subject: 3 Important Pointers on Rehabbing Homes [print this page] 3 Important Pointers on Rehabbing Homes 3 Important Pointers on Rehabbing Homes
While it is true that rehabbing homes is a lucrative way to make money in real estate, there is still a probability that you will lose a lot of money if you make a wrong move. If you have no idea what exactly you are doing, you might end up losing profits instead of generating positive cash flow. Thus, it is really important to equip yourself with proper knowledge before attempting to start a fix and flip project.
To help you out, here are three tips to generating huge profits when fixing and flipping properties.
1. Find the best deals on the market
As most veteran investors used to say, you make money in real estate when you buy properties, not when you sell them. Therefore, you have to invest in properties that have high profitability and marketability even before they have been renovated.
One of the things that make a property profitable is its location. No matter what you do to a property or how much effort you put into making it beautiful, you cannot easily convince a buyer to buy a rehabbed home if it is located in the middle of nowhere. Thus, when rehabbing homes, always choose properties that are located in a area or neighborhood that your target buyers will be happy to live in.
Stick to the basics when it comes to the renovations
Keep the renovations to a minimum and as much as possible avoid splurging on the redecoration. Just provide the essentials of a livable house such as the carpet, painted walls, lighting fixtures, cabinets, and bathroom fixtures among others. You should also avoid using your own preferences when doing the rehab work. Keep in mind that people have different tastes and what's beautiful to you may not be the same to your intended buyer.
3. Stage the kitchen and the bathrooms
Believe it or not, kitchen and bathrooms sell houses. They are one of the factors considered by most home buyers when purchasing residential real estate. Hence, to enhance the marketability of your fix and flip project, give extra attention to the redecoration of the kitchen and the bathrooms. You should consider putting decorative accents and other fixtures that would make these certain parts of the house stand out.
For more information on rehabbing homes and investing in real estate, you can go to www.Rehab-Real-Estate.com. The website has all the resources you need to start and finish a successful fix and flip project.
