When you are trying to purchase real estate for the explicit purposes of building your portfolio or for a quick turn around it is important to do your research. You have to invest the proper amount of time in finding out about the neighborhood, the clientele, the property itself, and the market, or you may end up being upside down in the property and find it impossible to make a profit.
The neighborhood is going to have a direct effect on what type of clientele you are going to be able to attract. There is no need to explode your budget by buying high tech kitchen ware if it is not comparable with other homes in the area, by the same token, you cannot install sub par equipment and used appliances if your clients are going to be expecting a higher level of goods. Get to know what kind of homes are in the area; it will help you decide what kind of budget to dedicate to the remodeling of your investment.
The asking price of your home should be in line with the quality of the main components installed. If you are asking for more money than what other houses in the area have sold for then it is going to be expected that there is something about your home that sets it apart from all of the others in the area. Having an energy efficient house is one of the ways that you can make yours stand out, they are more expensive, and so your budget will have to be adjusted for the extra cost. Water heaters, windows, appliances, heating and air units, all have energy efficient models that can be bought and installed. Installing these types of units will not only increase the appeal of your home to potential buyers because of the savings that it will create in the long run for them, but it will raise the actually value of your home.
Take the time to make sure that the property of the area is visually pleasing to look at and inviting to your clients. It is going to give them their first impression of your property and it should be a good one. This is one area where the neighbors do not matter; it may even be beneficial to outshine the quality level of the neighborhood. Selling a beautiful home is easy, but without a gorgeous yard and plenty of curb appeal you will never get them inside the house to see what it has to offer.