The real estate of Virginia Beach, VA is unique in many aspects. During the severe financial slowdown of 2008, this place did not experience any major crash in its real estate market. However,
5 House Flipping Mistakes To Avoid
Stay Under Budget
The most important aspect of successfully flipping a house is to know and stay within budget. You have to purchase at the right price from the very beginning, otherwise you can quickly spiral out of budget and cut into your profit margin. According to Kim Williams and Maria Powell, two seasoned house-flippers, the key is to avoid getting attached to a house when you walk in. See the numbers involved above all else.
Never Buy Without an Inspection
Inspections are important to any potential homebuyer, but they are especially important if you intend the flip the house. Cracks in the foundation and leaky windows are common issues that can be minor or major fixes. Regardless of whether you’ve made an offer on the house or not, always opt to have it inspected for a full picture of needed repairs. Then, ensure that the repair section of your budget is up to the task without overspending.
Know the Neighborhood
Before choosing a house to flip, take some time to research the neighborhood. A prime opportunity usually presents itself when the property you’re eyeing is close to a retail center, in a walkable and friendly neighborhood, and the surrounding houses are not for sale at competitive prices. Prime houses for flipping are found in up and coming areas.
Don’t Skimp On Upgrades
Some properties won’t require much more than a fresh coat of paint and some new flooring to be market ready. However, if the property you choose has an outdated kitchen or bathroom, the smart move is to upgrade. Updating plumbing, electrical, and even appliances can actually spark more of a return.
Don’t Pay a Contractor Upfront
Unless you’re a home improvement guru, chances are you’ll need to hire a handful of contractors to assist with some of the repairs and/or upgrades. According to Williams and Powell, one of the worst mistakes you can make is agreeing to pay a contractor upfront and/or in full before the job is finished. Instead, always put off payment until you are able to inspect the completed work fully. If you pay the contractor in full prior to inspection and find the job unfinished or lacking quality, chances are it will be next to impossible to get them back on site.
View It as an Investment House flipping is a viable means of earning a profit in today’s housing market, but it’s not to be taken lightly. View your endeavor as an investment. Budget accordingly and don’t jump in too quickly.
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