Lot Size5.16 ac
Home Size1,873 sqft
Days on Market3
5 Things You Need to Know About Flipped Houses
- Real Estate Tips
- April 21, 2022
Are you looking to purchase a new home and flip the house for a profit? Before purchasing your next real estate investment property, check out these five tips below.
#1: Pick The Best Location to Flip the House
When it comes to purchasing a home in this real estate market, you have to consider the location of it. The only thing more important than the house itself is where it is located. You can change a lot of things about a house, but you will not be able to change where it is located. Before choosing the perfect place, you must first understand the needs of your target market. Are you looking to cater to families, or to those on vacation? City folk, or suburban folks? Knowing the answer to these questions will better help you choose a home to flip in the best location. Talk it over with your real estate agent to decide which part of town best suits your target market.
#2: Avoid Novelty Homes
When you’re looking to flip houses, choose palatable homes for everyone. The real estate market is competitive, and if you want to sell quickly, make sure you are investing in a property the average person would be interested in. You want a house that is marketable! Your real estate agent should provide you with the style and models most people in your target market are looking for. For example, homeowners looking to create a home for their expanding family are probably not interested in purchasing a house that has a limited number of bedrooms. At the same time, vacation seekers are probably not interested in a home that does not have a nice view of the surrounding area. Put yourself in your buyer’s shoes when choosing the best home to invest in.
#3: Financially Prepare for Renovations
Renovations are an important part of today’s real estate market. When flipping houses, take an honest look at your budget to determine how you plan to make the necessary upgrades to your home. Your real estate agent will be able to help you decide which features are the most popular in the buyer’s market. For example, most people today require granite countertops and modern light fixtures in the kitchen. The kitchen and the bathroom should be first on your list of renovations, as it is often a significant factor that most buyers look at when purchasing a new home.
#4: Choose Reputable Workers to Flip the House
Flipping houses already comes with stresses and uncertainty! You don’t want to add another layer of stress by choosing faulty contractors. If you are going to make the repairs and adjustments yourself, you may not have to stress about this step. The real estate market has many developments that are continuously delayed due to contractor errors. It may be a good idea to consult with your real estate agent on how to properly vet contractors so that you may avoid unnecessary delays. Flipped houses can be tricky, especially if there are setbacks!