Although flipping houses may be something you’ve always aspired to do, before you dive in headfirst consider these two crucial tips we’ve highlighted from a recent article in House Beautiful magazine.
Weigh community amenities before choosing your flip.
Look for positives about a community that can make your potential flip house appealing to buyers. Does the neighborhood have walking paths and parks? Do residents have walkable access to transportation like bike share, or bus or train routes? Are restaurants or other amenities near?
What about the school district where your flip is located? Does it have a good reputation? Also, see if there are any plans for new amenities in the area, like a community center or an entertainment venue. These kinds of things can make the community and your property all the more appealing to buyers, and are the questions you need answered as you do reconnaissance for your potential flip.
Establish plans to mitigate negative aspects of the property.
In our previous post on tips before you flip we discussed taking stock of drawbacks that can work against your potential flip house.
Is the house located on a busy street? Do the next door neighbors have noisy kids, a dog that barks incessantly, or an unkempt yard?
If these kinds of conditions exist think about what actions you would take to help mitigate them. Do you need to install a privacy fence to reduce noise from street traffic and the neighbors, and improve the view for your potential homeowner? Would a natural fence of trees or tall hedges be more economical than one made of wood or cinder block? A natural fence, although it may be economical, may take a few years for trees or bushes to mature for maximum effect.
If these are viable options, take into account how each will impact your schedule, budget, and bottom line.