First Things First When Flipping Homes

8 Dec

First Things First When Flipping Homes

Home flipping can be a great business that provides a fantastic return on investment when done well. Although the idea of remodeling a home and turning it around quickly for a profit is exciting, there are a lot of details that go into making it a successful venture. A lot of planning and prioritizing must occur in order to ensure that you make the best decisions for increasing your profits – not necessarily just what you “want” to do.

Time and money are key when it comes to home flipping, so you must have an organized strategy in place. Things like building a home extension, constructing a sun room, or adding a pool are very tempting to jump into, especially when you have a perfect vision of them in your mind.  But, before you pursue those types of projects, you must ask yourself: are those the most important things to work on, or are there much more pressing, profit-producing matters to address?  What good is a beautiful sun room when the plumbing in the house is horrible? Who is going to buy a house with a pool once they find out about the faulty foundation? You can lose money quickly if you don’t  prioritize your projects in order of importance and greatest return on investment, so sit down and lay out a solid game plan before you begin.

Before starting on beautification and making upgrades, makes sure that everything else in the house is structurally sound and working well. Start with the basics. Check your major heat & air, plumbing, and electrical  systems. The home’s foundation should be strong. The roof should be without holes or cracks. Paint should be finished off, not cracked and chipping.  The list could go on and on, but  just make sure that you address any fundamental repairs and replacements first before you move on to “exciting” things. Building a solid foundation from which to work is the most important thing. That is what buyers are looking for when they choose a house. Most of them don’t want to take on major projects – they just want to move into a new home. This will also help you avoid any problems with home inspections once the house is under contract.

Jennifer Fields
Oklahoma City & Edmond Real Estate Agent
405.330.0031

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