Good luck.
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