June 16, 2014
A Guide For Buying, Renovating And Selling A Home
Buying, renovating and then selling a home all in the name of profit is something commonly referred to in the field of real estate as flipping. There is hardly a perfect formula for such a task, however you will do well to prepare yourself accordingly, as we will cover in the following tips:
Keeping it professional
You should avoid getting too attached to the home you’re planing to flip. Remember that above all this is just business. If you don’t think your calculations are working, then you should move on. Sometimes its simply not worth the effort to waste time and resources to work on a property. You should also avoid unrealistic prices, as they will damage your overall profits.
First impressions are very important, so you will need to pay attention to the inside of the home as well as the outside. If the outside of the home looks dreadful, then you will have a very hard time convincing the potential buyers that the property is worth their time and money. You will do well to focus on cleaning and renovation before you call them over for a viewing.
Keeping it neutral
When it comes to flipped properties, you should make sure you stay away from your ideas and personal tastes. You will need to take a more generalized approach to it, consider the possible target demographic of clientèle you need. Stick to neutral colors and try to do whatever you can to enhance the original home’s strengths while addressing its weaknesses.
Kitchens and bathrooms
You need to pay special attention to the bathrooms and kitchens. They will have a noticeable effect on the price of the house itself. You must still make sure you choose the right appliances and fixtures for its price range. If you want them to look sleek, clean and new, then you will have a higher chance of turning a better profit.
Setting a deadline
You should keep in mind that when it comes to house flipping, time plays a major role in what you do. After you make your list of planned renovations you will need to get a timeline ready, so the contractors will know when and where they’ll be needed to get things done.
Hiring a contractor
You should hire a good contractor if you want the job done right. This is the most important and essential step in what you have ahead of you, since they will handle the main part of the renovation and that part of the budget will be their responsibility. They will need to check for problems and find the solutions. Look for good referrals if you’re not lucky to know someone like that.
Getting ready for paperwork
You should be ready for lots and lots of paperwork. House flipping has a lot going on about it, so you will need a number of permits to begin with. You need to make sure you have the time to obtain them before you start working on the property. Not having them ready will halt your progress and damage your profits in the long run. Keep all paperwork handy and obtain insurance coverage for your workers and property as well. Guest post by Heather Roberts
For more information on getting started flipping, contact The Mazza Team