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Thinking About Flipping A House
Dated: October 7 2019
The availability of homes on the market is low while the demand is high, especially for first-time buyers. If you have some cash to invest, you may be considering flipping a house.
Don't forget, the length of time required to update the home is one of the biggest factors that can turn your flip into a flop. Avoid getting stuck with a fixer-upper that becomes a real money pit by consulting a real estate professional. Realtors® have valuable insights into the local market and can help line up motivated buyers while you complete the renovations.
Know your options.
You may plan to do most of the work yourself, but you may also need the expertise of an electrical or plumbing contractor. Obtain bids from several contractors even if you hit it off with the first contractor you meet. Gather references and look for reviews online where you'll likely see the most unbiased feedback.
Reduce square footage.
While it may be tempting to maximize profits by building an addition on the house, remodeling as opposed to expanding is one of the simplest ways to save. Appeal to buyers by focusing on feature trending in the market, such as an open floor plan or updated kitchen.
Invest sweat equity.
Even if you don't see yourself as a particularly handy, chances are you're capable of completing a few projects yourself. Consider taking on the finishing touches of landscaping, painting, replacing doors and trim, or installing new appliances to increase your return on investment.
If you're looking to invest your money in real estate, but you're not sure where to even begin looking, my suggestion is to find a neighborhood in a nice area (near parks, schools, shopping, etc.) with high pride of ownership. Then, start your search for the "dog" on the street. After investing some money into repairs and renovations, the home may double its value simply due to its location and modern updates. Rent out the home to earn some passive income and help pay your mortgage (the rental market is incredibly HOT right now!!) or sell it at a profit.
If you'd like to discuss home flipping opportunities, property management, or get a few contractor referrals, feel free to call our office!
I understand that buying a home can often times be one of the biggest financial decisions of a person's life. Not only can the whole process seem stressful, emotional, and time consuming, but if you a....