When you start looking for ways to make the most of your budget while flipping a house, it's best to start with the basics.
You will have to spend some money, but if you set aside personal likes and tastes and instead put yourself in the mind of the buyer, your return will far outstrip your investment! There are seven main areas to concentrate on when you are in the process of flipping a house: 1.
Choosing the right home.
If the home only has cosmetic problems and is in a popular and desirable neighborhood that's a good choice.
Stay away from homes needing major repair and/or are in non desirable neighborhoods.
2.
Hire a home inspector.
Once you have found the house that fits your criteria make sure you get it inspected.
Most home inspectors are only a few hundred dollars which will save you a ton in the long run.
They can prevent undetected and expensive repairs from showing up when you least expect them.
They will see what you can't and the good part is if anything comes up they are held liable so they will make sure to do a thorough inspection for you and find things that were not previously visible.
3.
Purchase the home below market value.
Some homeowners are not willing or able to correct cosmetic flaws.
This is where you can clean up! If you can get a home at a bargain basement price you are on your way to making some serious profit.
4.
Renovate the home.
By putting careful thought into which elements of the home will be renovated, you increase your chances of flipping a house successfully.
Before you get started, be sure to look for any areas that are in disrepair and a sore to the eyes.
Concentrate the bulk of you renovation budget toward the kitchens and the bathrooms for these two areas of the home will receive the most scrutiny.
By paying close attention to these two areas you will get back the most return on your investment.
5.
The kitchen.
The appearance of the kitchen can make or break your investment.
By adding new cabinetry, countertops and appliances you are on your way to improving the look of the kitchen and your profits as well.
Consider replacing an older model sink with a stainless steel kitchen sink which is all the rage right now.
If you really want to make an impression take a look at some under-mount kitchen sinks.
By purchasing discount sinks you can keep a sharp eye on your budget while not infringing upon you profits.
6.
The bathroom.
This is the other place to spend money.
By adding a fresh tile job for the shower and floor you will add a splash of luxury that is certain to nab the interest of prospective buyers.
By expanding the bathroom you can alleviate the feeling of being cramped and crowded in an old bathroom.
7.
Ensure the home has curb appeal.
Focus on ensuring the home has curb appeal.
Before the buyer will even see what you have done on the inside of the home they will first judge your property by what the see on the outside.
Ensure the lawn is mowed and all trash is picked up.
Get rid of all debris.
A fresh paint job or power wash will do wonders to add to the home's curb appeal.
A welcome mat as well as flowers will show that you take pride in your work.
Using these basic house flipping tips will improve both the looks and value of your investment! Visit: WholesalerSmarts.
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