Flipping and selling houses has become a very popular practice. If you know what you're doing, there's a lot of profit to be made! But if you're new to it, there can be many confusing elements to grasp. To help you get started on the right foot, we've crafted a list of things to keep an eye out for when scouting properties. A home with enough of these features could be your ticket to a successful flip!
Bathrooms can be a major selling features in properties. Most buyers will want at least 1.5 baths. When checking out potential flip properties, look to see how many bathrooms there are, and if only one, is there space to add at least another half bath? It's also less costly to revamp an already existing bathroom, so if there are existing baths, don't pay mind to any ugly fixtures. These are a quick fix.
Hardwood floors are another must have for a great deal of buyers! If you're lucky, there may be gold under those carpets! And by that I mean old hardwood floors. It's roughly only one third the cost to repair old wood floors compared to installing new ones! Be sure to take a peek if possible to get a better idea of how much flooring work lies ahead of you.
3. Dining Spaces
Does the property you're eyeing have a formal dining space? This could be a big deal depending on your neighborhood and the average buyer in that area! Figure out whether casual, modern, or old fashioned formal setups sell best in your area. Keep that in mind for your flip!
4. Behind the Scenes
A MAJOR cost to home flipping can often come from the less glamorous aspects. We're talking HVAC, plumbing, electrical, roofing, and so on. Don't walk into a flip blindly. Check out the condition of all of these things before you commit to the flip. It could make or break your budget.
5. Bonus Spaces
Does the property have a finished basement or attic? What about unfinished but easy to renovate? These extra spaces can really add value to your flip! It's worth checking out!
Here's the big one. Kitchens more often than not sell the home. How's the kitchen space looking on the property? Is it a mild fix, or are we looking at total renovation? Are renovations possible? Check for load bearing walls that could mean problems. This is a very important space on the property that could make all the difference in your flip, so treat the inspection of the space as such!
We hope you found these tips to be helpful! And if you ever need help selling your flipped property, give us a call!