Flipping houses is practically becoming an American pasttime. Part hobby, part do-it-yourself project, part money-making endeavor, the practice is becoming more and more popular. One of the most common ways to do it is to fix and flip houses. This basically entails buying a house that might need some upgrades, renovating it, and then selling it for a profit.
1. Spend Your Money Where it Counts.
Even rookie house flippers know that keeping to a tight buget is one of the most important parts for a successful flip. The best way to squeeze the value out of your budget and to make your flip sellable is to put your money where it counts the most — the kitchen and bathroom. Adding sparkly new appliances, updated lighting, and making sure nothing looks out of date is important for the overall sellability of the house.
2. The Devil is in the Details.
Another important tip for anyone who wants to fix and flip houses is that the devil is in the details. After the bathroom and kitchen updates, your attention should be on making sure that the little things are taken care of. This means plastering any tiny holes in the walls, sealing window frames, and updating things like the mailbox and the numbers on the house. All of these will be little contributors to the sale of the house.
3. Do Your Homework.
This is another really important but easy tip. Flipping houses takes more than just sweat equity –it takes know-how. You should always do your homework about housing market cycles (which are usually about four years up and about nine months down). Look for tips and tricks on house flipping blogs or in books. There are a lot of other house flippers out there that you can learn from, so take advantage of that.
Do you have any other tips for fixing and flipping houses? Let us know in the comments!