In a sizzling real estate market you can turn a handsome profit fast by flipping a home in a good area. Whether you’re just looking to sell it on for a quick return or planning it rent it out so you can save up to buy something from Coral Homes for yourself, there is a lot to be gained from flipping a house in the right place at the right time.
Here are some tips to get you started:
Take a Reduction
Buy low: if you can’t get a house for at least twenty-five to thirty percent below what you estimate its market value to be, it won’t be worth your while. If the market stays steady or continues to rise, your property value will rise without your having to lift a finger. But to enhance your future profit further, get stuck in for as painless and swift a renovation as you can manage.
Give it a Fresh Coat
The old adage is true, a fresh lick of paint does do wonders, particularly in combination with it’s great mate spack. Include a feature wall in a shade like mulberry or teal.
Say Goodbye to Ratty Carpets and Lino
Tear up old carpets. Not only are they the most depressing feature of an old house, but you often find floorboards underneath that can be livened up, or a surprising amount that are already in great condition. Get some professional advice on how to best polish and finish them; some products on the market can do more harm than good. Remember, if boards are left with water on them for an extended amount of time (even if they’re finished), it can warp them. Tear up old lino in the kitchen – the patterns are usually very dating and seldom in good condition. You can get good quality modern lino that gives a slick and inoffensive finish.
Give Your Vanity a Facelift
Stainless steal appliances and fittings always looks fresher and more modern than anything in plastic or ceramic. Tear out old vanities and door knobs which are often the biggest offenders in houses from the 60’s and 70’s in terms of making the place look dated and fusty.
Lessons in Landscaping
Make sure that everything in the house is finished before you even think about the garden; otherwise all your time in effort will be stuck to the bottom of a tradie’s boot and trekked through the house. Be careful in your choice: there is no greater landscaping sadness to behold that wilting sticks surrounding by piles of woodchips. Don’t splash out on hauling in mature trees or anything of the like; the house should be the main focus, but given that people notice colour more than form try to get something that will coat at least the front garden in some shade of green. Don’t bother with sad little pansies and marigolds and whatever you do don’t try to set up a lawn. So much effort with almost certainly no reward; the path to lawn is paved over with good intentions. Try ice plant, lily turf, spider plant, ground-elder or just ask at the nursery for the most hard-wearing plants they’ve got.