As a home stager I work with several home "flippers" to stage their homes prior to going on the market. And with a great success rate. Hoping to flip a home myself one day, I've been compiling info on flipping. Here are a few general rules of thumb if you are thinking about entering into this business venture.
1. Have a Plan
Flipping is a business and requires a business plan. Do your research - research materials needed, housing market comparables, budget and carrying costs, and create a time line to stay on track.
1. Have a Plan
Flipping is a business and requires a business plan. Do your research - research materials needed, housing market comparables, budget and carrying costs, and create a time line to stay on track.
2. Pick the right house in a familiar neighborhood.
Know your neighborhood, then don't buy the biggest house on the block. Start small - a little fixer upper that needs mostly cosmetic changes is a good beginner flip.
3. Get an inspection.
Do not overlook this step. An inspection will cover all major aspects of the home (plumbing, electrical, foundation). Not getting an inspection can be a budget breaker in the long run.
4. Find a good contractor.
A good contractor is gold in your pocket Get referrals, see the work the contractor has done, and then check references. A good contractor also knows what permits are needed. Not having the right permit can hold up work and cost you money.
5. Do what you can yourself.
Painting, swapping out light fixtures, new hardware in the bathroom , landscaping-these are areas where you may be able to do the work yourself and save some money.
6. Over estimate costs
Figure out your budget then add 10-20% on to it. This will help you deal with any surprises that may come up during your flip.
7. Hire a good realtor.
Find one that knows the area and is experienced. A good realtor will help sell your home faster. For a "flip" you want to do just that, sell fast. Which leads us to number 8.
8. Understand the value of home staging.
Home Staging is putting the icing on the cake. Home stagers pay attention to detail and create a warm and welcoming appeal for your buyers. They can help with paint color, interior finishes, and give creative suggestions for space. They bring in the right furniture and accessories for the home style. The bottom line? Staged homes sell faster and for more money.
Know your neighborhood, then don't buy the biggest house on the block. Start small - a little fixer upper that needs mostly cosmetic changes is a good beginner flip.
3. Get an inspection.
Do not overlook this step. An inspection will cover all major aspects of the home (plumbing, electrical, foundation). Not getting an inspection can be a budget breaker in the long run.
4. Find a good contractor.
A good contractor is gold in your pocket Get referrals, see the work the contractor has done, and then check references. A good contractor also knows what permits are needed. Not having the right permit can hold up work and cost you money.
5. Do what you can yourself.
Painting, swapping out light fixtures, new hardware in the bathroom , landscaping-these are areas where you may be able to do the work yourself and save some money.
6. Over estimate costs
Figure out your budget then add 10-20% on to it. This will help you deal with any surprises that may come up during your flip.
7. Hire a good realtor.
Find one that knows the area and is experienced. A good realtor will help sell your home faster. For a "flip" you want to do just that, sell fast. Which leads us to number 8.
8. Understand the value of home staging.
Home Staging is putting the icing on the cake. Home stagers pay attention to detail and create a warm and welcoming appeal for your buyers. They can help with paint color, interior finishes, and give creative suggestions for space. They bring in the right furniture and accessories for the home style. The bottom line? Staged homes sell faster and for more money.
Smart Move Design is a Home Staging and Redesign company serving Central New York (syracuse, camillus, liverpool, fayetteville, and all other surrounding areas
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