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2019-07-21 17:31:41
Are you a Home Flipper? Here are 10 tips for increasing Home Value

A home flipper's top 10 tips for increasing home value

You’ve seen the infomercial—all you have to do is order the video and you’ll be making a fortune flipping houses. The reality of house-flipping is slightly different, and while many people do make a decent profit, others lose money because they choose the wrong property, or they don’t take the correct steps after buying the property. Here are a few tips for increasing a home’s value as well as increasing the return on your investment (ROI).

1.   Pick the Right House
The most important thing when choosing a house to flip is to find one that needs only minor repairs. Look for ugly houses that have good structures. “They need only cosmetic repairs and updating in order to make them salable.” Never buy homes that have major structural or foundation problems, unless you are a builder or a general contractor, or you may end up spending too much on repairs and that will cut into your profit. Major repairs may also mean, “ a whole lot of hidden issues”.

2.  Paint Everything
Nothing makes an ugly house look better than paint. Paint everything, from the interior walls to the kitchen cabinets and the doors; If the outside of the house looks bad, paint it too. Buyers are more likely to make an offer if a house has a fresh coat of paint.

3.  Install New Carpet, or even better, ceramic or wood flooring
You may like to do a lot of the updating yourself, but when it comes to flooring, hire a professional. It may be one of your biggest expenses, but it gives the house a new feeling, and that’s what buyers want.

4.  Clean Like You Mean It
Buyers want clean homes. Please, don’t just keep the house vacuumed, dusted, and the countertops wiped down; wash the walls, clean the windows until they sparkle, and scrubs the baseboards weekly while you are trying to sell the house. You are more likely to get a full-price offer if the house is spit-shined, so it’s definitely worth investing in good cleaners and putting in the work.

5.  Spruce-Up Curb Appeal
First impressions count, and you may never get the right buyer through the front door if the outside of the house isn’t attractive. Good curb appeal adds value to any home. Trim bushes and shrubs and plant an appealing specimen tree in the front yard if it doesn’t already have one. You may want to replace the old mailbox with a shiny new one because … it adds a fresh feel to the front yard.

6.  Change Light Fixtures
Over time, light fixtures go out of style and the glass on them can yellow; If that is the case, please replace them. A licensed electrician is needed for major electrical work, and a good Handyman can do small repairs, including changing a light fixture, at a very reasonable price. Remember, the real value of a flipper is how much profit you make after paying for the repairs and updates, so the more you can do yourself, or by getting help from a handyman, the more money you’ll bank when it sells.

7.   Update the Kitchen
A kitchen sells a house, and you want to make sure the kitchen looks as inviting as possible. After painting the cabinets, change the knobs and drawer pulls in addition to replacing the sink faucet. If the sink is in bad condition, you may want to as the handyman to install a new one.

8.  Furnish the House
Not all house-flippers stage their houses, but it adds visual value and can help potential buyers form an emotional bond with the house. You may want to work with a local furniture company and lease an entire house full of furniture when you put the house on the market. In some instances, Buyers may want to purchase the furniture from the company once they saw how nice it looked in the home.

9.  Wait a Year to Flip
When it comes to selling, a good sales strategy may create more value and profit for you. If it takes you five to seven months or so to get all the updating done, you may want to wait a few more months before selling the house so you may pay less in taxes on your profit. We’re talking about short-term Capital Gains tax versus Long-term Capital Gains tax. By waiting to close on the house until a year has passed from the time you bought it, she can save thousands in taxes, and you the property may increase in value a bit more as well.

10. Go the Partial-FSBO Route
When you are ready to sell your flip, you may want to go the for-sale-by-owner route. If you are thinking of going that route, don’t cut out real estate agents completely. Instead, talk to a local real estate agent, tell him or her that you would like to act as your own listing agent (as an owner you are allowed to sell your own home), and you are going to try to sell it yourself for a period of  30 days, or maybe  45 days, and inform them that you are willing to pay them 3% commission if they bring you a Buyer. You may want to also let them know, that if the house is not sold within certain period, you will be interviewing agents.
Blog Archive
2019-07-21 17:31:41
Are you a Home Flipper? Here are 10 tips for increasing Home Value

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