It’s an American original – buy some real estate and flip it in order to make some extra moolah. The point is, this is an art form that can be engaged in by anybody, as this trend becomes a huge hit for real estate mavens and laymen alike. Be warned, though, that a razor-sharp stratagem and a decent amount of cash is needed. Create the winning game plan, though, and your initial cash outlay will likely multiply, thus making you score a dramatic touchdown with the money you invested originally.
So what does it take to successfully fix & flip a home? Your call. Do you fancy yourself a regular Tim Taylor, i.e. home improvement guy? Or maybe you’re an expert at hammering down nails – fingernails, that is.
Are you a bit of a handyman? Or could you cut off your own finger with a spoon? You probably need a contractor – in the grand scheme of things, you can let him do the dirty work while you warble “Apologize” by One Republic in the background – kidding about that last part. Regardless of your plans, there’s one “P” word everybody needs for any fix-up job…anybody care to guess what it is?
Tadadadadada…paint! Old houses need paint, especially if they look like abandoned warehouses. A new coat of paint both inside and out can take years off a homes appearance and add nicely to its value. One particular part of homes that need some TLC is the kitchen area. It is a high-traffic area – in fact, often the highest-traffic area – and can sometimes depreciate faster than the 1929 stock market. Lose the Jurassic appliances and install new ones, renovate the countertops and replace the cupboards too – a fast and furious way to add some serious value to any home. A modern and inviting kitchen is a great selling point.
Do not neglect the exterior of a house, because oftentimes this could determine whether a sale is successful or falls through. And when figuring out the asking price, it must be well in line with the improvements. So never forget to plan your improvements carefully.
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