Property is a big money industry that you may want to consider being a part of. You may have money saved up and are looking at a way of doubling or even tripling it within a short space of time. If this is something that interests you, then property flipping may be something that you should look at getting into.
Flipping properties is a lucrative business that involves buying a house that needs a lot of work doing to it, renovating it, and then selling it on. The work can be hard, but the profits can be huge.
How To Find A Property To Flip
The best place to buy your property is from an auction. Often, when a home is in a poor state of repair, it can be hard for a conventional agent to sell it. There may be structural issues with the property that will make it hard for anyone to obtain a mortgage on it. An auction can often see the home being sold at a fraction of the value of other similar buildings in the area. This suggests that the mark-up for resale could be high if you can get the work carried out to the right level.
Have A Clear Budget
You will need to have an amount that you are willing to spend in total. This can be for the home and the renovation work involved. Try to get an idea of what the resale value might be before you start your planning. You need to stick to your budget. Due to the nature of the property renovation industry, you should plan a contingency for if anything goes wrong.
Prioritize the work that you are going to put into the property. If something adds considerable value, then you should invest the most time and money in this. Work at the major things first. You may need EPDM roofing contractors to stop any leaks. The building may require structural work that you need a builder to come and carry out. And an electrician may be necessary to modernize the wiring.
Shop around and get quotations from several companies, and don’t be afraid to haggle. You need to seek out highly recommended services, so check out the credentials of your contractor and read reviews online.
The name of the game is to increase the property value as much as possible while spending as little money as possible. A great way to do this is by creating more living space. Having more floor space will help to make the home a more appealing prospect for would-be buyers. Think about converting attics and basements, as this does not involve building onto the house in any way.
Extensions can be helpful. However, there is a lot of red tape that you will need to jump through to get the planning permission to carry out the job. This can mean waiting for a considerable length of time before even starting the work.
Subscribe to our mailing list
Join Hundreds of readers who have access to exclusive downloads and content