Make Your Money When You Buy
You need to do your research on the property and the realistic price you will sell this property at the end, it doesn’t matter too much on the finish if the house has a ceiling price within the road. When you have your costings for the renovation worked out, only pay a sensible price for the property in the first place. Make sure you have enough profit in the house to pay for the buying and selling fees, as well as coming out with a profit.
Inspect Your Home
It’s really worth making sure you pay out for a proper inspection on the property, getting a list of all the issues (if any!) and things that will need fixing. This survey will throw up any major issues with pests, rot or dampness which can be expensive to fix, and also things that should have been dealt with already.
Sometimes It’s Better To Pay Someone
Look at spending out on contractors when needed. Yes, I agree you save a lot of money on labour when you do the things yourself, but what about time. Every month you’re probably spending out on a mortgage, your just spending money and not getting any return on it when it’s being worked on. So look at spending some money on contractors and get the work done as soon as possible. The sooner you flip the property, the sooner it’s sold and money in your bank account again. Also if you’re doing it alongside a job, you may find it’s cheaper to pay someone to do that job, and you work that day to pay for it. If your wage is higher than the job paid, don’t lose your own wage.
Sell Quickly
You need to sell the property as soon as possible, as tempting as it is to put it at a higher price to make more money, if it’s not priced correctly with the market, you won’t get the viewings at all. If you’re hoping someone will come and fall in love with it and pay the extra money, then you might be wrong. You need them through the door first of all. Maybe if it’s priced at a good price you may have more than one offer on the table, pushing the price up to where you really hoped.
Use An Agent
Don’t be tempted to market the property yourself, let the people who are experts in this field sell it for you and get the price they want. They have websites that are marketed well, use tools to get their adverts seen and a list of people waiting for certain properties to come onto the market. Be great to sell it before it’s even marketed! I have seen many properties without agents sit on the market for months, only to sell straight away once there with an agent.
I hope this article has been helpful for you, and good luck on your house flipping, it’s great fun! Do your research and think carefully about your pricing