House Flipping Tips
Flipping houses has become a very popular activity in the housing market, this can be very financially rewarding; however, if not done right, it could turn out in catastrophe and cost more on the property than you make on it. House flipping is not for everyone, it takes much more work than it may look. Choosing the right house is key; the house isn't the most important factor, but the area that the house is located in. Find an uncared for home in a nice area, maybe it was a rental that wasn't properly maintained, an older owner/s who weren't capable of keeping up with the house, maybe it's just an out-dated house, or it could be an eye sore, over-grown and "ugly" to look at. All of these things are repairable, but if the house is in a bad neighborhood, whether it be high crime rate, low income, or near a freeway or airport you can not hide or change these undesirable features.
Now that you've found the right house, it's time for inspections; this is a very important step that you do not want to skip. The main areas to focus on would be: 1. the foundation, if you find any cracks make sure to get an estimate on them, this could turn out to be a very expensive repair. 2. The roof, you need to check for water damage and carpenter ants, especially in an older home. 3. Plumbing and electrical, check in and around the kitchen and bathrooms for uneven flooring and water marks, you may also want to check the water pressure by flushing toilets and turning on taps. If these three areas look good then you're ready to plan your flip.
There are many ways you can save yourself money, keep in mind painting or replacing kitchen cabinet fronts, rather than replacing the whole unit, If the yard needs work, don't be afraid to get dirty, doing these tasks yourself can save you a lot of money. The biggest money saver; however, is to keep the job simple, keep the original floor plan as alike as possible, knocking down walls and other like jobs are very time consuming and can become quite costly.
Once you find the right house, now it's time to set up a budget, making sure to put extra money in a reserve just in case of any unplanned disasters or mishaps. It's very important to be reasonable when setting up a budget, don't underestimate costs.
Keep in mind the most important selling features of a home; see our "Top 10" list which tells the top ten upgrades needed for a successful flip and some tips on how to make it happen.
Top 10 Focus Points for a Successful Flip
10. Fixtures - By fixtures we mean sinks, faucets, shower heads, toilet paper holders, towel holders, etc... the first choice for most home owners is chrome, or you may want to go a little different and a bit more elegant, maybe try brushed aluminum or antiqued materials.
9. Lighting - This covers the ambiance that the lighting you've chosen is right and the lighting fixture itself is attractive. Too often a time when shopping for new lighting, people just choose whatever looks nice, but it's important to keep in mind what room the lighting is for, and the purpose the lighting will serve.
8. Extras - This is product that has been added to the home that is above and beyond the necessary. These extras would include items such as: a Jacuzzi tub, stainless steel appliances, dimmer switches, a garborator, skylight, maybe even a theme wall somewhere, anything that adds extra flare to the home, if your budget allows, I would recommend putting extras in the home, for a small original cost it can make a huge difference on selling day.
7. Finishing's - You would be surprised as to how many people do notice finishes, such as the baseboard in a house, the casing around doors, and the basic ensuring that closets and doors open and close properly, a lot of times in older homes, after it settles with time, door frames can become crooked making the doors close improperly.
6. Entrance - First impressions are often peoples deciding factors when buying a home, make sure it's clean, effective, you don't want too much furniture in the way, keep it simple and open.
5. Bedrooms - Bedrooms are easy rooms to upgrade, they only really require some carpet, paint, and sometimes new light fixtures, etc... if you're planning on staging the home for a sale, you'll want to really focus on this area, since they are such simple rooms make sure to furnish them nicely.
4. Flooring - New flooring is mandatory when flipping a home, tile is nice for kitchens, front entrance, bathrooms, and laundry rooms, keep the tiles simple with little or no pattern. Carpet is what you want in bedrooms to keep them cozy and warm, and think of using hardwood or laminate in your living area.
3. Kitchen - As we all know the kitchen is like a hub of our house, we spend much of our time in there, preparing meals, entertaining, and of course cleaning. You want to ensure there are plenty of cupboards, as well as counter space. Make it look new, bright, and spacious. If your budget allows room for those extras, this is where you'll want to use them.
2. Bathrooms - Some of you may be surprised to see bathrooms ahead of kitchens on our top ten list, but studies have shown that bathrooms can make or break a flip, or a sale of any kind. This is a room where people go to perform many personal tasks and often to unwind in a bath, you need to put lots of proper planning into the bathrooms, and they need to feel inviting and comfortable.
1. Curb Appeal - You may have guessed it, or not but curb appeal has made it to number one on our list, reason for this is that not everyone, but many people won't even enter a home if it doesn't look maintained from the outside. You can't sell a house if you can't get people into it.
For more Information on this topic and more articles by Gabriella Carrera visit http://www.buildwish.com/ a free Online Home Renovation & Design Directory for North America, Featuring Free Real Estate Classifieds, Helpful Articles, Contests, Hot Products, Qualified Trades, Forums and Much More!
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