The availability of homes on the market is low while the demand is high, especially for first-time buyers. If you have some cash to invest, you may be considering flipping a house.
Don’t forget, the length of time required to update the home is one of the biggest factors that can turn your flip into a flop. Avoid getting stuck with a fixer-upper that becomes a real money pit by consulting a real estate professional. Realtors® have valuable insights into the local market and can help line up motivated buyers while you complete the renovations.
Know your options.
You may plan to do most of the work yourself, but you may also need the expertise of an electrical or plumbing contractor. Obtain bids from several contractors even if you hit it off with the first contractor you meet. Gather references and look for reviews online where you’ll likely see the most unbiased feedback.
Reduce square footage.
While it may be tempting to maximize profits by building an addition on the house, remodeling as opposed to expanding is one of the simplest ways to save. Appeal to buyers by focusing on features trending in the market, such as an open floor plan or updated kitchen.
Invest sweat equity.
Even if you don’t see yourself as particularly handy, chances are you’re capable of completing a few projects yourself. Consider taking on the finishing touches of landscaping, painting, replacing doors and trim, or installing new appliances to increase your return on investment.