Luxury Home Owners Smart Guide to Flipping A home - 5 Key things you should know
Flipping a home is a bit of an experience, but for smart homeowners, the experience can be a rewarding one. No matter if you are a newbie in the realm of flipping or a seasoned veteran, this article will help you ensure that you know the five things you should know when it comes to flipping a home.
1. It takes time to master
The art of flipping houses is a skill that is learned throughout time, and unfortunately, it is not going to be mastered overnight. You will need the patience to learn, and the knowledge that you will make some mistakes. House flipping takes a few times to perfect, but once you have it mastered, you will be able to be better prepared for the bumps along the way.
2. Inspections will save you headaches and money
When you are first starting out in the business, one of the first things you need to do is find a home inspector that you can trust. A trusted home inspector will allow you to find defects in the home including foundation issues, pest issues or even water damage. These inspections will ensure you are able to have the original homeowner cover the cost of repairs, or have you back out of the deal before this flip costs you money.
3. Place the property on the market slightly below market value
Flipping a home is all about the sale, and one of the easiest ways to ensure that your property is off the market as soon as possible is to list below market value. Consider this, if you are in a hot market your home will move, but if you are in a slower market, placing it below market value will peak interest and get it off the market as soon as possible.
4. Do not do the work yourself
Take it from the experts, flipping a home does not mean you have to do the work yourself. Although we all love getting our hands dirty, when it comes to flipping a home you should invest in professional craftsmen to do the work. These contractors will save you time and money, and with professional work, you will be able to have a higher resale value then if you did the work yourself.
5. Use a real estate agent
The art of flipping is not complete until you get the home off the market, and the easiest way to do this is to utilise a local real estate agent. Yes, you will need to pay fees, but the return on investment is vastly higher than dealing with the headaches of selling a property on your own. A real estate agent will be able to advertise and promote your home on MLS and other leading sites, while also taking care of staging, showings and the paperwork. Flipping a home is an art, and if you want to do it right, these five need to knows will help ensure that you and your side business can get off on the right foot.
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