Any given individual out there, with the ability of making a profit out of real estate ownership will surely go for it without hesitation. The power contained within properties goes back decades in times where home was evaluated to a degree unmatched by most things existing back then. Throughout the ages not much has changes, because the battle for real estate is ever so fearsome, even today.
The winners in this battle are favoured in many ways, not just the profitable part of it. They are opened a door where a geometric sequence determines the profits. How is this possible, you would ask? Simple. This is about a long term investment in a property, the most common one of them all. It’s about when you transform the place into an accommodation, respectfully becoming a tenant(landlord). And just like any good tenant, you should know better. If you happen to be new to this, we will show you step-by-step what you have to do, in order to become as good as you need to.
You would think getting to know how real estate work is the first action you should take. It’s part of the larger picture, though not how you should begin. As instead, start with visualizing your idea. Use the computer or any other graphical or formal means to make this as close to reality as possible. There are bound to be countless topics you weren’t even aware of, all too much for you as a beginner. Fear not, just take your time. You should be warned that rushing into these actions DOES NOT help. What does help is asking yourself some of these question, plus feel free to add as many of your own as you need:
- First is first – the “why?”. Why am I doing this?
- What do I hope to achieve?
- How realistic is my idea?
- Which bet would you is the most successful: focusing on profit or focusing on quality?
- Can I rely on some little help and support, or should I rely only on myself?
- Am I counting in the geographical factors of my accommodation’s location?
Browse through as many things as you can think of that can have an impact on the project. Write them down so you can see it with your own eyes easily later on. Cover any and all external problems without dabbling into the real estate business just yet. We’ll keep that in mind for later.
Next you have to assess the condition in which your property(only the space of it) is at. Don’t mind the internal furnishings, as those can be replaced with far better and more practical ones. Inspect closely, because that’s what your future clients will be doing as well. If you have to apply corrections, including the floor, export every piece of furniture already located inside. The ones that can not be taken out of the room are best stacked right in the geometrical centre. This is because any work that’s done to reconstruct the floor always begins at the edges where the floor meets the four surrounding walls.
Assure a properly installed electrical system in the entire place. If the old one is still working, but you wish to establish a long-lasting one anew, don’t touch the wiring behind the walls. Replace only the contact points, the lamp holders and the fuses. Applying a fresh paint job is a must. This isn’t a hard job. It’s recommended to use heavy-duty paint, as you should predict users who just love to freak out at home. Clean the windows well, apply moisture-resistant varnish or paint to the window frames. If they are PVC/AL in a bad condition, consider using a fine sander to sand away those scratches.
Now turn your attention to the bathroom compartment, which in most properties is one with the shower. It must be in a flawless condition, because this is possibly the only condition that future clients may not agree to cope with, should it be below perfect standard. Key points are the shower mechanism itself, the toilet, the drain and the window.
Best bet is to start your investment simple. What are people in distress in need of? That would be a bed, a table, a wardrobe, a kitchen plot and the bathroom compartment. Simple as that. If you think a home is a place and a robot machine, like in the Dexter cartoon or the sci-fi series Eureka, you’re completely off the road. Accommodation users find simplicity attractive, because that permits them to apply their own kind of establishment in the remaining free space that has been given to them. Even if future clients are picky, they only really care about a narrow list of things. As for the rest, introducing their own internal furnishing to the accommodation is now made easier than ever, thanks to the so called removal services Surrey Docks in that area.
Please note the fact that accommodation clients, first time or otherwise, are looking for flexibility mainly, which means they need to have as much freedom and self-convenience at home as possible. This, of course, is on you. It includes not only the way you design that accommodation, but also rules, how you treat those clients during their stay, how you have treated others in the past, level of professionalism in you, as well as understanding that we are all human beings. Just think about all those things, one by one. Practice is the universal key to all potential.
