Top Tips for Flipping Homes

Published on: 01 May 2018 Last Updated on: 01 August 2024

House flipping is buying and selling houses to make a fast profit. If you are just starting to think about going into the home-flipping business, you need to start small with an entry-level house that doesn’t need a great deal of work to make it saleable and then move on from there. If you have taken half an hour to watch any house flipping show on television, it seems like it would be pretty simple to buy a house for a small price, fix it up a little with some fresh paint and a few repairs and sell it to make a fortune or even buy a home that is in great condition, wait a few months and resell it for more than you paid. In real life, however, it just doesn’t go as smoothly as you see on tv.

It’s a good idea to gather a little information before you start buying homes by flipping in mind. While the following tips for flipping homes won’t necessarily make you feel like you won the lottery jackpot overnight, but they can help you buy and sell homes quick while avoiding some of the critical mistakes others have made in the past.

Too Good to Be True :

As the saying goes, “If it looks like it’s too good to be true, it probably is.” When you are new to house flipping, you’re going to run across many deals that seem great only to find out they were a money pit. It’s not a wise decision to go after every deal you see, and lenders catch on quickly to those who will buy anything. If you want to make money on a flip, then you need to take time to research the home, the area it is in and make sure you have it thoroughly checked out to make sure you aren’t going to be sucked into a beautiful home with faulty wiring or poor plumbing that needs replacing. The less you spend on a flip, the more you will profit when you make the sale.

Bring Cash to the Table :

If you want to be able to buy a home quickly and have a short turn-a-round before you sell it, you need to come to the table fully prepared to go against those cash buyers who want the house. If you don’t have the cash upfront, then you need to make sure your credit score is high enough to go to a hard money lender and get the cash you need fast.

Curb Appeal :

Most people take time to think about what the tile in the kitchen looks like or whether the bathroom has the right lighting. Many people tend to forget about the outside of the home when they are trying to sell a house. The first thing a potential buyer sees is the outdoor space of the home, therefore, it needs to look nice! Be sure to have the lawn maintained, trees and shrubs trimmed and make sure the exterior of the house itself looks good. Peeling paint, broken soffit or damaged gutters can deter someone from buying a home even when the interior looks good. Curb appeal is what will get buyers into the home, so make sure your home has what is needs outside to entice people.

Know Your Market :

To flip a house successfully, you must know your market. To get a truly good feel for the market in your area, talk to a real estate agent who has many years of experience and can guide you to the right homes that will need little to no repair and will be priced right for the market. You need to know how to price a home accurately to sell fast and make a profit and if you pay too much for the home when you buy it, you’re not going to make anything when you sell it.

Renovate Wisely :

You must watch your budget when it comes to renovating a home. Considering installing beautiful hardwood throughout the house or remodeling the kitchen? These can be costly renovations and you’re going to have to be careful with the amount of work you put into things. If the house needs a new roof, then, by all means, hire a professional roofer to have a new one put on, but don’t sink $50,000 into renovations when you can get by with spending half that and still have a beautiful home to sell.

Once you have the home and the renovations have been completed, list it. Price the home lower than market value but not too low or you will lose money. The biggest thing is to market the home and do what you need to do to sell it fast. The shorter the time it sits, the more profit you are going to make.

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Home Warranty Plans: How To Choose The Right One

Deciding to buy a home warranty plan is a smart move for homeowners. However, with so many providers and options out there, picking the best one might feel overwhelming. Luckily, there are many things a homeowner can research to ensure they select a policy that will serve them well. Home warranties are different than insurance. Home warranty plans are supplemental contracts that cover common household repairs. Policyholders have monthly or annual premiums and pay a discounted rate for qualified service calls. Here's what potential buyers need to ask when looking at homeowners' warranty policies. What Does The Plan Cover? Not all home warranties are the same. One plan might cover household appliances, but another might include systems. Air conditioning coverage isn't always included or might only be offered as an add-on. The same goes for refrigerators. Systems include electrical, plumbing, and water heaters, but once again, not all policies cover every system. Optional coverage options could include sump pumps or septic tanks. Before signing on the dotted line, double-check what the preferred plan covers. Take inventory of all appliances, and compare the list to several policy options. For example, a built-in microwave might fall under optional coverage. Selecting the right amount of coverage now will save money down the road. How Much Is The Premium? Sticking to a budget when shopping for a home warranty is important. The cost depends on a number of factors. High-coverage plans with additional add-ons will be more expensive than a standard policy. That's why asking about the price before picking a plan is essential. The premium is how much the policyholder pays for the plan. Some companies charge a lump sum annually, while others divide the premium into monthly payments. It's also wise to inquire about any deductibles required when making a claim. How Long Is The Waiting Period? Most home warranty providers have a mandatory waiting period before paying benefits. The most common is a 30-day period. Further, a coverage gap between policy renewals might trigger another waiting period. Before signing the contract, find out when benefits will be in place. What Are Current And Past Customers Saying? The goal of a home warranty agent is to sell a policy. Of course, they will sing the highest praises about their company to lure in new customers. However, are they telling the complete truth? Instead of believing an agent, find out what other customers have to say. Customer reviews are the best way to get an honest, blunt opinion about a home warranty provider. Read all the reviews, including the good and the bad. What compliments does this provider receive the most? What are their weaknesses? Online home warranty reviews help homeowners make a more informed decision. What's In The Fine Print? Home warranty plans are long and often hard to read. However, buyers need to read every word, including the fine print. Look for any exclusions, such as pre-existing wear, cosmetic damage, or manufacturer warranties. The right plan will be upfront and easy to understand. Get A Quote And Repeat Home warranties save homeowners a bundle on appliance and system repairs. However, picking the right one takes time, research, and effort. Ask all the questions mentioned above when comparing plans, request a quote, and repeat the process with another provider. Doing so will ensure the warranty you ultimately select serves you well into the future. Read Also: Home Improvement Hacks to Add to Your Space Ideas for Modern Flooring Designs for Home Improvement Plans 6 Interior Design Tips to Make Your House a Home

What To Leave Behind Once You Have Sold Your Home

You have finally put your home for sale on the real estate market and now you are just looking for a potential yet promising buyer to purchase your home. As the seller of the property, you are likely to look forward to agreeing to future inspections and issues that need to be fixed before officially selling the property but if you have hired professional housekeeping services then your property will be spotless by the time the new owner comes around. When people finally reach the closing process, most of them don’t know what to leave behind or not leave behind exactly, but help is on its way through this article that will ensure you all that needs to be left behind and what you need to take with you so that you won’t have to face any stressful situations that you might deal with from either you or the potential buyers. What Should Be Left Behind The Keys To The Property When it comes to closing day, the first thing that should be left behind are obviously the keys, while most new homeowners will probably make a new lock and have a new set of keys, they will also appreciate having obviously as a sign of respect because if you only have one set of keys it is best to suggest to the new homeowner that visiting a locksmith is an option if they want to make sets of keys. If you have your realtor under your services then you can give your realtor the keys on closing day and let them handle this situation for you so you won’t have to deal with the potential buyer himself/herself. As a responsible homeowner who has now sold his home to a new couple or a family, there are many things, which you can do to help them. Firstly, any new homeowner would like to change the old locks of the house. This is where a central coast locksmith can help them change the locks to the entire household. This can give the new family complete peace of mind knowing that they are the only ones that have the keys to different areas of the house. They can store their possessions safely and secure the premises at all times. A Folder That Contains Manuals And Warranties For Your Appliances Keep in mind that once a buyer has purchased the household, they have also purchased all the appliances that are included inside as well. It would be best to leave behind all the user manuals for these home appliances and if you have a warranty or guarantee from a recent appliance that you recently bought, would be definitely useful to have as well. It would be best for the future owner to have all these documents in case they have to operate, repair, or maintain some appliances, they wouldn’t have to go through any hassles. Features Included In The Household Chances are when you bought this property yourself, is that there are things that came affixed with the property itself such as certain kinds of hardware, curtains, shelves, kitchenware, and light fixtures and blinds. Unless you have bought these things and possibly might need them for the new place that you are planning to purchase/rent then it is best to leave these home features behind for the new owners to use and enjoy as well. Things like remote controls should obviously be left behind for the new owners as you don’t want to leave your property with any questions being asked. Try to label each remote control in case it is not obvious which one is for which electronic appliances such as ceiling fans, lights, televisions, and much more. Believe it or not, home automation systems that are used as home’s smart features can actually be one of the things that made your potential buyer be appealed by the property so it is best to keep them where you are but if you paid a hefty price for them, it’s best to put this in the contract and have it be said during negotiations so that you don’t make any losses along the way that are not necessary. It has been researched that Smart Home products actually increase the property value by almost five percent by just owning home automation, so if you are getting it customized and built-in within the property, then it is best to leave it behind and ask for the price that would seem reasonable for you. Pool Supplies Does your property have its own swimming pool? If this is the case then it is best to leave all your accessories and pool supplies for the new owner. It will also be a great idea to leave any kind of directions, manual, or assist with any information regarding how to maintain and keep the pool or spa area clean as possible and who to contact if you have someone doing it for you as well. Landscaping If you have your own backyard or natural garden that you purchased and came with the property, most of these places have the plants, shrubs, and trees already affixed to the property and will remain with the household regardless of how much you would like to miss them. The only option that you have is the case that if you want to take the removable pots that have flowers and plants inside which won’t be a hassle in taking and moving away with you. There are things such as equipment within the garden such as chairs, tables, swings, and even a grill, which can all be seen as personal belongings so it would be better to take it with you unless you don’t find any value in them anymore and consider just leaving them behind for the future owner of the property to either use or throw out themselves. Take Your Emotions Out Of The House Last but not least, the most important thing to do is to take all your personal belongings with you and do everything to depersonalize your property so at least that potential buyers can imagine themselves there when you have emptied out the place. Just think of it this way, if you have all your stuff currently still at your homes such as family photos and stuff that comes with sentimental value, the potential buyer will only see your house and not the house on sale pretty much because they won’t be able to see themselves living there because they can only see you and your belongings among the place. Consider hiring a professional who will be able to stage your home and to maximize profits. Read Also: The Guide to Understanding Your Home Value 8 Smart House Upgrades that are Totally Worth the Money How to sell your house fast? Five must-know tips to move your property!

Construction Safety – What you didn’t know!

No matter your business, there are a few topics no business plan should be without. Safety is one of them. Construction safety is of prime importance when you are investing your money in any real estate project. Even if your premises only consists of an office, your workers’ safety must be paramount. And it’s much more than simply keeping them out of harm’s way! Safe work environments prove your concern for employees and when workers feel respected, they’re happier. That means higher productivity overall. So it’s a win-win for all involved. And there are few environments where this is as important as the construction industry. With multiple factors influencing safety levels and work often taking place meters from the ground, safety measures are non-negotiable. In this article, we will touch on some aspects of a construction site that pertains to Occupational Health and Safety in today’s world. Know your facts so you can take extra good care of your team. This is how you keep them safe and build up a reputation as a preferred employer. Fall Protection Explained One important aspect to cover is falling protection. Fall protection refers to the implementation of systems that assure the Construction safety of workers. These systems are: Correctly built scaffolding structures, stable work surfaces. Guard Rails. Safety nets and/or covers. Restraint systems. Fall arrest systems such as structures with roof anchor points. Correctly equipped and educated workers. You can see it goes much further than the physical aspects of your work environment. Do you take it one step further in empowering your workers with knowledge too? Equipped, alludes to hard hats, steel toe boots, and reflective vests. But educated refers to training and onsite communication of safety regulations & best practice. If your team doesn’t know how to implement the equipment you invest in, you’re not really keeping them safe. What to Consider in Health and Construction Safety Measures Now that you’re up to speed, let’s discuss a few major safety aspects which according to the studies are leading causes of injuries and fatalities. Scaffolding For any construction work, the first point of concern is scaffolding. At first glance, scaffolding seems like thrown together bars and columns made of steel. But there is so much more that goes into the correct and safe erection & utilization of these structures. Vital points of consideration include: Scaffolding needs to be a rigid structure able to handle its own weight plus four times the intended load without compromising stability. The support structure can’t consist of movable objects such as bricks or barrels. The structure must not be moved, altered or manipulated without supervision or instruction of someone competent or qualified. Accessories on Scaffolding Each item you use on a scaffolding structure must be considered too: Guardrails and platforms must all be tightly bound with quality material. All equipment must be inspected before use and frequently thereafter. Braces, brackets, screws, nuts, and bolts or stairs & ladders cannot be compromised. Any weakened or damaged accessories need to be replaced or overhauled immediately. A golden rule is simply this: if there’s a chance that there’s increased the risk to people’s safety, review, repair or replace. Rigging It’s not only the infrastructure you create that’s important. Every object attached to workers affects their safety. So, lastly, rigging on scaffolding is integral in the safety of all working on site. Rigging refers to: Harnesses Ropes Equipment that prevents workers from falling These are some of the essential facts that you can consider for your construction safety. While much of these accessories prevent falls, they should also be designed to prevent someone from falling too far in the event of an accident. This matter closely relates to our first remark on ‘fall protection’. Fall Protection—What do You Need? Falling on construction sites is the single highest cause of fatalities within the construction industry. There are several causes of these incidents such as unstable work surfaces, the misuse or complete failure to utilize fall protection equipment at all and most commonly, human error. Can you prevent some of these risks? Thanks to innovation workers can enjoy more peace of mind than a few decades ago. Advances have been made to ensure the rate of error decreases drastically. The solution can be as simple as using: Guard rails Safety nets Restraint systems Roof anchor points. The latter is an especially popular option. Devices Explained Roof anchor points are multi-purpose stainless steel roof mounted anchors used for construction or maintenance. Typically, you’ll find a flat plate with a D-shaped ring mounted on the roof’s surface. The benefit is these anchors can work on many surfaces including asphalt, cement, steel or tiles. With an almost unlimited life span, this equipment provides comprehensive safety measures. But once again a warning about the responsibility that lies with all site managers: the roof anchor point, harness, and lanyards must be inspected by the manufacturer or competent Construction safety officer to ensure proficiency. Conclusion As innovations increase there is an increasing number of ways to safeguard your team. How up to date are you? And when last did you audit your equipment and your staff’s knowledge about using it? Quick review benefits all involved, makes everyone feel safe and buys you your team’s loyalty in the long run. Read Also: Construction Safeguards: What Are The Top 3 Leading Risks For Machine-Related Amputation? 3 New Age Engineering & Construction Technology Timber! 8 Facts About Log Cabin Construction You Should Know

Top Tips for Flipping Homes

Too Good to Be True :

Bring Cash to the Table :

Curb Appeal :

Know Your Market :

Renovate Wisely :

Ideas to Help Find Your Dream House On a Budget

Benefits of Working with a Realtor When Selling a Property

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Related

Home Warranty Plans: How To Choose The Right One

What To Leave Behind Once You Have Sold Your Home

Construction Safety – What you didn’t know!

Top Tips for Flipping Homes

Too Good to Be True :

Bring Cash to the Table :

Curb Appeal :

Know Your Market :

Renovate Wisely :

Share this Article

Ideas to Help Find Your Dream House On a Budget

Benefits of Working with a Realtor When Selling a Property

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related