Posted on: 21 May 2015
With the current economy, you can purchase homes relatively cheap, especially if you follow foreclosures. If you are capable of fixing the home up on your own, then it can be a lucrative venture. The problem is that some people get in over their head and end up not breaking even, sometimes even losing large amounts of money. Flipping houses is an investment and, therefore, a risk. Here are some simple tips to help you turn your home improvement project into a quick profit.
Purchase a home that will resale quickly.
Pay close attention to the neighborhood that you are purchasing the home from. Investigate the resale values of other homes in the area. Make sure that there are not any neighboring homes that have been sitting vacant for a long time, unable to sell. This is a huge red flag that you are going to have trouble. Also, make sure that neighboring houses take care of their properties. If nearby homes look cluttered and trashy, it will be difficult to attract home buyers.
Avoid homes with extensive structural damages.
Make sure that you are not going to have to spend more money fixing it up than you are going to profit. Look for a house without severe structural damage. Some costly repairs to avoid include putting on a whole new roof, replacement of vinyl or aluminum siding, and extensive plumbing or electrical work. Inspect the home thoroughly before purchasing. Write out a detailed estimate for the work to be completed before the house can be sold, and then assess whether or not this is a wise endeavor.
Make cost-effective, cosmetic changes.
It is amazing what a difference just a new coat of paint can make. Choose a modern, neutral color to paint the whole inside of the house. You do not want to make bold color choices for a home you will not be living in, and painting with one shade will reduce waste and save you money.
You can really modernize a home with just a few cheap additions. Freshen up interior doors and kitchen cabinets with a fresh coat of paint, and add new knobs and hinges. Replace mismatching outlet and switch covers throughout the home, and swap out rusty heating and air vents.
If there is any flooring that needs to be replaced, shop for high-quality, inexpensive options. Laminate flooring and vinyl tiles and flooring are more economical. General home improvement stores are typically cheaper than specialty stores. Many times you can get lucky and find discounted, high-grade flooring in the clearance section of these stores.
With a little work and resourcefulness, you can transform your cheap fixer-upper into a profitable endeavor.
To learn more about home remodeling, visit a website like http://cristandsonscontractors.com.Share