Home flipping is the art of transforming something into a higher-value object. To do that, you’ll need to understand markets and real estate. Certain things make home’s more valuable, such as location and appearance. We can leverage these facts to turn a profit. Typically, you’ll look for an affordable home and turn it into an expensive one. When you’re considering a flip, ask yourself the following questions.
1. When Were the Floors Last Replaced?
Floors don’t seem like they’d make a huge difference, but we look at them so much. Simply updating the floors could boost a home’s value by 10% to 15%. Sometimes, it can be even more than that. You’ll get the best results when a home has older floors. So, when you’re looking for something to flip, keep an eye out for them.
2. Is the Water Heater’s Heat Exchanger Cracked?
A heat exchanger is what lets your furnace heat your home. It allows heat to transfer from the flame into your vents without leaking gas. Sometimes, the one on your hot water heater might get cracked. That happens because of frequent temperature fluctuations. It’s a safety hazard whenever one of them gets cracked, too. So, it’s best to replace them.
3. How Does the Exterior Look?
The first thing anyone sees whenever they’re pulling up would be your home’s exterior. More often, we hear it as home’s curb appeal. Either way, you’ve got to clean the outside of your house before selling it. Take a pressure washer, and use it to spray off your home’s exterior. It’ll literally take years of dirt off its surface.
4. What About the Landscaping?
To complete your curb appeal, you’ll need to do some landscaping, too. Edging up your lawn creates an elegant, formal look. It’s particularly effective when the home’s in an otherwise well-manicured neighborhood. You could even plant some perennials around the property, to add a little color. Brilliant and blooming, a lawn’s appearance could seal the deal on a flip.
5. Where Is the Home Located?
Everyone has heard that location has the largest impact on your home’s value, but is it true? Typically, yes, it’s going to have the largest impact. It’s got an even larger impact whenever you’re flipping a home. Look for neighborhoods where the home’s usually have great value. If you can find something underpriced, that’s where you’ll want to buy. Just fixing up that home would make you profitable, instantly. Selling a home in a competitive market would make your life so much easier. It’ll receive multiple offers the first day it’s listed.
6. Flipping a Home Profitably
Becoming a profitable flipper feels like it might not happen when you’re starting out. However, it’s not too difficult to learn the fundamentals of successful flipping. Once you’ve mastered them, running your own business will become second-nature.
Jim Pulman has extensive knowledge and experience in Home Building, Construction, and Design. He writes articles in his free time and partners with content creators to share his expertise with the online community