Condos can be a great option for residents who want a great living experience in a community like area. But, have you ever thought about adopting that thing as a profession? Yeah! It can be adopted as a profession too if you have some spare money and you want to invest it for the sake of earning some profit.
Many people living in the Downtown Austin or from neighboring areas are making money by buying and selling condos. This can be a great way to generate extra income by working part-time or a primary income source if you work full-time as a condo real estate agent. This can be a profit generating thing if you work with honesty and put efforts in it.
To make some profit by buying and selling condos in Downtown Austin, you must have to know the secrets behind finding a good condo at a really affordable price. That’s why I’ve planned to write a complete article with some power packed tips on finding a good condo for selling with some profit. In this article I am going to share some professional secrets and things you should look while you are purchasing a downtown Austin condo to resell for profit.
So, let’s get towards the Tip # 1 without wasting much time:
Find the Right Condo:
The first thing you have to look for when you are buying a condo for reselling purpose is to find a condo that best fits in your budget. You also have to take care of the price range and the market value of that condo, and you have to keep a balance between them. As if you bought a condo for a high price and the market value of that condo is too low from that, then you will not be able to make some profit from that condo.
This might help you in finding a good Condo tower:
- Top Austin Condo Towers to buy a Condo in 2017
- 4 Common Mistakes You Must Avoid when Buying a Downtown Austin Condo
You can look for an affordable price condo on the listings websites on the internet or you can visit any local dealer r in your area who deals in condos. Being frank, it is better to let them know that you want to buy a condo to resell for profit thus it will make them easy to find a price range for you relating to that condo.
While you are looking a condo to purchase, you should always take care that its price will not be higher than the average price of that type of condos with similar features and locations.
For this purpose you can again get the help of the internet or visit some local 78701 Realtor, to get some pricing estimates for similar condos.
Get some Price Estimates:
Once you are done with finding a condo which best suits your needs and fits into a good price range, you can go further in the purchasing process and ask the seller about the demanded price.
Keep one thing in note that demanded price of a condo is not the price you are going to pay the owner. As, the demanded price is always negotiable and you have to avail the most of that opportunity. I personally recommend you to negotiate as much as you can because you have to take the prices as down as possible to get maximum profit for your business. These type of things always require effort and time, as you have to make his/her mind that he should sell the same condo to you at a lower price.
I recommend you to read this guide too:
- Secrets to Buy a Condo at Four Seasons Residencies for the Lowest Price
- 5 Websites to find the “Best Austin Condos” for Sale
Negotiation and the price for which you are buying that condo have to strong impact on how much profit you are going to make from that condo. As if you spent too much for the condo, then you will go out of budget and you can’t spend honestly on the renovation and maintenance of that condo and this thing will drop your profit a lot.
Look for the Repairs:
Once, you have purchased a condo and have all the paper stuff done, You are the actual owner of the Condo. Now the main focal point on which we are going to put maximum effort and focus is to taking a deep review of the condo for things that can be improved by renovation, repairs that should be done and the new things that can be added to the condo for a better look than now.
Have a Look on my article about: 360 Condominiums Overview & Condos for Sale
This time, you should have to think from a resident’s prescriptive that is going to live in that condo. You have to put an eagles eye to find out the unnecessary and un wanted things that should be removed to maintain the beauty of the condo. You can sell out those unwanted items on a used-item store in your town or a classifieds website to make some extra profit.
In this process you have to focus the things with a general prescriptive and not from a personal view. That’s why you can take advises from your friends or relatives. Especially who are currently living in a condo can be really helpful. You can ask them for the repair, addition and removal advises and then finalize for which advice you are going to work on.
have a look on my article about Austin City Lofts Condos
FREE TIP: One more thing, I personally recommend you is to look for condo decoration tips and ideas on the internet. As, internet can be really very helpful in finding ideas that actually work and that are unique. Remember one thing that, as much effort you put in this process wisely the higher the profit you will make from that deal.
Make things nice in Looks:
You can call this step a sub section of the above one because we are doing nearly the same thing in terms of modification to the newly bought condo. But this time we are not going to add or remove items form the condo. In this process you have to make things nicer in terms of looks which you already have in your condo.
I hope this guide will help you in this Process:
Maybe, you will have a painting on the wall which currently looks untidy and cleaning it out, shining a little bit can uplift the attraction of the condo. Or maybe there is a broken lamp in the bedroom which can be fixed and place on the top of the side table to make things look premium and well-organized.
This will improve the visibility and the looks of your condo and believe me it is an actual thing which is responsible to impress the buyer in the first look, when he visits yours condo for the very first time.
Estimate a Selling Price:
Once you are done with the renovation, repairs and the improvement of the condo. You have to plan about selling that condo as soon as possible. Because as soon this condo is going to sell, the soon you are going to take your profit out and get back to look for a new condo if you want to carry out this profession as part time or full-time.
First of all you have to estimate the actual cost you’ve spent on the condo till yet. This will include the cost you have spent on purchasing the condo, doing the paper work, the cost spent on the renovation and repairs and all the other expenses you have done to purchase and renovate that condo. Once, you have finalized and got the actual figure you have spent, now add a moderate profit in it and that will be the price which you are going to demand for that condo.
A moderate profit can be a figure which is not too much high and not even too much less. It can be anything between 30K to 55K for a condo.
Find a Seller:
Now, we are going towards rolling out strategies and in this process you have to find a seller. A great seller is a person who is looking for a good well renovated and affordable condo with the similar feature requirement which you have in your condo.
Here is a recommended guide for this phase:
You can also let your friends know that you are going to sale your condo which you have just bought. By doing this your chances of finding a seller soon, will be improved.
I personally recommend you to also put your condo with all the details, on the internet. Selling your condo online can help you getting the best price for that condo as this will give your condo maximum possible exposure. Along with that, you can also visit some Realtor’s (Persons who deal in condos buying and selling). They can give you the estimate for the selling price of your condo and also help you finding a buyer for the sake of some commission or a small percentage from the profit.
Grab the DEAL!
Once, you have a condo ready to be sold and you have done all the efforts from your side. Now, the only thing you have to do is to sit back and relax while you are waiting for a good buyer. You can do your business at that time as the only thing you have to do in those days is to just maintain the marketing campaign for the selling of that condo.
ADVICE: In this phase, I advise you to keep in touch with the Austin Downtown realtors. So, they will remember that you have a condo in downtown Austin and you want to sell that. Along with that, when you find a buyer who seems to be serious and comes in your demanded price range but offering a little bit less money, then try to negotiate things. As negotiation is the key to a good deal. You have to try to satisfy the buyer and let him know how much you’ve spent to renovate your condo and how you have taken care of each prescriptive.
Negotiating doesn’t mean to go in loss. Always look how much flexibility you have in the selling price. If your condo can be sold in return of a slightly less profit then keep things rolling out and Shake hands for the Deal, but if your profit is being dropped in that price, then just shake hands to let the buyer go.
Hope this method will help you getting profits by selling and purchasing Downtown Austin Condos. If you are doing the same kind of thing currently, then do share some tips from your personal experience in the comments section, to add some value to this article. I’ve spent a lot of time writing this article and done a lot of hard work, you can appreciate it by sharing this article on Social Media.
Thanks for spending your precious time reading this article
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