Now is a great time to consider that purchase to fix and have it ready to flip by the spring market. Here are my Top 10 Tips on flipping properties!
1. Choose your location well. Good neighborhoods always make for better resale. Also avoid main streets which have lots of traffic and properties which back onto less desireable real estate.
2. Avoid the wierd and wacky! A good floor plan is also good for resale. If you view a property which has oddities that can’t be fixed, this is a deterrent to potential buyers.
3. Hire a decorator or designer to give you advice on color and finishes. Don’t rely on your own choices. Professional color choices don’t require more time and they show and sell much better.
4. Do your numbers ahead of time. Work with a template and calculate all foreseeable costs, including carrying costs and costs to do both transactions. Don’t forget legal fees, REALTOR fees, borrowing costs and insurance! Add a little extra for the unpredictable.
5. Work with an experienced REALTOR who knows the buying market AND selling market. They will give you the best advice for current market value. They may also have referrals to trades, decorators etc.
6. Establish a timeline for your work projects. Try to get measurements and have your decorator view the property prior to possession. Ordering product ahead of time can save you lots of time and therefore money.
7. Overlap projects as much as possible. Again…time is money!
8. Hire out work in which you are less experienced. You don’t have to be handy man, but you must have the ability to give overall direction to a large project and see the big picture.
9. Quality work is rewarded in the final price. Buyers notice details.
10. Always think RESALE, not personal preference. It’s about the potential buyer NOT you!
For properties which make for good resale, templates and other helpful information, call or email me!