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HOW TO FLIP AN OLD PROPERTY SUCCESSFULLY
Property is, and probably always will be, an excellent way to make money. Although it’s not a quick process, and you will have to invest a fairly substantial amount to begin with, if you plan well and choose wisely, you could be very comfortable with the income property gives you.
Some people are content to find a great mortgage adviser, buy a house, live in it while paying off the mortgage, and then sell it to fund their retirement. Others will buy a house and rent it out, gaining an income while the mortgage is paid. Then there are others who will buy a house, make it look beautiful, and then sell it for a profit in a relatively short space of time – at least compared to the other options. This is called flipping and can be lucrative when done right. It starts with choosing the right property; you’ll want a cheap one, but one that isn’t completely falling apart so you don’t have to spend too much money on it. Read on to find out what to do next.
Do It Yourself
Many are tempted to buy a property, pay someone else to do all the work, and then sell it on. Although this will work, and the result will come about quickly and to a good standard, it’s not something that you should think about right at the start unless you have ‘spare money’ to use.
If this is your first flipped property, or even your second or third, it’s often best to do as much of it as you can yourself. In this way, you can make the most of your profits, and use them to buy the next property and so on. Once you have a good amount of money saved up, you can use other people to help you.
DIY doesn’t have to be something you should avoid, and it’s a great way to learn new skills. However, if there are things you cannot do and that would have a better result if you hired someone to help you, this is a crucial distinction to make. Sometimes DIY just can’t be the right option.
Check The Insulation
Insulation might not be the first thing you think of when buying a house to do up and sell on (or flip), but it’s crucial. Good insulation will mean the house is more environmentally friendly, which is something buyers are keen to find these days. So not only will you be helping the planet by upgrading or replacing the insulation if it’s old or non-existent, you will potentially be helping the property sell faster and at a higher price, which should be your ultimate aim.
As well as the insulation, it’s a good idea to check the windows; these can be inefficient and may need to be replaced to ensure the hard work you do on your insulation isn’t for nothing.
Make Use Of The Space
If the property you have bought is small, that shouldn’t be a problem – since you are renovating the entire thing, you can make the most of the space you have and create additional storage wherever possible. Or you could even take out walls and make the property open plan, which makes it feel bigger. Or perhaps the current layout doesn’t work so well, and you want to switch the kitchen for the bathroom or the living room for a study, for example. Take your time to think about what will be best, and plan things out in advance to save yourself time and money later on.
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