10 Things To Consider Before Flipping A House

Flipping a house can be a ton of work, a financial risk riddled with hidden and unexpected costs, and can end up being frustrating and time-consuming.

UpNest consulted with real estate investors, realtors, and home improvement specialists to compile a list of 10 things a homebuyer should know before trying to flip a home.

Good advice is to allow a buffer in any budget for the unexpected. You may be surprised at what you find when you rip open a wall or tear up a floor, and there are items you may not realize you need at the beginning.

Determine Your Source(s) Of Funding And Overall Budget

Research how long properties are on the market and if price reductions are frequent. The goal here is to figure out which homes sell quickly and why.

Study Your Neighborhood’s Market

Those in the know suggest buying houses with solid structures. Issues like peeling paint or a messy lawn are cosmetic problems that are easy to remedy. Avoid properties with costly repairs like those that need a new roof or boiler.

Find The Best Deals

Don’t Buy Unique Properties

The more time it takes to find a buyer, the less profit in the investor’s pocket. Trying to sell property that requires an acquired taste may take too much time.

One guideline suggests a pace of $1,000 a day, so flipping a house that calls for $30,000 in repairs should take a month. Make sure to schedule repairs in a logical order and line up contractors’ availability.

Establish A Timeline For Your Flip From Purchase To Sale

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