In this fast paced seller’s market, flexibility & knowledge is key. By “thinking like a house flipper”, you’ll not only open yourself up to more options, you’ll also be able to tap into a slower segment of the housing market. It’s all about viewing homes through a creative lens, which is something most buyers do not do anymore.
This post is geared towards a home that needs work, not just a poorly staged home like I wrote about a few posts back. If you’re not up for a project, but you can see promise in a home that simply doesn’t show well, this is the article for you.
3 ways you can “think like a flipper”
Invest wisely by utilizing your (or your Realtor’s) deep understanding of the market. For instance, the same exact home in the Hill Farms may always be worth $20K more if it’s on one street versus another. Know the nuances.
Instead of writing off an ugly, neglected or even stinky house, look at the bigger picture. Is the structure good? Is it in a great location?
Don’t automatically write off a property with foundation or electrical issue. Like many things, it’s all about who you know. There are great contractors that will save you a lot of money when it comes to properly fixing electrical & foundation issues. Be sure to use someone reputable though, not just cheap. Ask us for suggestions if you need someone.
And a few words of caution
Renovations will likely cost more than you initially plan for.
Unforeseen issues will pop up, requiring your time & attention. If your schedule is already jam packed, you need to consider this. Alise is a great person to talk to, as she recently built a home.
Timelines will get extended, so have a Plan B if your initial date of completion gets pushed back.
Are you interested in potentially fixing renovating your next home? Ask us about renovation loan products! There are some great options out there if you know where to look.