A trend in real estate today seems to be remodeling houses and flipping them for a profit. If you have the skill and know how to do it, you can make a good profit off of them. There are some things you should know as you contemplate getting into this kind of work. Here are some suggestions on remodeling houses and flipping them.
Knowing your market: The first thing you want to do when getting into the business of buying and flipping houses is to explore your market well. By doing so well help you know a bargain house when you see one, and will also help you know when to pass on a house.
Keep track of the homes that are for sale and how long they stay on the market for. You can also talk with real estate experts and they can help you understand how the sellers are marketing their property.
Looking for the right house: As a general rule of thumb when looking for a house to flip you want to look for houses that can be bought for much less than it will be sold for later.
Some of the best houses to flip are ones that may be run down, foreclosed, or being sold in an estate sale. Make sure when you find those houses that may look like good ones to flip you check out the neighborhood that they are located in. Location is everything when you're flipping a house. You don't want to remodel and flip a house if it's in a run down neighborhood because you won't be able to sell it at the price you want.
Now that you have a better idea of what to look for before you actually buy the house, let's take a look at some great tips for house flippers to know in order to maximize your profit.
1) Two of the most important areas that make or break the sale of any house are the kitchen and the bathrooms. After you have purchased your house take a good look at the kitchen and the bathrooms.
Look for outdated appliances, fixtures, cabinets, etc. If they are outdated you will definitely have to bring them up to date. But before you spend thousands of dollars buying new stuff, consider a good cleaning. You'd be surprised at how different old things look once they've been cleaned up. Baking soda and bleach are essential in every house flipper's kit.
2) Cabinets are another big deal when it comes to flipping houses. The old dark wood is definitely out of style but before you go buy new ones take a good look at the ones that are already in the house. If they still work fine, then consider buying some paint to spruce up the kitchen a little. Buying new hardware will also make a big difference in how the cabinets look.
3) As a flipper's rule of thumb you should always keep a few tubes of painter’s caulk around for small cracks in wall corners, or where the ceilings and walls meet. Painter's caulk can also work great on molding that doesn't quite fit tight enough against the wall and even on small holes in the wall when you don't have any spackling.
Remodeling houses and flipping them can definitely be an adventure, especially if it's your first time. Remember not to take on more than you can handle your first time around. Once you've flipped a few houses and get the hang of it, then you can move on to bigger and better projects.
You might consider taking your contractor to the house you are considering. Your contractor should be able to spot some things you do not notice that could cost a lot more. They can help you define what it will take to renovate the house and their cost associated with the project.
Information for this article was taken from www.homebuildingremod eling.com. Always look at the Texas Residential Commission Construction site for registered builders (http://www.trcc.state.tx.us or Call 877-651-TRCC),
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