Flipping your first home could be the start of something much, much, bigger – but only if you get it right. While you might have gone into this with big plans, you might quickly find there is more to think about than you realized, and you feel like you are in way over your head.
You are not the only person to be in this type of situation, and there are steps you can take much of the stress out of the whole thing. These might seem like common sense, but with so much to think about they could provide exactly the type of starting point you need.
Get the right funding
You are doing this to generate some extra cash, so you need to get all things fiscal correct from day one. Many properties you come across might not be right for conventional lenders, and with speed being of the essence with projects like this – you need to have the right solution to hand.
The various types of financial solutions available from somewhere like Sachem Lending could provide exactly what you are looking for, enabling you to move quickly and snap up that bargain property you have your eye on.
Look carefully at key areas of the property
If you are on a budget both financially and for time, then you will want quick and cheap solutions wherever possible. Key areas of the property will probably be the kitchen and bathroom, so you might think this is where you need to spend a lot of money ripping everything out and starting again – but this is not the case.
On closer examination, you might find the carcasses of the kitchen units are perfectly serviceable, and you only need to replace the doors to make them look new. Likewise, in the bathroom, where cleaning the existing sanitaryware and perhaps new tiling will give the room a fresh look.
One area overlooked by first-time flippers is the finishing touches. This can be things like having neutral colors on the walls or hiring furniture to show it off for a quick sale. It is small factors like this that make the difference between having offers in minutes or having the property (and your potential profit) sit there for ages looking as unloved as it did when you first bought it.
One big factor in this is how it looks from the outside, as curb appeal can go a long way to setting up the perfect first impression.
To wrap everything up
After the initial excitement wears off, the sudden reality check of what you have to do sinks in, and you might not know where to start. Making sure you have the right financing is the best place to start, and when you are working on the property, you need to find quick and easy solutions to key areas like the bathroom and kitchen. Before you can sell for a profit, though, you need to make sure you have all the finishing touches in place, including something that will take the buyer's breath away when they pull up outside.