You’ve heard the success story: a worn-down eyesore, an optimistic buyer, and a quick transformation followed by an even faster sale. Flipping houses can be a lucrative occupation, but it certainly isn’t an easy feat. If you’re interested in trying your hand in the market, you’ll want to keep a few insider tips in mind.
Don’t go it alone
From buying, to the renovations, and then to the actual sale of your project, it helps to have some experienced professionals on your side to help streamline the process. And if you’ve never tried to flip a house before, it’s even more important to have a helping hand or two at your disposal. Build your team by talking to real estate agents, contractors, and other seasoned homeowners you can trust to point you in the right direction.
While it’s always incredible to watch a run-down property be remodeled into a functioning home again, be sure that you can put your money where your mouth is and that you don’t purchase too ambitiously. Before buying a house to flip, make a sound budget that you can easily stick to throughout the renovations. That way, you’ll know from the beginning how much you have to allot to the purchase itself and any costs incurred afterward.
Check your expectations
When the remodeling is done and you put the newly-decorated home back on the market, remember that the idea is to engage in a quick sale, not haggle over every nickel and dime. The success of house flipping lies in the ability to close each deal efficiently. As such, you probably won’t make very much off the first few sales. Don’t get discouraged! If you find that flipping houses is something you enjoy, keep a record of your successes and setbacks so that each time there are fewer surprises and more to gain!
Timing is everything
The housing market is in constant flux, so above all else, remember to be patient and time your purchases and sales accordingly! At this stage, an experienced real estate agent is your best bet in learning the ropes and optimal times for buying and selling property in your area. Flipping a house is only possible when the conditions are right for buyers, so you’ll need to catch those waves as they come.
If you’re ready to buy or sell a home, contact Intracoastal Realty and get connected with some of the most knowledgeable agents in the coastal North Carolina area!