Make A Quick Profit With Property Flipping
What is property flipping? Well, it's when you buy a home at a reduced rate, do a little work on it and sell soon afterward for a profit. It sounds easy enough, doesn't it? But it's maybe not as simple as you think. In fact, there are definitely some things you should always avoid when flipping properties. Read on to find out what they are.
Don't put your own style into them
The cardinal rule that so many people seem to break when the flipping houses is that they get too emotionally attached to them. Then they start to change and decorate them according to their own personal style. But this is a huge no-no!
When you buy a priority to sell you need to be focused on three things and three things only. The price you got it for, the time it will take you to renovate, and the price it will be worth. It's a business transaction plain and simple, so there is no room for umming and ahhing over the finishes and fixtures that you install. At the end of the day, its doesn't matter if you like them or not as you won't be living there. They just need to work right and be of good quality, so put those mood boards, away people!
Don't ignore roof issues
When flipping houses, you should also be very careful to not ignore any issues with the roof of the buildings that you are working on. This is for two reasons. The first is that structural issues with them could mean the property is unsafe. Leaving you liable to be sued if you sell it on without dealing with it.
Secondly, roof issues usually mean that the home below is not protected from the weather. So it a storm comes along all of that good work you have done renovating the rest of the home will be lost. As well as the money that it cost along with it.
Don't ignore plumbing issues
Also, in a similar vein, plumbing issue in a home you are trying to flip aren't worth ignoring. This is because you run the risk of damaging the property itself. Or the new fixture and fittings you are installing if there is a leak or problem.
However, getting such issues fixed may not be cheap. That is why you should speak to at least three plumbers in your local area. Then compare the service, costs, and timescales they are offering. So you can work out which one is the best value for money.
Don't sell it yourself
Lastly, another big don't in the property flipping world is trying to sell the property yourself when it's ready to go on the market. The problem with this is that while you can save a few bucks doing it this way, the extended amount of time it takes to organize it all may not be worth your while.
That is why it's best to head to a professional real estate agent serving the area that you are in. As they will have the contacts and their ear to the ground for clients that are in the market for the type of property that you are offering.
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