With the economy on the rise and housing market slowly repairing itself, many couples with some disposable income are flipping houses not only because of the potential to earn more than twice what they spent on the property, but also because of the sheer fun of the activity. However, because of the nature of this purchase, it’s important to keep in mind a few real estate tips.
Flipping a house involves purchasing a rundown piece of property, renovating and improving it, and then selling it at a higher markup. Some reality television shows are based on this premise, but in real life it can actually be more fun. The best homes are those that are already in a good or upscale neighborhood as the neighboring property values can affect the home’s selling price later on. There are also experience real estate agents who know the best houses that would welcome a face lift from an eager homeowner.
A good house flipper should also be a good fixer. Remember that half the fun is doing the repairs yourself, so make sure you know everything about house flipping from basic carpentry to legal residential requirements and safety issues. This can be a great activity to involve friends, and kids as young as five or six can help clean up the area provided there aren’t too many sharp or toxic objects laying around.
For bigger jobs, a professional contractor can come in and make sure that everything is in shape. After all the repairs have been made, you can advertise your home through the same realtor you used to find the home in the first place.