Thinking of Flipping A House? Review These Helpful Tipsadmin / 0 Comments /
The home improvement shows make it look so easy. It appears that as long as you can find an old, run-down house, you can spend a few weeks renovating it and list it for a profit. Many people realize, however, it is usually not that easy. Nevertheless, there is a market for flipping renovated homes and flipping these home can be profitable.
It is important, though, to understand the ins and outs of purchasing an old, dilapidated home and attempting to fix it up for resale. In an article published by Realtor.com, writer Lisa Gordon lists many of common mistakes made by first time home flippers.
For example, it might be tempting to purchase a home “as is” without getting a home inspection since the plan is to fix it up anyway. However, the home inspection will not only help identify major issues that could turn your flip into a money pit; it might also provide some bargaining power on the purchase price.
Gordon goes on to list additional mistakes such as “Overestimating your renovation skills” and “Underestimating total costs”. You may feel it will be easy enough to do all of the work on your own, in order to save money; yet, the article warns, it might be well worth the extra cost to hire professionals for some of the plumbing or carpentry projects.
Read the entire article.
Photo Credit: Bev Sykes