Whether you’re looking to sell a flip for a profit or turn it into a rental, there are a few things you need to know first. Here are some tips from our experts to help you make the most of your flip.
Quick Flip vs Long-Term Investment
No matter what kind of real estate investing you’re interested in—fix-and-flip, short-term rentals, or long-term income—having a clear idea of your goals is the first step to success. For flip deals, making a profit quickly should be the key goal; for rental properties, focus on generating consistent monthly income from tenants. Ask yourself: do I want to make a fast buck or invest for longer-term returns? It could even be both! Once you’ve worked out your primary objective for investing in real estate, it’s time to put your plans into action.
Do Your Homework
When searching for properties to flip, it pays to do a little market research first. Not only should you pay attention to the ins and outs of the local real estate market, such as median prices, appreciation trends, and current demand in your target area – but you should also focus on identifying potential gems that could bring a great return on investment. Aim for properties that fit within your budget and align with the type of house-flipping projects you are best equipped to handle. Taking the time to do some research upfront will ensure that you have a successful flipping experience with minimal stress.
Go Pro
When it comes to major property projects it’s helpful to get help from experienced professionals who know the ins and outs of those specific activities. A real estate agent can help you find the perfect property for you. A contractor or property manager can make sure that remodeling efforts are done correctly and on schedule. And a reputable home inspector will be able to conduct a thorough assessment of any property you’re interested in buying and determine its true condition.
Don’t underestimate the power of additional support – work smarter and not harder when flipping a property so your return on investment is at its highest. Consider professional dumpster rental services so you’re not wasting time and resources taking loads of debris to the dump every day. A company like Western Elite in Nevada provides convenient rentals to residents, and will also recycle any eligible materials collected. With the right combination of reliable pros, you’ll have the property of your dreams in no time!
Don’t Cut Corners
When it comes to property repairs and renovations, don’t give in to temptation and attempt to cut corners in the hope of saving time or money. A few shortcuts won’t be noticeable on the surface, but they may come back to haunt you – after all, it is better to offer a property that is in impeccable condition rather than one with ongoing issues. Renovations are an investment, so don’t be afraid to swap out dated decor and invest in good fixtures, flooring, and installations – today’s buyers want modern dwellings and older ones with character, but they are not willing to settle for shoddy workmanship. Don’t miss out on selling the property quickly or at a good price – taking your time now will pay off later when you put the house back on the market.
When it comes to listing a property in the market, renters or potential buyers will always be on the lookout for features that meet their needs and preferences. Rhino Property Management specializes in managing homes for property owners, and they have a good list of the most desirable features people want to see in any renovated property:
Spacious Living Areas
Potential buyers are looking for homes with plenty of space and good layout flow, so make sure your renovations include making any necessary adjustments to maximize living areas.
Updated Kitchen and Bathrooms
A well-thought-out kitchen can be a major selling point, while updated bathrooms add value and modern appeal to a home. Make sure you’ve invested enough time (and money) into these two areas when renovating.
Energy Efficiency
People nowadays are looking for homes that use energy efficiently, so make sure your house has been renovated with this in mind. Consider adding solar panels, LED lighting, and other sustainable measures to appeal to potential buyers who want to reduce their carbon footprint.
Smart Home Technology
Smart home technology can be a great selling point and adds extra convenience for homeowners. Installing smart thermostats or locks can go a long way toward making your property stand out from the competition.
Cosmetic Upgrades
These are the little details that make a home stand out – think a fresh coat of paint, modern appliances and fixtures, and attractive landscaping. These updates can make all the difference when it comes to making your property stand out from the rest.
Remember the Outdoor Spaces
When flipping a property, a professional landscaper like the pros at Cottonwood Landscapes can assess what improvements can be made to give your exterior an update without breaking the bank. Relying on design experts can ensure you get the colors and textures right while investing in hardy plants that will thrive in the climate. Plus, professional landscapers can help you make the most of your space, whether it’s a tiny yard or one that sprawls.
Painting your house or shed may seem like a daunting task, but when done properly and with precision, it will make all the difference. If you have to be mindful of your budget, be sure to at least factor in the expense of some exterior upgrades that have the biggest impact.
Power Wash
Power washing can instantly refresh the exterior of a home, as well as concrete paths, and make it look new again.
Replace Old Windows
Old, drafty windows may be unsightly and can also cause energy bills to skyrocket. Investing in newer models with better insulation will help you save money in the long run as well as improve your property’s value and marketability.
Update Doors
Replacing old doors with modern ones not only makes the house look nicer but provides improved security against intruders. Look into high-security locks or deadbolts to further increase safety measures on your property.
Repair Gutters & Downspouts
Overflowing gutters and downspouts can cause significant damage to your property, so make sure they’re in good condition before you put the flip on the market. Clean out debris regularly and check for any holes or cracks that need to be fixed.
Trim & Prune Trees
Bushes, shrubs, and trees should be trimmed back regularly to keep them looking neat and tidy – potential buyers will appreciate this extra bit of effort when viewing a house.
Listing Photos
Listing photos can make or break a listing. Once your property’s ready to show potential buyers or renters, it’s time to take professional photos that will showcase the best features of the listing and entice people in. If you’re working with a property management company like Rhino, they can help you schedule listing photos so the virtual tours of your property showcase its features. With eye-catching listing photos, you can set yourself up for success in securing tenants or making a sale.
