Flipping property is a great way to create personal wealth in a short amount of time. Buying, making over and selling homes has been a starting point for many wealthy people.
If you want to flip your first property then we have the guide to help you out.
Shop at Auction
Auctions are excellent places to scoop up a property below the market price. The properties here can be up for a quick sale, in which the owner is just looking to get rid of them. Naturally, this gives you a great starting point for a cheap property that could use a bit of a makeover.
Before you go to any auction with the intent to buy, you should have auction property finance in place. Companies like Pure Commercial Finance allow their clients to have the funds in place to buy as soon as the right property comes up. It’s all about speed with these buys, so if you don’t have the funds in place then you may lose out.
Start with the Big Jobs
The largest, messiest jobs are the ones you want to start with first when flipping a property. Big works like kitchen renovation or fitting central heating will tie you down later on, so get them out of the way early. You also don’t want to mess up any of the new furnishings or carpets that you fit later in the process!
It’s always handy to create and stick to a schedule when renovating, as it keeps you motivated. Tackle these jobs in order and you’ll be able to get your project sorted before you know it.
Keep it Tasteful
Remember that you’re not decorating these properties for your own personal tastes, you want décor that will suit everyone that comes to visit. This might seem a bit bland but you don’t want to put some potential buyers off, as they feel they would have to redecorate anyway.
You can add some finishing touches, but don’t go overboard with clutter or statement pieces that might prove divisive. This is a home that should appeal to the masses, not one that appeals only to you.
Pick the Right Estate Agent
Selling a home comes with a lot of risk and preparation, so get an estate agent that’s willing to help you out with this. They should have experience in flipped property and they might even cut their fees if you’re able to negotiate a deal for multiple properties.
Ask a potential estate agent for their portfolio and figure out if they’ll hold an open house for you. In this game it’s all about getting a high volume of potential buyers in order to drive the price up over time. They should also be able to help you with the staging and photography of the home. If you need more help on finding the right estate agent, Which have a guide that may be of use.
Flipping properties does come with challenges but it can also be hugely rewarding. As long as you are prepared to work hard and create a home that will inspire buyers, you’ll reap those rewards.
