House-flipping and home renovating are easier said than done. In order to be profitable, you need to be as fluent in home improvement as you are in the finances of the project. If you’re looking to flip a house in the Niagara region, here are a few key tips to help you find success.
Recognizing potential in a property and estimating your costs.
It starts with the purchase: finding the right property that will produce a profitable house flip. It obviously needs to be a house that you can successfully add value to with renovations, then be sold for a profit. Careful consideration and research in the current market is necessary. Get the proper advice from various professionals and experienced house flippers in your area. Flipping in a popular location means that there will be people eager to buy once you’re ready to sell.
The budget, the timelines and the selling are all important factors in planning a house-flip.
You need to get the help and the quotes, strategically plan and then start executing your vision. You must ensure that you have a budget in place (plus extra funds to cover overages). Some areas require the utmost attention and you can’t cut corners. If you want to do well in the market, you need to plan for the repairs, organize professional trades, contractors, factor in personal labour, as well as any unexpected costs (yes, there will be extra costs and delays).
Planning and executing in a timely manner is important! You must stay on top of your trades, be accountable for each day, and review your progress at the end of the week to see if you’re on track with your plan. If not, you’ll be running behind schedule. Finally, focus on the finishing touches so that the flip looks its best when going to market. Consider some landscaping, home staging and seek the advice of a good real estate agent who knows the market.
Save some of your budget to cross the finish line—showcase your flip with expert home staging.
It’s a pricey mistake to spend all your resources on the project to finally go to market exhausted and broke, thinking a vacant house will sell just the same. Plan for the staging, budget for the staging, and get quotes early. A new roof and new kitchen will attract buyers, but furnishings, artwork, fresh towels and bedding will allow buyers to imagine themselves living there.
HGTV’s flipping expert, Egypt Sherrod reminds us that “once you beautify the home, you still need to sell it.”
You’ve worked hard, now it’s time to let the professional home stagers add the finishing touches.
At Elegant Living Decorating, we are available to assist with the planning and design of your house for sale, as well as selecting the most current finishes to rejuvenate an older home. In addition, our team can expertly showcase the most beautiful parts of your property which is essential in getting noticed by potential homebuyers. Give us a call at 289-668-7018 today to schedule a staging consultation and witness firsthand how well staging sells!