Property Investment – Houses for Sale Roswell GA
Property flipping is becoming a popular way for people to make money without the long-term responsibility of being a landlord. The idea is simple, find affordable houses for sale Roswell GA, and then renovate those properties and sell them for a profit.
On paper, it’s easy money. In the real world there can be some challenges, however. Firstly, if you are someone who already has a mortgage on your primary residence, then taking out future mortgages can be costly, and there can be unexpected fees for early repayment on mortgages too. Secondly, depending on how much work you need to do on the property to get it up to shape, you might find that the work costs more than you expected.
Remodelling is More than Just a Lick of Paint
When you’re an individual selling your primary residence, it’s fairly easy to dispose of a property. Just list it on the market or work with an estate agent, let the surveyors assess the property, and you’re good to go. Once you start looking at houses for sale Roswell GA for the purposes of investment, however, you need to think more carefully. Is the property really worth the price that is being offered? How much will it cost you to renovate the property compared to how much the renovations will increase the sale price of the property?
If you’re doing a rewire, major building work, or working with plumbing or gas, you might have to have licenses from the state to do so. General contractor licenses vary massively between trades, and for the different sizes of job. This means that a job you think is simple enough to do by yourself could require signing off on, and if you’re not licensed then it may be impractical for you to do the job yourself. You might have to pay an external contractor to do it for you, which adds to the cost.
How Much Can a Property Really Sell For?
Another thing to consider is what the realistic value of a property is. While there are some success stories of people picking up run-down properties on foreclosure auctions for a few thousand dollars and then reselling them for vastly more, there are challenges with dealing with that sort of property – have you checked for liens? Are you going to be able to evict the tenant? Will the property end up needing vastly more work than you previously expected?
Buying homes that need a modest amount of work and revitalizing them is often simpler, but there are caps to how much a buyer is willing to pay. If you buy a house in a mid-range neighborhood, renovate it, and install a big pool and sauna, solar panels, and other ‘better’ features, the on-paper price of the house could increase significantly, but you’re unlikely to get the full price if other properties in the area that are more modest are worth 10-20% less. That’s because most people who want to buy a house worth a given amount of money are unlikely to look in a “lower-end” neighborhood. They want all the benefits of a nice house, including the area code.
So, when you’re looking for houses for sale in Roswell GA to invest in, be sure that you do your due diligence. Start small, and make sure that when you run your calculations you remember that time is money. The time you’re investing in renovating a property is taking away from your other occupation or business. If you want to do it for fun, that’s OK, but don’t fool yourself into thinking it will scale if your hobby is earning you a few dollars per hour once the sale is completed. Be realistic about the type of property that you take on, and how long it will take to bring it to a saleable state.
It is possible to make a profit flipping houses for sale Roswell GA, but it is not as easy as those house flipper shows make it out to be. It takes market research, an understanding of the core trades, and good financial sense too. If you have what it takes, however, it can be a very fulfilling occupation.
Living in Roswell
Roswell is an affluent historic district located in Fulton County. Bordered to the north by Milton, the Northeast by Alpharetta, East by Johns Creek, Southeast by Peachtree Corners and to the South by Sandy Springs with its Southern most border following the Chattahoochee River.
Things to do in Roswell
The Chattahoochee Nature Center, Wills Park Recreation Center, and Brook Run Park are all the perfect spot to enjoy the great outdoors right in your own backyard. There are walking paths, gardens, as well as an open swimming pool for residents to enjoy. In addition to the several parks there are community events such as concert series, bicycle races, duck races, parades and a wine festival. You will never be short of activities to enjoy in Roswell!
Buying or Selling?
Are you looking to buy or sell in Roswell?
Send us a message and let us know what you want to do. We are here to help. Whether you’re looking to buy or sell, let us know how we can help.