Most people assume that to be able to successfully flip a home, all one needs to do is to buy the house, apply a fresh coat of paint on it, and call it a day. But before going into the selling portion of the transaction, one needs to find out what to look for when searching for a flip-worthy house.
According to Forbes, location plays a very important part in every successful real estate transaction. However, a great location isn’t the only factor that will play a part in a great flip—the house that one intends to flip should have rooms that are marketable and attractive to potential buyers.
Michael Hyne, who has flipped homes in New Haven, CT said that when looking for a flip-worthy house, look for a house with hardwood floors in the living room. As refinishing existing flooring can cost about a third of putting in new flooring, Hyne said that one should definitely peek under the carpet to see if the flooring is in optimum condition.
Hyne also said that most people want at least one and a half bathrooms, so there should be a space to add one, even if it’s just a half bath on the main floor. Existing bathrooms should also look good, so one could consider putting in a new toilet or new fixtures.
The kitchen could make or break a flip, so look for a big kitchen or consider knocking down a wall or two to make it look more open. A kitchen with a big workspace is also a big draw, especially for families with children. Also, see if cabinets need to be painted, and give them a fresh look by changing drawer pulls and cabinet handles.
To ensure big returns on a flip, house flippers should do the math and figure out what was spent on the house and on renovations. One should also know what type of buyer would go for the property before making any changes to the home.
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