subject: Top Tips For Flipping Fixer Uppers For Sale [print this page] Fixer uppers for sale are favorites of those who are in the house flip business and for good reason. The fact that they are hugely under priced makes them more attractive for potential buyers. This is because house flipping is essentially buying a cheap house and remodeling it to gain a large resale profit. Ideally, the lower its purchase price, the larger the potential profit margin becomes.
However, there are certain factors that may prevent a house flipper from generating the maximum profit out of a flipping project. Some of them are actually foreseeable but nonetheless could be taken for granted especially if the house flipper is a newbie. These factors may include a wrong location, high costs of repairs and other issues that are often overlooked by the buyer. To prevent these factors from hindering you in attaining your objective, here are some of the things that you should do.
Get A Professional Inspection
When inspecting fixer uppers for sale, one of the best things that you can do is to do it professionally. After all, you are going to enter into a business and hence, you should take every step to secure your investment.
A professional inspector can give you a comprehensive report on the general and particular conditions of each room in the house. This is to ensure that you can make a sound judgment in buying as well as repairing the house.
Experts agree that more than the aesthetic considerations, you should focus your efforts in making structural improvements. If you have gotten a professional inspector, you will see how important it is when you see the reports for the plumbing, insulation, pest control and other structural issues.
To get a good estimate of your profit, you should factor in all your projected costs labor, materials, and even the time factor which could stretch for weeks and months. It is important, therefore, that you look for a property that has the best return potential in terms of costs and physical condition.
You should also think of how you are going to sell the property once you have finished the renovation. Think of what a potential buyer would want to see when he inspects the house. Many real estate agents agree that buyers are specific about the kitchen, bathroom and bedroom. You can focus your repairs and remodeling on these areas.
Many successful house flippers also know that improvements to fixer uppers for sale which add value to the house will also work to attract potential buyers. These improvements need not be expensive nor occupy a large space in the house. Even a good cabinetry work or a unique bathroom concept could work for a buyer.
