| |
| |
|
|
Real Estate |
|
Flipping Fixers: Using Transformation Psychology for Top Dollar
Satisfying and lucrative real estate investment depends upon your correct assessment of profit potential, of course, but your ultimate success depends on your ability to transform a fixer into a dollhouse. The renovation process involves physical work and choosing the best supplies, in order to create maximum positive emotional effect and profits. By incorporating the psychology of residential design, you can make wise choices in transforming your fixer house by using colors, textures, building materials, and decorations that will assure a future speedy and cost-effective sale. The psychology of residential design addresses the entire home, inside and out, but the techniques of Transformation Psychology are a bit different, because your ultimate goal is different. The use of Design Psychology in your personal home is much more individualized, while renovating a doghouse into a dollhouse integrates more generalized design ideas to create a home that will be appealing to a broader spectrum of people. Using Transformation Psychology to increase your real estate profits means that you must learn how our human senses and emotions are affected by our decorating details and choices of materials. Buyers view a prospective home with their eyes, but their brains interpret what they see and feel according to subtle touches you have purposefully put into your house. Process of Transformation Psychology Your goal is to create a glorious home that buyers won't be able to live without, and that process begins with planning all the changes that will be necessary, from inception to realization, in order to accomplish a total makeover of the house. Color Psychology Determine your potential buyers' income level and your selling season. Use simple colors for less expensive houses and complex colors for upscale markets. Add in warm colors to attract buyers during cooler weather and cool colors to attract buyers during hot weather. Texture Psychology Many investors fix up houses to flip without considering how the vacant house will 'feel' to prospective buyers. This isn't a problem in hot selling markets, but selling a vacant house in a buyer's market means you need to outshine the competition instead of pricing your home lower. Vacant houses often feel cold with all hard surfaces. Avoid a boxy, hard feeling by adding soft textures. Window coverings, towels in the bathrooms, and a lightweight round table with a fabric tablecloth add texture to soothe the buyer's emotions. Buy Materials with Drama in Mind Instead of buying the cheapest lighting fixtures, cabinet hardware, and other building materials, look for additions which buyers fall in love with. This doesn't mean you need to spend more, just be selective. We found an awesome chandelier for only $25 at Restore (Habitat for Humanity's thrift store); I found matching wall scones at Lowe's (where the chandelier sold for $300). Paying $50 more for the wall scones than most investors would have meant little when the house sold for more than any other home previously sold for in the neighborhood. We love taking a dirty doghouse and turning it into a marvelous dollhouse, and we're willing to invest more time and money than the average investor in order to achieve a truly dramatic transformation. We usually spend about $12,000 for each renovation, which includes the cost of materials and outside help. Many investors spend much less, but they make less profit when the property sells. Real estate investing takes skill and planning, but using Transformation Psychology can give you a competitive edge, taking a doghouse and turning it into the kind of dollhouse that buyers will stand in line to bid on. (c) Copyright 2004, Jeanette J. Fisher. All rights reserved. About The Author Professor Jeanette Fisher, author of Doghouse to Dollhouse for Dollars, Joy to the Home, and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, and newsletters, see http://www.doghousetodollhousefordollars.com/.
MORE RESOURCES:
Real-Estate - Google News |
|
|
|
RELATED ARTICLES
How To Buy Real Estate - Yes, YOU CAN! If you want to buy a house but don't think you can for any of the following reasons, this article is intended to give you correct information so that you can make smarter choices and open yourself up to a world of wealth, possibilities and realistic expectations.The truth is you are being unrealistic when you believe the following reasons to be true:I can't buy property now because? I don't have 20% for a down payment, let alone 5%, let alone even 1%. Choosing a Residential Lot Finding a lotPlanning for your new home is a very involved process. You might want to get right down to selecting a set of house plans but don't get into a hurry. Flat Fee MLS Listings - Is This The Future Of Real Estate Realtors are all a buzz about this new form of listing houses on the MLS (multiple listing service). Some feel it creates more work for the buyers agent, while others see this as a way to tap into the For Sale By Owner market. Real Estate: Financial Considerations $$$ Raw land as opposed to improved property is much more difficult to finance through traditional lenders. The main reasons are that it generates very little income, development costs can be expensive, there are no buildings or improvements that can be used as collateral, and it is often considered speculative. Home Buying - School District Issues A good school district is a key factor in home buying if you have kids. It can also be a positive selling point when it comes time to sell your home. Homebuyer Heaven Can't Possibly Last With interest rates at record lows over the past year, there's really only one way for them to go, the only question is when. Most experts agree that rates will remain fairly stable in the short term, at least until the end of the year, and some believe they will even decrease slightly. Selling Houses: Design Psychology and Interior Colors Interior colors are vitally important to selling your home quickly, and for more money. But you must always take your target market and selling season into account, using Design Psychology techniques, when choosing the colors for the inside of your home. Buying an Unfinished Home Maybe Your Answer For the first time "want-to-be" homeowner, purchasing an unfinished new home maybe just the answer. With mortgage interest rates still at record lows, there has not been a better time to purchase a home in decades. Real Estate Investing - Makeovers vs. Flipping Please don't call it "flipping."Some real estate investors who practice the technique of buying property for immediate fixup and resale call it "flipping houses. Real Estate Investing - Protect Your Privacy An irate tenant or disgruntled home-buyer, with the help of a willing attorney, can readily prompt a property search for a property owner in public records. The target of the search becomes someone who has deep-pockets as reflected in real estate assets. Basic Tips for First Time Home Buyers Choosing a first home can be a daunting task, but following a few key steps makes it a lot less confusing.An essential part of the process for every home buyer is to simply do the math. Make Money As A Slumlord Be a slumlord? Okay, I got your attention, now the truth. I really don't recommend that anyone endanger their renters with unsafe housing. Trading Inspectors! As sure as the spring flows at the Fountain of Youth, a home inspection provides a stream of knowledge to wash away the fears of homebuyers. But fear may be replaced by frustration if the wrong inspector is chosen!Should Tradesmen be Home Inspectors? There are some who say that the best home inspection is an inspection where all the trades are represented by a tradesperson from each specialty. Fixing Houses: Using Psychology for Profits Real estate investors who specialize in fixing houses for profit gain new insights from Interior Design Psychology ideas. Increase your profit potential in the new buyer's market with these new transformation strategies. Should You Use a Property Management Company or Manage Your Real Estate Investment in Florida? When considering investment properties, first of all, it must be determined that it is profitable and a good idea to purchase rental properties. Let's talk about this aspect. Youre Not Paranoid: The House Really Hates You If you've just bought a house, you may be able to relate to a fascinating essay in Maya Angelou's book, Even the Stars Look Lonesome.When Ms. Stay Motivated With REI Till The Deal Comes I know many investors step into the game of real estate investing with high hopes of landing the deal that will turn their financial situation around and yes some do and this is not for you - this is for the investors still looking for that first deal!The best way starting out in this business, staying motivated and sticking to real estate investing has to do with one big factor!Keep your JOB - Yes you may be "Just Over Broke" but real estate investing comes with no guarantees of doing a deal in 30, 90, or 120 days as a matter of fact deals come and they go. real estate investing has its good times and it's bad times!You need a source of income and without it the likely hood of failure will soon follow!Having a stable income is the number one goal to having financial well being and your mental and emotional well being also. The Many Ways To Profit From O.P.P.s Multiple Cash Streams In a previous article we introduced you to the concept of O.P. A Few Easy Ways To Take The Headache Out Of Moving Moving from one house to another is always a challenge, but it doesn't have to be a nightmare. Here are some simple tips on how to get it done with minimal stress and strain. Finding a Great Listing Agent for Your Home: 8 Tips If you've decided to list your home, you'll be paying a real estate agent a significant amount of money to the hard work of selling your home. Therefore, you have the right to expect prompt attention, good service, and protection.
|
|||||||||||||||||
