The following contribution is from another author.
So you have decided you want to buy a house to flip but if you are a novice you might not know where to start. We have gathered a few tips to help you along your journey, from replacement window Installation to finding the right area.
Choosing The Right Area
When choosing a home to flip, you want to ensure it’s in the right area. The first step is deciding whether it’s going to be a home you move into and do up whilst living there or an additional home. If you and your family are moving in, you will need to check out local schools, amenities and public transport. If you are buying the house to renovate and sell or rent without moving into you will have to do your market research to see whether it is a sought-after area and will be quick to sell when you put it back on the market at a reasonable price.
Learn To Negotiate
When buying a home you will need to learn to negotiate especially if you are buying it to renovate and resell. You want the best price possible so you can make money on your investment, so don’t be afraid to haggle with your realtor. It’s always good to know that most sellers accept 20% under the asking price.
Plan Your Budget
When buying a home to flip you have to know what your budget is, you have to keep in mind that this will be more than just buying your property. You will need to think about costs for contractors’ material, surveys and planning permission fees. Ensure you have enough budget to cover these costs plus a bit more to cover any emergencies that you might not be able to see on the first inspection.
Find Good Contractors
Everyone wants to find good contractors but how do you pick them out from the rest. Start by asking people in the local area on who they have used, you can use local forums if you do not know the area very well. Having a good contractor will help you identify any problems you might have with the property and be able to give you expert advice on what looks good and is within a reasonable budget. It’s also wise to check online review sites such as yellow pages and check a trade.
Knowing What Needs Renovating
When buying a home it’s always good practice to have a surveyor come and inspect the home. When flipping a home you will need to have some knowledge on what will need to do. If you are planning on doing most of the work yourself it might be wise to bring someone with you to help see if your vision will work. You will need to think about if you have the capability to reinstall windows, repaint, change the carpet, etc or whether you will need to hire a contractor. Obviously, when you do the work yourself you will be saving a lot more money than hiring a contractor.
Find a timeless style
When you are flipping a house you want to find a style that will appeal to all audiences. You could find an outlandish wallpaper or paint color that you think looks fab, but to others, they will need to completely redecorate it. Instead, you need to try and make the house a blank canvas so that potential tenants or new homeowners can see how they will make their own stamp on it. It is a good idea to paint the walls in a neutral color such as white or creme and get carpets that are a similar color or a wooden laminate. This way the new people living there can jazz it up with their own accessories and furniture. When people are looking around the house they want to be able to see it as their own and somewhere that they can picture themselves living and this is a great way to do so.
A house flip can be a very effective and efficient way of making money, but it is important to think about all the other necessary points when you do so. You want to ensure that you have the right budget, go with the right tradespeople, and ensure you are doing it in order to make a profit without cutting corners. What are some of your thoughts on house flipping? have you ever done it? What are some top tips you would give? Let us know in the comments below.