House flipping is one of the tried and true ways to generate serious capital in the real estate market. Simply buy your properties low, fix them up a bit and sell them for a significant profit. Sounds simple, right?
According the the latest from ATTOM Data Solutions, the majority of people flipping properties are mom-and-pop flippers, turning over 1 property on average per year. The ideal flip is quick and cheap, however, most mom-and-pop flippers pay more for their properties and take longer to flip. Check out the data below.
Flipping is a simple idea, but it is important to know where to focus repairs and updates around the house before tossing the home back on the market. Here are four areas to focus on to get the profits you want on a quick timeline.
One of the first things people see when they look at a home is the front yard. Weeds, tangled trees, unruly bushes and bald patches in the grass are a major reason why a buyer will assume the property is worth less than you are asking. By sprucing up the landscape and making the greenery look uniform and untangled, the whole appearance of the home will be far more inviting to potential buyers. In some cases simply mowing the lawn can add significantly to the perceived value of a home you are flipping.
Oil Stains on the Driveway
Nothing screams trashy more than a big black oil stain on one or both sides of a cement driveway. Cleaning up an oil stain is another key step to making a home look fresh and sanitary to potential buyers. In addition, a bright unstained driveway and surrounding walkways can actually give the impression that the home is potentially worth more than you are asking for it. So, do not underestimate the perception of a home with a clean appearance on the outside.
A New Garage Door
Don’t kid yourself, that old rusted out garage door has got to go. The art of flipping relies heavily on first impressions, that’s why you’ve probably noticed something about this list – it’s all centered on curb appeal. And replacing that dented, dingy garage door with a new garage door with tiny upper windows will put a nice touch to the aesthetics of the home you are flipping. Remember, a homebuyer wants to live in a home that both looks good and is secure from robbers.
According to Realtytimes, modern garage doors are designed with far better security features than older models. Investing in a new garage door can improve both curb appeal and make the potential buyer feel safer too.
According to the professionals at Berwald Roofing Inc, it is important to keep up on the maintenance of a home’s roof on a regular basis. Having the roof inspected is the first step to determining if the roof of the house you are flipping needs work before you put it on the market. Often making a few minor repairs is all it takes to ensure that the roof on the home you are flipping is in good shape. Remember, the state of the roof is one thing a lot of potential home buyers are going to ask about.
When it comes to flipping a home, first impressions are everything. While it is important to be sure the inside of the home is in decent shape, it is the outside of the home that is often going to matter the most when it comes to attracting potential homebuyers.
Anica is a professional content and copywriter from San Francisco, California. She loves dogs, the ocean, and anything outdoor-related. She was raised in a big family, so she’s used to putting things to a vote. Also, cartwheels are her specialty. You can connect with Anica here