The real estate market has been quite the hub of activity the past few years. Even with many areas seeing low inventory and strong buyer activity your, house needs to stand out and be memorable. As more and more people get into the house flipping arena there are certain observations that I have made:
- It appears that more people are flipping
- People can sell a product that is not as great when the market is strong and inventory is low
- When there are more house flips then it is even more important for yours to be memorable
How do you create a memorable home flip?
In addition to using the appropriate finishes and materials for the neighborhood there are a few key areas where you can draw attention and create the buzz about your project.
Curb Appeal
Think beyond just cutting away overgrown shrubs. Think about the walkway up to the house. Look at the driveway. Are there steps? All of these are potentially expensive fixes for a homeowner. But if these areas are in good condition are they littered with construction debris? A quick blow off and hose can do wonders. Is there a railing? Does it have damaged? Is it needed? Has it rusted? A wire brush and a matte black spray paint can be your best friend in this scenario. In addition, don’t forget exterior lights, mailbox and address numbers.
Modernize Kitchens and Bathrooms
Kitchens and bathrooms are the two areas where most prospective buyers focus a considerable amount of attention. Virtually all buyers immediately gravitate toward the kitchen when the real estate agent opens the door. Bathrooms are also key. Buyers are looking for spaces that are not only attractive but functional as well.
Work With Contractors You Know (or are familiar with)
It is a rule of thumb in the building trades that contractors often offer deals for a large volume of work. If you flip homes regularly, the carpenters, electricians, plumbers, and other contractors can grow familiar with your needs and budgets and can work with you when your budget is tight. Further, working regularly with the same contractors can help ensure that the quality of work is good. This strategy works best if you are an established flipper with a track record, but even newcomers to house flipping can establish new relationships with good contractors if they present themselves as professional business people who intend to do more projects in the future.
Build a Schedule and Follow It
Time is money in the house flipping business. Profitable house flipping requires renovating the property quickly—preferably in a matter of a few weeks (depending upon the repairs) or at the most, a few months of purchasing it. Most investors don’t want to tie up money for too long, and you cannot fund tand for some investors, you may not be able to purchase your next project until you sell the current property.
A truly profitable and successful flip will be a combination of great design and smart project management. Make sure you are planning for the unexpected and preparing to approach whatever happens as a learning experience. And house flipping offers plenty of learning opportunities.
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Amber
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Amber’s Biz Tip: Three People Who May Not Really Know How to Flip a House
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