canada goose parka navy for sale

Things to Consider before Flipping Houses
With the rates that property values have grown in the last 10 to 15 years, many amateur investors have gotten in on the flipping game.

Growing trends in the housing industry include buying fixer-uppers, foreclosures or investing in new construction with the intent to flip canada goose parka navy for sale ‘quick and dirty’ for profit. It has proven to be a lucrative process for many…but ‘buyer beware’ rings true for flipping houses as canada goose parka navy for sale does with any home purchase.

The influx of television shows on the topic of flipping depict how an investor will buy a rundown or foreclosed home and provide canada goose parka navy for sale with some much needed TLC. They will renovate and remodel, upgrading kitchens, bathrooms, floors and landscaping usually in a short period of time. Then they will turn around and sell the house for a considerable profit. However, this is a risky business – and it’s real life – so there is huge window for failure.

Sometimes the cost of renovations, mortgage and time ends up costing more than your eventual profit margin. Often foreclosures and the banking process can be more trouble than it’s worth. Most ‘flippers’ buy homes several years old and often have unanticipated problems lying under the surface such as foundation cracks, termites, mold or even asbestos. Have a back-up budget just in case renovations do not go as smoothly as planned.

Mortgage companies owning a property want to get rid of it as quickly as possible. In this case, homes are often sold or auctioned at a price considerably lower than its market value. Frequently, the house is sold only for what is owed on it! But often through auctions and foreclosures the house is sold ‘site unseen’. Which means you could be buying a home with a serious number of problems, leaving you without profit.
Though flipping houses is fun and can be very profitable, flipping a home too quickly may result in a tax audit. If the money made off a house flip does not immediately roll into a similar investment, i.e. another house flip, your profit may be subject to a capital gains tax. Yikes!

Flipping houses has the potential for unlimited income. Success depends on one’s financial situation, skill in evaluating real estate for purchase, knowledge of home renovating, negotiation skills, and a little luck. Know your market, pick the ‘right time’ to buy and sell and flip it quick!

According to the Real Estate Staging Association (RESA), staged properties will sell faster when compared with houses that have not been staged. They say that from the date of listing until the day of closing, home staging shortens this time frame, even in a slow real estate market. As a Realtor and Professional Home Stager I offer my staging services for free when you list your home with me. I strongly believe in staging and have had great success with the homes I have staged.

A de-cluttered room will look much larger and can help a buyer picture themselves living in your property. Remove out-of-date furniture and artwork and keep living spaces and pathways easy to navigate.

A leaky faucet may not seem like a roadblock for buyers, but when combined with several other pesky issues, it can impact the appeal. RESA recommends tackling minor repairs such as; broken light switches, loose door knobs, running toilets, broken garbage disposals, holes in walls and slow drains.

It’s one of the most obvious upgrades and it can give sellers a lot of bang for their buck. Stick with a neutral palette and incorporate colour using throw cushions, candles and artwork. A neutral wall hue will also give your room the the illusion of greater depth.

Often the most important rooms in a home, sellers should ensure that at minimum these areas are spotless before a showing. Consider the following; update appliances, re-caulk or re-grout showers/tubs and sinks, touch-up cabinet paint, upgrade bathroom mirrors, replace missing or broken tiles and repair all doors and cabinets. An inexpensive update would be to replace door knobs, handles, faucets and lights.

As the saying goes, you never get a second chance to make a first impression. The home’s exterior should not be overlooked when staging. Incorporate a yard maintenance schedule with watering, mowing, edging, adding fresh mulch to beds and replacing dead plants. Ensure that your porch is clutter and cobweb free and use outdoor furniture to create inviting spaces.

Comments are closed.