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Homespun Executive
Homespun Executive

Home Flipping Tips

Home Flipping Tips
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You have taken on the brave task of flipping a home. You have most likely watched all of the home flipping television shows that are currently dominating the home improvement channels. There is money to be made in flipping homes if you do it correctly, but there is also much money to be lost in flipping homes if it is not done correctly.

Ask for Advice

Asking for advice is one of the best ways to learn how to be successful when you decide to flip a home. Flipping homes is a business that is best learned from experience. People who have already succeeded as well as failed should be able to provide you with advice that you will benefit highly from. However, make sure to listen to advice but remember that ultimately you are in control of the way you flip the home and can do what you believe is best. What works for one person may not be what works for another person.

Don’t Overspend

It is easy to overspend when you are trying to make your flip beautiful to show to the market. While staging the home is very important, it is even more important that you don’t go overboard on finishes and decor. Blinds for your home are important, but they are not a necessity for you to sell the home you have flipped. In fact, some people prefer to buy their own blinds anyways. Make sure to budget carefully when you get to the stage of finishing the home. You would hate to blow any profits on things that are not necessary.

Do Your Research

When you are ready to list the newly flipped home it is highly suggested that you spend ample time researching comp properties. Having comps that are the most similar to your home will help you sell the home for a higher price. When looking for comps be sure to find the highest selling homes that are the most similar to the home you have finished. The blinds for your home and the comp homes blinds don’t need to be matching, but things like cabinets and countertops is something to pay attention to when choosing comp properties. Being able to show the market that your price is right will encourage them to buy the property, and will also help you have the home appraised to the correct value so they buyers will be able to get a loan through the bank.

If you overprice your home and are unable to find comps that are similar, you may end up losing out on profits because the home can not appraise to the value that you have finished it to. There is much research to be conducted on your flips and it is encouraged that you hire a real estate agent who is knowledgeable in the field and has many connections to help you decide what the home should sell for and what items are going to be the most profitable in the flip.

Closing the Sell

As much as hope that the home sells quickly after being placed on the market, the liklihood of that happening is rather slim. It takes time to sell homes. Work closely with your real estate agent to determine if you have placed your home on the market at the correct price point and if you have, wait and let an offer come in. The real estate agent should be able to watch the market and determine if anything changes and if you need to drop your price. Patience is very important. Don’t give up hope. The home will sell, but the more patience you have the better the profits will be in the end.

 

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