Sometimes, when buying or even thinking about buying real estate for investment purposes, youre faced with the need to fix up the property. The question then arises: Should I fix it up myself or hire it done? Unfortunately, no one can give you the right answer. However, there are a few questions that you can ask yourself to help decide the issue:
1. Do I Have The Time? Time is an issue that many people forget about, but it should be one of the deciding factors. Some renovations, such as handles, hinges or kitchen hardware can take very little time to do. Others, like retiling a bathroom, can take hours, or even days to accomplish. If you dont have the time to do these things personally, youve already answered the question.
2. Do I Have The Money? Obviously, money is as important a factor as time. Often, if you dont have the time, you do have the money to hire someone. However, if you have neither the money nor the time, you may need to reassess whether you can really afford the real estate youre thinking of buying. You may want to continue looking to find something that needs fewer repairs or that you can get at a lower price.
3. Do I Have The Know-How? Granted, there is a lot of do-it-yourself information out on the Internet. However, if you dont have the necessary knowledge to understand what theyre saying, youll either have to research more, or hire someone. Being knowledgeable on what youre doing may not be so important when, say, youre painting the living room, but its incredibly important if you need to rewire a room or want to knock down a wall. The main key when deciding on what property to buy, what renovations need to be made and whether to do it yourself is simple: Be realistic. Be honest with yourself. Can you really do this? Can you really afford it? Remember, if the answer is no, it could just mean not right now. Dont be afraid to wait until you have everything in place before picking your investment properties. If youre careful with your time and money management, you may find yourself able to buy that dream real estate investment property. Via: The Market Street Settlement Group