If you watch HGTV, then you are undoubtedly knowledgeable about the ins and outs of “flipping” a house. Pros scoop up neglected or outdated homes for a good deal, invest some money and a lot of elbow grease, and voila! In rolls the cash. In reality, there’s no trick to flipping a house that excludes everyday homeowners from cashing in on the phenomenon. Can you flip your own house? The answer is: absolutely! The reason that investors can command top-dollar for their properties is because they are offering something over which buyers go gaga: a move-in-ready home. With a bit of insider knowledge, you, too, can have a home that gets offers in days or even hours! And it’s cheaper and easier than you think.
What is Your Home Already Doing Well?
The first step to flipping your own home is to look at it with the eyes of a buyer. What does your home have to offer? Is it situated on a large, roomy lot? Does it have an oh-so-desirable open floor plan? As is the case with any makeover, the key is to accentuate your best features. Do some gorgeous landscaping on that big yard, or consider knocking down a central wall to make the living room and kitchen seem even larger. Spend your dollars on improving what your home already does best.
Spruce Up Key Areas.
Secondly, think about what shortcuts you can take towards modernizing your home. Pro flippers tend to focus on kitchens and bathrooms because those are focal points for buyers, but there’s no saying that you can’t spruce the place up without the cost and time expense of a total gut job. New lighting fixtures, appliances, and a fresh coat of paint can all make the place seem spiffier without breaking the bank. New flooring can be a worthwhile investment as well, especially today when they make high-quality laminate flooring or tiles that give you a shiny new look. And there’s no need to hire a contractor if you aren’t the DIY type… buy the materials yourself and hire a handyman to do the work.
Stage Your Home.
Next, consider some staging basics to make your home appeal to the most buyers. Cleanliness, for example, goes a long way! It shows that you care about your home. And let’s not forget curb appeal: even in this day of internet home-shopping, many buyers will still do a drive-by before scheduling a showing. Think neutral paint tones, decluttering, and putting half your furniture in storage temporarily to make the place look bigger. Fix any scratches or dents that might exist in the house. These little things all add to a big picture that buyers will like!
Reappraise Your Home with the New Changes.
Lastly, for your own sake, keep a running list of all the repairs you have done on your home. With homes across America rapidly appreciating, it’s not that uncommon for the appraisal to not match the purchase price. If you have a tally of perks that you have added to the house that you can show the appraiser, you up your chances of having that all-important number round up to your desired figure.
In short, with a few small tips, you CAN flip your home for maximum profit and shortest selling time!
