Some of us buy our houses to live in and make a home. Others buy houses for their potential. There is no hiding from the fact that buying a house is a fantastic investment. Whether you choose to live in it or not. But some people buy houses that are in need of improvement and make the necessary renovations to turn it into high quality property. When this happens you can potentially make a fair bit of money. Some people do this as their only source of income, and it can be quite lucrative at that. So if you fancy a piece of the property pie then here are five ways you could flip a house and make some money.
You may find that the best type of property to do this on is one that is older or had very little repairs done in the last few years. This maximises your profit potential. This type of property could need structural work so it’s essential that you get experts in as and when you need them to ensure the safety and good process of your project.
The first thing that may need to be checked out in a house is the electrics. Especially if you have bought a house that is older. Or not had many improvements done in the last ten years. Technology, and such, moves on quite rapidly so it’s vital you make the house up to standard. This will benefit a future purchaser. Up to date electrics means that a new buyer doesn’t have to worry about anything when they move in. The value in that is priceless to them but can mean a great profit for you.
With an older property you may find that the roof hasn’t been touched since it was originally built. So you may need to be prepared to do some work on it if needed. It may be worth considering companies like Mr Roof of Raleigh who may be able to help you with this kind of repair or replacement roof. It can add real value to a new purchaser which also means a great profit to you. A new roof means that any new owner will have many years of not having to worry about it.
Extending a property is one sure fire way of adding a value. Which ultimately turns into an amazing profit for you. Of course, an extension can be a costly venture, but the value an added bedroom or living space will add to the property will by far outweigh that initial cost. You could consider extending just to the ground floor. This could add an extra family space or increase the size of an existing room like a kitchen. Or alternatively you could extend upwards to create more bedrooms. Making it more appealing to a wider audience of buyers.
Improve the rooms that make the big bucks
There are certain rooms with any property that make the money. That would be the kitchens and bathrooms. If you don’t do anything else make sure you improve those rooms. They are guaranteed to add value to a house. A fresh new kitchen or bathroom suite won’t set your budget for renovations back too much. But could see you create the most profit. So it’s worth investing your time into these rooms.
New interior decor
A clean fresh interior will always appeal to a new buyer. Crisp white walls and new flooring options will give off the impression of a brand new house. Even though it has just been renovated. The best tip to remember is that you are not decorating the house as if you were living in it. You have to decorate it as neutral as possible to appeal to the masses. New interior painting and flooring can add value to your property with very little outlay from yourself. You don’t have to go crazy with something too flamboyant or fancy. Often the most simple interiors sell the best and make the most money.
Outside space and kerb appeal
It’s all well and good thinking about the interior and making all those improvements. But if you don’t think about the kerb appeal and outside space it can all be for nothing. First impressions count for a lot. Be that in the original literature the real estator will create or when a potential buyer comes to an open house or to view the property. If the outside doesn’t look good it may well put off any potential buyers. You don’t have to create anything to landscaped. Again the simple the better. A tidy and clean outside space should be enough to attract buyers.