The Investment Property Search Continues

As a prospective home owner in Sacramento, I knew that investing in real estate required careful consideration of both the financial and physical requirements of property renovations. After assessing the locks and door hardware of the small 2 bedroom property I was considering, I knew that there was much work to be done before it could become habitable for future tenants.

 

One of the first things I noticed was the condition of the flooring. The old carpets were worn and stained, and would need to be completely replaced. I knew that this would require a significant investment, but I also recognized that it would greatly improve the value and appeal of the property.

Another major issue was the state of the kitchen and bathroom. The appliances were old and outdated, and the plumbing needed to be completely overhauled. While the cost of these repairs was high, I knew that they were essential for the comfort and convenience of future tenants.

Throughout the property, there were also numerous smaller repairs that needed to be addressed. The walls needed to be repainted, the doors needed to be refinished, and the landscaping needed to be redone.

As I assessed the cost and scope of these renovations, I realized that it would be a significant investment in time and money. But I also recognized that the potential for long-term financial stability and rental income made it worth the effort (unless my cost estimate of repairs exceed drastically).

I decided to hire a home inspector to make a detailed assessment of the property.  I will also take a home building contractor to the property and walk him through for his quick estimates of the repair costs. I will need the exact figures for repair and renovation cost before I can move forward with the investment. I know that the renovations would be a significant undertaking. As a beginner in the real estate investment space, I understand that it requires careful planning and management to ensure that the work was done efficiently and effectively.

My realtors are quite helpful and understand that I need more hand-holding and guidance to be able to gain the confidence to invest in a rundown property for long-term wealth creation. My experiences have reinforced the importance of carefully assessing the physical requirements of any property investment. I am going to take the time to evaluate the work and cost involved in renovations, and make an informed decision and invest with confidence.