5 Focus Points to Sell Your Flip Faster and for More Money

Buy a rundown property. Fix it up. Sell the house for a huge profit. It’s just that simple. Or is it?

Flipping houses can be a profitable business. It can also be a very costly mistake. Success and profitability depend on a lot of factors. Knowing the market and buying at a discount is a good start. Here are five factors that can make the difference between making money or losing it:

Kitchens and Bathrooms

Almost any Real Estate agent, buyer or investor will tell you that kitchens and bathrooms sell houses. That’s no special secret. What they will not tell you is what part of that kitchen or bathroom actually triggers a sale.

kitchens and bathsGlass tile and granite counter tops are beautiful. If you are going to spend money on materials, these are the rooms to spend it in. Too often I see investors dumping too much money into the glitz and glam of expensive materials without addressing the layout of a space.

Think about how your buyer would actually live in that environment. In smaller kitchens, consider opening up walls to make the space feel larger. Add breakfast bars and islands to larger spaces as communal gathering places.

In kitchens and bathrooms, keep the layouts simple. Embellish with your tile work, cabinetry and fixtures.

At the end of the day, people want something they can use. For a house, they want a place they can live in. Give them that space and make it pretty.

Bonus Rooms

I love bonus rooms. They add value to a buyer, and they sell houses. So what’s a bonus room?

A bonus room is an additional living space that most other properties in the area will not have. This could include a finished basement, enclosed porch, sunroom, den or converted garage.finished basement It’s essentially an additional living space that your buyers will appreciate and will separate your property from all the rest.

When you look at investment opportunities, always look for potential bonus rooms. They’ll help your flip sell faster and for more dough.

Function over Flash

I once moved a resident into a property that I manage. The house looked like it was in excellent shape – new kitchen, new bathroom, beautiful hardwood floors. Within 24 hours, water was pouring from the ceiling, the heater was condemned, and we found that half of the electrical outlets did not work.

Buyers (and renters) are more concerned with having a functional living environment than in having a beautiful pad. If your flip budget is limited, spend money making the property structurally and mechanically sound. Use what’s left over to make the house look pretty.

Your buyers will appreciate the effort.

Start with a Plan

Fail to plan and you plan to fail. Enter every project with a detailed plan of what work you’ll do in each room. Use the description to build a scope of work, material list and budget. You might go so far as to pick out all the finishes beforehand.

Knowing what needs to be done plays an essential part in staying on budget and managing a project. Start with a plan to finish more quickly and address issues before they become a problem.

Keep it Clean

white gloveThe easiest way to turn off a potential buyer is to show them your property when it’s filthy. Some buyers may have vision. Most will not.

Have your house professionally cleaned after the repair work is complete. Give it the “white glove” treatment to be sure that everything is just so. Your buyers will appreciate it when your house shines.

Flipping houses is a great business. Follow a few simple rules to tilt the scales of success in your favor.

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