Interested in making a profit by flipping a house? Here is your step by step guide courtesy of RISMedia. To ensure a successful outcome and a fruitful profit, time and effort are necessary. Here are the steps RISMedia suggests to follow.
1. Hire Professionals
If you are a handyman with skills in carpentry, plumbing, electricity, etc., then your overall profit will increase by completing some of these items on your own. Skip the DIY and hire professionals, if you are unseasoned in a certain area. This will also ensure avoidance of any problems down the road. Also, consulting with real estate professionals such as a title company, attorney, real estate agent and an inspector will make the process smooth as well.
2. Location, location, location!
Picking the perfect location is crucial in the house flipping process. A neighborhood that is flourishing with development and high employment rates will easily attract buyers. Close proximity to schools, shopping centers, playgrounds, coffee shops and restaurants are always a plus, too!
3. Create a Backup Plan
After the flip is complete, it may be difficult to sell the house right away. Being prepared with a backup is important. If the house does not sell right away, an alternative option could be renting it until the market gets better.
4. Exterior and Landscaping
After completing the interior renovations, it is important to make sure the exterior is well taken care of. Make sure the grass is cut and hedges are trimmed, if necessary. Sweep away any dirt or debris that may be lingering outside. A clean and well maintained exterior will really improve the home’s curb appeal.
5. Home Staging Before Selling
Staging is a huge step in prepping the home before listing it on the market. Hire a staging company to come in and furnish the home to give potential buyers an idea of the layout. Avoid any personal preferences and keep the color palette neutral.