How to Recognize a Good Real Estate Deal When You See It

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  • Author Benjamine Hill
  • Published May 17, 2010
  • Word count 514

Recognizing good potential in a piece of real estate takes an eye for detail and a good grasp of what it would take to develop a property in order to raise the value. Even if you can probably improve a home, it may not be a good investment if the development cost is not realistic for your finances. Home improvement and maintenance are important parts of keeping the value of your home up, so if you're looking at buying real estate with potential, it would be useful to learn a few things about what makes a real estate property a good deal.

It's a good deal if you can recover the cost of repairs and improvements

Of course you can always improve a home and have it repaired. The question is whether or not ths is something that will benefit you in the future. If the repair and improvements cost more than the house would be valued afterwards then it may not make financial sense to invest in it now, unless the seller wants to shoulder the repairs himself. It's also good to have a professional give you a quote on how much it would take for you to make the improvements so that you'll have an idea of whether it's going to be a good investment or not. For example, if you scout for San Marcos homes for sale and find a house that's priced low but would look a lot better with trimmed hedges, a paint job and other cosmetic improvements, then it might be a good buy. But if there's extensive water damage or electrical and plumbing issues, maybe you should think twice about it.

Get creative with using space

Some houses could benefit more if the spaces inside and outside the house are used more creatively. A huge walk-in closet could be converted in to a new bedroom or a small study. An oversized lawn can accommodate a tool shed or an office that's away from the bustle of the home. A roof can be outfitted with a flower or vegetable garden. Creating more uses with the spaces without crowding the property can greatly increase the value of a home. Learning to spot these unrealized potentials in a home can be a great find for people who want to buy a home. An additional room that's reasonably spaced and creatively integrated into the home is a great plus.

Buy a property that goes with a good neighborhood

Even if you have the most charming home if it's in a neighborhood that's quickly becoming less than ideal, you may someday end up with a piece of property that's difficult to sell. You can get an idea about what direction a neighborhood is going if you took a drive around it and are observant with the houses in the community. Are they well-maintained? Are the streets clean? Are public areas well-maintained and do the neighbors make an effort to help clean up the neighborhood? Finding the answer to questions like these is essential in getting a great real estate deal for yourself.

Benjamine Hill is a freelance writer who writes about articles related to real estate. Visit our website for more information about San Marcos homes for sale and to look at San Marcos real estate listings.

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