Flipping houses can seem pretty straightforward… you simply buy a run-down house for less than the market value, fix it up, and sell it before you have to make the first mortgage payment. That all works out pretty well on TV, but in practice, the whole process is complicated, hard, and downright stressful. There are so many things that could go wrong, but it can be extremely profitable if you have good information, lots of research, and a Realtor that can help you find the best deals. Song Real Estate is a great place to start!
The hardworking, experienced Realtors at Song Real Estate will help you find the right home within your price range, but first, it’s important to do your research! Learn about your local market in order to decide what types of houses you should buy and what time you should buy. Buying foreclosures can often be a great way to get good deals on fixer-upper houses (as long as you know how to go about it).
You can read our blog on buying foreclosures here. Your Song Real Estate agent will help you find a house that is ideal for your budget and time frame. We can help you find a property that is undervalued so that you can invest minimal time and money in it before selling. When you find a home that looks promising, there is still a lot to do before you buy. Don’t forget to research the neighborhood you are planning on buying in, and find out everything you can about your investment. It’s essential to get a home inspection right away if you are considering buying a house in need of improvement. For more information on home inspections, check out this blog.
After you’ve decided on a home to buy, you’re work has just begun. You now must hire a professional to walk you through all of the improvements you will need to make in order to sell your house for more than you put into it. Once you have a better idea of what kinds of repairs to invest in, make a budget for how much you are willing to spend on the property and a plan for what renovations you will make. There are entire books dedicated to the topic of successfully flipping houses, but here are some of the experts’ main tips and advice:
- Decide what price you want to sell your home for before you begin renovation. The Song Real Estate team can help you review the selling prices of similar homes in the area in order to get a better idea of what your home will sell for.
- Find a good contractor. This should be someone who works well with you and will be able to tell you exactly what the renovations will cost.
- Overestimate how many repairs you will need and how much they will cost. It’s better to be on the safe side when you are making a budget. You don’t want to be stuck with too much work to do and not enough money.
- Make structural improvements first and foremost. Things like plumbing; electrical, insulation, pest control, and HVAC are often the most important improvements a house flipper can make. If you don’t have experience in these areas, you’ll have to include the cost of labor in your budget.
- Don’t forget to increase the curb appeal. It’s easy to get caught up on the interior renovations and disregard improvement on the first thing your buyer will see- the outside. Painting, landscaping, and sprucing up the driveway can really increase your budget for the home.
- Set a timeline. TV shows and the media have given off a misconception that you can buy, flip, and sell a house in only a month or two. In reality it takes an average of four to six months to flip a house. In some markets it can take even longer than that, and if that happens, your costs could increase during the time you spend making the repairs and putting it up for sale. The best way to get the most for your money is to purchase the right house at the right price, and Song Real Estate can help you find just that. So contact us today!
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