When viewing potential investment properties, research the surrounding area and consult with a knowledgeable real estate agent. Remember, even the best flipped house will be difficult to sell in an undesirable neighborhood. Once you have found the property, secured financing, passed inspection and purchased the house, the real work begins! Here are our tried-and-true tips for a successful flip:
1. Establish and stick to a budget. Your budget should be realistic for the necessary work and a cushion for unforeseen expenses should be included within your financial plan.
2. Do your homework. Renovations often require permits and variances, apply right way, so you can start renovating, get the property flipped and sold.
3. Develop a timeline. If you choose to do the renovations yourself or hire a professional, plan an accurate timeline of when your project will be complete. Time is money and an empty, unfinished house accrues carrying costs.
4. Know your target market. Familiarize yourself with what your target market demands, expects, and can afford to absorb the costs of your work.
5. Focus on what sells. Upgrade areas like kitchens, baths, entryways and facades, these spaces increase the value of a home and appeal to buyers.
6. Stay neutral. Don't alienate your audience with very specific choices, select color palettes, materials and appliances that have wide appeal.
7. Leave your ego at the door. When selling your investment, don't take it personally if viewers don?t appreciate all your hard work. This is business.
Armed with the loan amount you will qualify for and the interest rate you can expect will save you and your REALTOR ® time by eliminating houses out of your price range. Also, when you do put an offer on a house your prequalification letter gives you leverage over other potential buyers by showing the property sellers that you are a serious buyer with financial strength.
To learn more and get started on the home buying process, give our CENTURY 21 office a call today at 1-800-270-6318 or email us at email@example.com.
Our preferred lender, Bank of America Home Loans, has tools and calculators that can assist you through the home loan process. Click here to learn more or call toll free at 1-877-750-4128.
Eight in 10 adults agree that buying a home is the best long-term investment a person can make. That is according to a recent nationwide Pew Research Center survey, demonstrating the value that Americans continue to place on home ownership.
To help potential home buyers realize the dream of owning a home, Century 21 American Homes Real Estate is participating in REALTOR® Nationwide Open House Weekend on Saturday and Sunday, June 4-5. During that weekend REALTORS® across the country will hold open houses from coast to coast, aiming to focus attention on the benefits of home ownership to families, communities and the economy.
"Home ownership benefits individuals and families, as well as strengthens our communities", said Michael Litzner Broker – Century 21 American Homes. "The decision to own a home is a personal one, but we believe that anyone who is able and willing should have the opportunity to pursue that dream." The REALTOR® Nationwide Open House Weekend will give REALTORS® the opportunity to bring buyers and sellers together and help them connect with local residents about the housing issues that matter most to the people in our community."
A strong majority of renters surveyed in the Pew Research Center study 81% said they would prefer to one day buy a home. In addition, respondents rated being able to own a home as the top long-term financial goal followed by being able to live comfortably in retirement, pay for a child's college education, and leave inheritance for children.
"In fact, owning a home is one of the best ways to build long-term wealth; it provides both equity accumulation and tax benefits over time," said Litzner.
REALTORS® are being asked to hold open houses in various local neighborhoods throughout Queens, Nassau and Suffolk counties, the weekend of June 4-5, to provide guidance and insights into the social and financial benefits of home ownership. They can also answer questions about the local housing market and the home buying and selling process.
"REALTORS® are leading advocates for home ownership," says Litzner. "Through this nationwide event we will not only educate the public on the value of owning a home, but also help those who are striving to become home owners take steps toward achieving their goals."