Fool Proof Flipping Ideas To Maximise Your Profit
Investing in real estate is often seen as the most lucrative way of making your money work more aggressively for you. If you are tired of watching your savings languish in your bank account, you might be keen to invest it in bricks and mortar. Think about flipping humble abodes in an effort to make some money as a side hustle. This could allow you to save for a rainy day, provide a retirement fund for your twilight years, or start a new venture. Whatever your reason is for investing in real estate, think about harnessing these fool proof flipping ideas to maximise your profits.
Many property investors say that the key to flipping a property is ensuring that the price you pay is spot on. Forget about buying the best house in the worst location. You need to find the worst house on the best street. The region in which you buy needs to be highly desirable. Think about buying a pad where there are great transport links, low crime rates and a lively cafe culture. Research the area where you are looking to buy and ensure that property prices have risen for the previous five years. This can give you confidence about the future financial projections of your humble abode.
Venture to a property auction or two and get a feel for the bidding process. It’s all too easy to lose your head when in the hustle and bustle of the auction. It’s vital that you set a bidding limit and stick to it. Do your sums. The purchase price plus the renovation costs plus your fees and taxes need to give you enough margin to make a profit on your resale price.
The easiest way to make money when flipping a pad is to extend and create extra square footage in the pad. Get hold of some reputable local builders who know the market well and ask about the potential of a loft conversion or extending into the back garden to create a large kitchen diner. The more spacious the home, the higher the price you can achieve when you come to sell. Ensure that you look at all of the potential structural pitfalls. Get the wiring redone, update the double glazing, and consider replacing the pipework in the property. When extending, it’s a great excuse to check out the rest of the home if you have builders on site already.
Many developers forget about the exterior of their humble abode. Ensure that you make the garden, driveway and external areas as well designed as the interior. Ensure that the bins are tidied away and that the lawn is mowed regularly. It’s important to create that positive first impression when your potential buyers are entering the pad and walking up the driveway. Power wash the driveway and repoint any walls. Paint the render of the house and create a brighter and more welcoming ambience.
Follow this guide and you can arm yourself with some fool proof flipping ideas.