At any time of the year, it is possible to make money with houses. People always need new homes, and for a multitude of reasons, people are always moving. Whether this is due to expanding a family, a relocation or a relationship breakdown depends on each circumstance. Due to these different circumstances at play, it is important to remember that not everyone wants a project house to work on. Not everyone has the time, energy, or motivation to fix up a house, and this is where opportunities lie. Renovating and flipping houses can be something that you can do in your spare time, or it could be something you could do as a job. There is serious money to be made when flipping houses, and all you need to learn is how to spot and seize the opportunities. So, how can you find the opportunities, and where do you start looking.
Keep A Look Out For Cheap Houses
Distressed sales, old run-down houses, and bank repossessed or foreclosed properties are all things you should be viewing and considering. Whether you look in your local area or you look further afield, there are plenty of cheap fixer-upper houses around. If, though, for some reason, you have trouble finding suitable properties, then you can always take the bull by the horns and make use of canvassing. Sometimes people want to sell their houses, but they do not want to use traditional agents. When you canvas properties, you effectively leaflet different streets and offer to buy homes for below-market prices or below market value. Producing a leaflet with your contact details on does not take much time, and this direct approach can save you time and money.
Move Into The Houses So You Can Save On Paying Rent Somewhere Else
To make even more money flipping houses, you can move into the houses yourself and either rent out or sell your current place. You can put items you do not need or want straight away into storage and ensure that you live and travel lightly. You can utilize www.storagearea.com to find the nearest storage to you, which will ensure your items and stuff remain close by and easily accessible. If you move into the house you are flipping, you get to see firsthand what needs doing, when, and why, and this can be advantageous for when and if you have a contractor in. Knowing the issues and problems that exist within a house can save you time and money, and if you get bored, you can always undertake some of the lighter work yourself.
Knowing What Improvements To Make
Making money flipping is all about weighing up what needs doing and by when. When you first look at a house, it is easy to see the big things that need fixing, such as the roof, the walls, or the flooring. However, it is not so easy to see the other things that need improving, such as the heating system or the electrics. All these costs add up, and they can reduce the profit you make on each house. It is important to know that not all improvements make money. So, before you jump into buying any property, take a good long look at what is up for sale. Do not rush a viewing just to get it done, and do not rush putting in an offer. Looking carefully at what needs doing that will add value is essential. For example, kitchens and bathrooms sell. New windows sell, landscaping sells, whereas sockets and finishing touches do not always help you land a sale or make a profit.
Source Items For Staging
When you flip houses, first impressions count. How a house is staged matters, and the good news is that you do not have to buy everything; you can rent items for use within a house on an open day or open weekend. For example, you can hire beds, and living room furniture, which can make a blank canvas look like a lived-in and loved family home. If you are doing several properties together, or one after the other then you may consider buying items for staging purposes. You can find items and accessories in the sales at the end of the year, and the good news is that once you are done with the items, you can put them in storage, or you can resell them online.
Get Out Of Your Comfort Zone
To make serious money from property, you need to get well and truly out of your comfort zone. When viewing properties, you must see the potential, and you must ensure you have a vision. Without potential and vision, you will not go far. Quite often, you can fall into the trap of thinking you could not live here, and this is a major mistake to make; you are thinking about a property as yours. Even though you will own the house, it will not be yours for very long, so get out of this mindset as quickly as possible as it will hold you down. Instead, start thinking and saying – this place has potential, or this place would make a lovely family home. When you learn to separate your needs and wants from the needs and wants of others, you learn how to successfully flip properties and make money time and time again.
Stick With A Formula That Works
Clean, fresh properties sell. Warm homes sell. Neutral color schemes and décor always sell. Do not deviate from formulas that work. Trying to over-personalize properties is not advantageous to a sale or to your pocket. When people view properties, they want to see them as ready to move in to. So, get rid of the bright and over-the-top feature walls and artwork, and keep things as simple as you can. If people start asking how much this will cost to change or how long it will take to put in new flooring, then they will walk away from buying your property, and this will cost you dearly. A lost deal will delay new projects, so keep renovations as simple, clean, and effective as possible.