Fixing Houses for Resale: Three Beginning Steps to Increase Profits and Have Fun

Real estate investors specializing in fixers make higher profits when they have a detailed work plan and know how to get around the future resale appraisal issues.

Before you begin your fixer makeover, taking a few extra steps helps you make more money, avoid future appraisal pitfalls, and have more fun.

1) Planning for Profits

Visualize your final home presentation for sale. Write out a description of the future home you imagine for your sales flyer. Name your home something other than just the street name; calling your fixer "Edna Street" doesn't inspire like "Sugar Plum Cabin." Your overall design plan helps you when shopping for building materials with choosing design details that go together for a harmonious whole house theme.

2) Take Photographs for Your Future Appraiser

You may have taken photographs during the escrow process, showing the seller's possessions in the home. If your property was occupied during escrow, it will be worthwhile to take "before" photographs again, both for your own satisfaction and to show appraisers when they ask why you expect to sell the house for so much more than your original purchase price.

Detailed photographs substantiate the original condition of the property, compared to the final result. Avoid possible complications by showing the appraiser all the improvements that you made to the property, in order to get the full amount you deserve in your upgraded appraisal. This is a crucial step, because the appraiser must give you credit for your work and expenses, and not use your purchase price as the basis for the updated home's true market value.

3) Hold a Doghouse Open House Party

We like to invite friends and family for a preview open house before we begin major work on the house. We ask them to bring any unwanted household fixtures or supplies and to offer any fix-up ideas, wild or practical, that may occur to them during their visit. We jot those ideas into a "transformation journal," and refer to them when we need fresh inspiration.

Here's an example of our invitation:

Your presence is requested at Jeanette and Brian's Doghouse Open House. Come view our latest project and understand why we'll be busy for the next month.

Please bring cuttings from your garden and any unwanted paint. Any household or building material hand-me-downs will also be greatly appreciated!

Sunday afternoon, noon to four.

Another reason for a preview party is that the amount of work a doghouse may need sometimes seems overwhelming, and a fun event like an open house helps to overshadow the crushing weight of the work we have waiting for us.

Taking these first three steps helps you ultimately make more money, avoid appraisal problems, and have fun fixing houses for profit.

(c) Copyright 2005 Jeanette J. Fisher. All rights reserved.

Professor Jeanette Fisher, author of "Doghouse to Dollhouse for Dollars: Using Design Psychology to Increase Real Estate Profits" and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, and newsletters see http://www.doghousetodollhouse fordollars.com/pages/5/index.htm

---

Fixing Houses for Resale: Three Beginning Steps to Increase Profits and Have Fun

Real estate investors specializing in fixers make higher profits when... Read More

Real Estate Disputes And Partition

What if two people pooled their resources and began investing... Read More

Why Property Investors can Crash and Burn

Many experts say you can't lose if you put your... Read More

Real Estate Financing - Ten Ways

Do you remember when real estate financing meant you saved... Read More

Real Estate Appraisal - Do It Yourself

For single family homes, there are two basic methods used... Read More

4 Dangers In Flipping Real Estate

If you have recently purchased some real estate for investment... Read More

Apartment Financing Explained

So you're interested in entering the world of property management?... Read More

Selling Your Home ? Alone or with a Broker?

How do you decide whether to sell your home (or... Read More

10 Important Tips to Successful Real Estate Investing

When it comes to investing, everybody has certain goals and... Read More

I Believe God Wants Me To Tell All In Real Estate

After years of experience in the real estate industry I... Read More

Odors Can Make or Break The Sale of Your Home

It's amazing how important the sense of smell is to... Read More

How to Sell Your Own Home and Save Thousands of Dollars

Most people take the easy way out when selling their... Read More

Do You Know What Design/Construct (or Design/Build ) Means? I Think You Should!

These real questions on 'How To' build are answered by... Read More

Top 7 Reasons Why FSBOs Fail To Sell Their Home On Their Own!

In the United States, less than 10% of all For... Read More

How Professional Property Investors Interpret and Use Capital Growth Statistics

Understanding and using yearly price growth statistics in an area... Read More

How Can the Average Person Build Wealth in Real Estate?

Books on real estate are a dime a dozen-and most... Read More

The Benefits of A Real Estate Agent 101

Buying and selling property is not as easy as you... Read More

Jacksonville Real Estate Listings

With over 30,000 residents, Jacksonville in central Arkansas is a... Read More

Don?t Just be a Real Estate Agent, be a Professional!

Buyer Broker Agreement? What's that? Most agents don't ask their... Read More

Probate & Obituary Marketing

I start my marketing with obituaries followed with probate filings... Read More

Real Estate: Reasons and Priorities for Purchasing Property

Real Estate: Reasons and Priorities for Purchasing Property. It's not... Read More

Property in Northern Spain

If you're looking for the 'real' Spain where the culture,... Read More

When Showing Your Home

Here below are some of the reasons why buyers may... Read More

Why Average Sale Price Statistics are Misleading

One of the most common statistics used when gauging the... Read More

Moving On: Powerful Tips For Selling Your Home

Maybe you're moving to a larger home to accommodate a... Read More

Landlords Dance The FICO Fandango

Fair Isaac Corporation is the creator of the FICO credit... Read More

Atlanta Georgia Real Estate - Marietta - East Cobb, Roswell, and Alpharetta

Whether you're a "move up" home buyer, downsizing, or relocating... Read More

Buying Foreclosures - Knowing Why Helps You Buy

One big potential deal-killer in buying foreclosures is the homeowner.... Read More

The Listing Agents Role in Selling Your California Home

Advertising to the "Public"Every home seller likes to be assured... Read More

Dont Get Stuck Having To Deal With The Sellers Household Hazardous Wastes - After You Move In!

I have a confession to make!I was just outside with... Read More

Appraisal or Home Inspection?

People sometimes confuse a home inspection and an appraisal when... Read More

How To Build A Million Pound Property Portfolio

Looking to quickly build a million pound property portfolio? You... Read More

How To Get More Money For Your House

If you are thinking about selling your house, you should... Read More